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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
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Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Legally what does a bank have to do after they do a

Customer Question

Legally what does a bank have to do after they do a repossession,can they sell a car to whomever they want to or does the vehicle have to go up for auction?
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
The New York law requires that the creditor who repossesses your motor vehicle or motorcycle send you notification personally, or by special delivery first class mail, within 24 hours of such repossession. They also must notify the nearest motor vehicle district office and must include the name and address of the person, firm, or corporation repossessing the vehicle.
The NY laws also allows the creditor to sell the vehicle at auction OR by private sale. That is up to the lender. You have the right to be given "reasonable notice"(which is generally held to be at least 5 days) of the time and place of a public sale and/or of the time after which a private sale you goods will be made. Until the creditor sells the vehicle, you have the right to pay all of your debt plus the creditor's expenses in repossessing and preparing to sell the goods (including reasonable legal expenses). The creditor must then return the vehicle to you.
If you have paid at least 60% of your loan from a lender, the seller or lender must sell your repossessed goods within 90 days.