Learn about repossession laws from the NYC Bar Legal Referral Service. Find an attorney in New York.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. What should I do with my insurance if my car is repossessed? But you must act quickly. In order for a lender to repossess, or take back, the property: (1) it must be collateral for the loan and (2) you must have defaulted on your contract. If you and your lender agree, you can renew your loan. Renewing a loan means you are taking out a new loan. Yet, in a situation in which the vehicle was repossessed before you filed for protection, you may be able to file a motion for turnover. Rights Protection Law Group has an attorney in New York who can practice repossession law.
