The following are guidelines to help you formulate a repossession policy for the credit union to follow. We have complied with all applicable New York State Laws.Proper notice has been given to all parties who were entitled to such notice. 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. If you don't make your car payments on time, your lender might have the right to take your car without going to court or telling you first. How do I fill this out? Notice Generally Isn't Required Before Repossession. You make some statements that lead me to question the source of your information. Even if you successfully complete a voluntary repossession, the payments you missed on the auto loan will still appear on your credit report. The car is the collateral for the loan, and you give the lender a security interest in the vehicle.
