Legal Question in Credit and Debt Law in New York

Re: ny law in reposes cars

You're mistaken. The bank hasn't repossessed YOUR car. It has repossessed THEIR car. The title is in their name. You failed to make the payments, so they took back THEIR car. You could call them and offer to bring your account current and maybe they would consider returning the car to you. But they are under no obligation to do so. Next time, keep up on the payments or keep the car garaged!

Re: ny law in reposes cars

When you made the deal for the car you signed an agreement that gave the LENDER of the money you borrowed the right to take the car back from you if you did not make the agreed upon payments when they were due. Since you did not provide any facts about it I am going to assume that you missed one or more payments. Usually, since payment of money to the LENDER is sort of what the LENDER expects on a monthly basis, if you don't pay on time or at all they will take the car back. Now, they can sell it and credit the NET proceeds of the sale to what you owe and then pursue you for the unpaid balance due, which can be considerable...SO, you STILL have to make payments on what you owe even if you don't have the car. They are under no obligation to return the car to you (because they obviously believe you will not keep up with payments) but you MIGHT get the car back if you (a) work something out where they are GUARANTEED THEIR MONEY and

(b) you pay them for whatever it cost them to repo your car in the first place, plus a premium for their trouble.