New York Affirmation of Repossession and Bill of Sale is a legal document used in New York State to transfer ownership of personal property from one party to another. The Affirmation of Repossession is issued by the party who is mandated to execute the repossession, typically a creditor or a finance company, and the Bill of Sale is issued by the party who is transferring ownership of the personal property. There are two types of New York Affirmation of Repossession and Bill of Sale: one for motor vehicles and one for non-motor vehicles. The Affirmation of Repossession for motor vehicles transfers ownership from the creditor or finance company to the repossessing agency, and the Bill of Sale for motor vehicles transfers ownership from the repossessing agency to the purchaser. The Affirmation of Repossession for non-motor vehicles transfers ownership from the creditor or finance company to the repossessing agency, and the Bill of Sale for non-motor vehicles transfers ownership from the repossessing agency to the purchaser. Each document must include the legal name and address of both parties, a description of the item being repossessed, the date of the repossession, the date of transfer of ownership, the amount of money paid for the item, and any other pertinent information. Both documents must be signed and dated by the parties involved in order to be legally binding.
New York Affirmation of Repossession and Bill of Sale
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FAQ
The new owner must give the original bill of sale to the DMV with the other required proofs of ownership. A bill of sale is not an acceptable proof of ownership without other proofs.
Non-titled vehicles The DMV must verify that the vehicle was registered to the current owner. The current owner must provide proof of identity (see proofs of identity). There is a fee $10 for form MV-353. The current owner can use form MV-353 and a bill of sale.
If the consumer has paid off 60 percent or more of their loan, the creditor has to sell the vehicle within 90 days. However, if the consumer has not paid off at least 60 percent of their loan, the creditor can choose to keep the vehicle instead of selling it.
Or, let us say for the sake of argument that payments for the vehicle stopped and the vehicle was repossessed. The creditor has six years under New York law to file a lawsuit to obtain the deficiency balance.
New York requires that you complete a bill of sale whenever you buy or sell a car privately. You may use the Vehicle Bill of Sale created by the Department of Motor Vehicles or draft your own. In either case, the bill of sale should include: Purchase date and price.
Your home includes your garage or any property behind a locked gate. This means your car can't be removed from those areas without your consent. Otherwise, repo agencies can take your car from the driveway, private lots away from your home, or any public space.
A New York motor vehicle bill of sale is a legal document that provides proof that a motor vehicle has been legally sold and acquired in the State of New York. The form also serves as evidence of the vehicle's change of ownership.
Proof of ownership normally includes a bill of sale. The DMV does not provide a form for a bill of sale. The seller and the buyer complete the bill of sale. If the vehicle is transferred as a gift, indicate this on the bill of sale and indicate that the purchase price is $0.