The following are guidelines to help you formulate a repossession policy for the credit union to follow. Learn about repossession laws from the NYC Bar Legal Referral Service.Find an attorney in New York. Edit, sign, and share right of repossession online. No need to install software, just go to DocHub, and sign up instantly and for free. This article will tell you why and how they can do that, and what happens next. It will also tell you what you can do to keep a repo from happening. If you don't reach an agreement, your lender may demand that you return the car. If you agree to a "voluntary repossession," you might pay less in fees. As described in the Addendum to your Purchase. Agreement.