A creditor cannot repossess something that hasn't been named as collateral for your debt. An unsecured personal loan is an example.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. Here is how it works ideally for everyone if your car is up for repossession. You default on your payments and the finance company calls us. Although there is no required prior notice of repossession, after the repossession you are entitled to written notices from two sources. Spot delivery occurs when the dealer allows the buyer to leave with the vehicle without final finance approval from the lending company. Transportation Code Section 501.001. (save that each Savings Insurance Company will execute a Beneficiary Waiver Agreement prior to the.