The following are guidelines to help you formulate a repossession policy for the credit union to follow. Learn more about New York's repossession laws, what New York repo agents can and cannot do, and what happens after the car is taken away.Complete this form and bring it with the license plates, if any, to any Motor Vehicles office. Drive your dream car home with Nassau Financial's flexible auto loans, featuring competitive rates and personalized solutions. Refinance your existing auto loan for better rates. Each credit union may set its own policy on the conditions of default that will trigger repossession. While this person is not financially responsible for the auto loan, SCCU has a responsibility to notify them in the event of repossession. If you don't reach an agreement, your lender may demand that you return the car. You go and find a car you like, finance it with the lender of your choice or let the dealership find you a lender.