Legal Question in Credit and Debt Law in New York

Re: legal action for car they cannot locate to reposess

It appears that they have to find the car. It is yours until it is repossessed, after that they must also let the local authorities know that it is repossessed.

If the car is taken back and sold at auction, odds are great it will be sold for less than you owe and then you will be sued for the difference.

Try to sell the car now for a greater value close to what you. It will be cheaper for you in the long run

Good Luck

Re: legal action for car they cannot locate to reposess

The answer is you cannot be arrested. You are in possession of the car legally. The "seller" has the right to peacefully repossess the car...that means if the car is on the street they can take it...they cannot enter upon your property (say past a closed, locked gate) to take the car. They would need a Court Order to get into an enclosed, locked area. I am not sure that you have the right to sell the car because you may not have the title free and clear. If you give up the car and they sell it at auction you will be responsible to pay any deficiency in what they got for the car, plus their expenses against what you still owe.