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TITLE STATE: Yes 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, 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. http://www.state.ny.us/ http://assembly.state.ny.us/leg/?cl=0
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∙ 15y ago
Wiki User
∙ 12y agoWhat you have to do first is get some land or a suite as a Hq than if you expect to make more than 30000 dollars a year (I think it's that) you must get a business liscense. That's all I know.
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What type and amount of bond is needed to start a vehicle repossession business in New York state?
Bond?? whatever the NY authorities require to get a BL. Bond to get business?? Varies by lender. MAJOR nationwide lenders usually want $1,000,000 wrongful repossession insurance.Smaller lenders may not require a bond. Certification??? NOT required but it is VERY useful. At $350.00 for a cert course, it is money weel spent.
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