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New York Repossession Laws

Any clients in the state of New York should consider the below free repo resource, which has all of the relevant repossession regulations in relation to the state’s property recovery protocol.

In order for any repossession to occur in the state of New York, it is vital to know that the security interests are shown on title held by the borrower. Additionally, the plates are to remain with the borrower, but are to be turned in to the DMV within 24 hours of repossession. Also, repossession recovery is only allowed so long as there is not a disturbance in the peace. For license registration, you can contact the New York Department of Motor Vehicles at (518) 486-4714. Lastly, a New York title, notice of recorded lien (MV-901), MV-950 document are required for liquidation to occur (title and bill of sale are required for out-of-state).

Our company, Midwest Lenders Services takes great pride in lending its New York clients help with repossessions on items ranging from medical equipment to real estate and personal vehicles. Also, we will gladly process your equipment from the start of the repossession to re-marketing. We will also gladly handle storage, inspection and appraisal for resale for your recovered item.

For more details, please contact us for a quote. You can give us a call at 630 358-9434.


New York Equipment Repossession Laws

As reported by the American Recovery Association, Inc. (ARA).
SECURITY INTERESTS: Shown on title held by debtor.
LICENSE REGISTRATION: New York Motor Department of Motor Vehicles, P.O. Box 2750, Albany, New York 12220. Tel: (518) 486-4714.
RECOVERY REQUIREMENT: As per UCC, New York repossession allowed without committing a breach of the peace.
DOCUMENTS REQUIRED FOR LIQUIDATION: If New York Title, must have a signed off MV-901 (notice of recorded lien) and a MV950 (combination bill of sale, odometer statement, affidavit of repossession). If out of state title, title must show lien holder as owner and a notarized bill of sale.
PLATES: Remain with the Debtor, or they need to be turned in to NY DMV along with Form MV 327 within 24 hors of repossession.

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