The following are guidelines to help you formulate a repossession policy for the credit union to follow. Signing this form, and tendering any coverage charge payment, does not bind the insurance company to complete the insurance.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. GenStar offers specialized coverage for repossession operations. Talking to Your Lender. If you're having trouble making car payments, contact your lender as soon as possible. You should use this form when engaging a repossession agency to recover a vehicle on behalf of a creditor. All other states must have a repo title in the client's name. The car is the collateral for the loan, and you give the lender a security interest in the vehicle. Talk to your loan company and work out a new payment plan.
