New York Laws
Article 9 - Motor Vehicle Retail Instalment Sales Act
315 - Claim for Deficiency After Default and Repossession.

§ 315. Claim for deficiency after default and repossession. If a buyer
defaults on any instalment of the time sale price and the holder obtains
possession of the motor vehicle and disposes of it as provided by
section 9--610 of the uniform commercial code, the buyer shall be liable
to the holder for any deficiency to the extent provided in that section;
provided, however, that in calculating such deficiency there shall be
deducted from the amount thereof as prescribed by such section 9--610,
an amount equal to that portion of the refund credit to which the buyer
would have been entitled under section three hundred five of this
chapter if, at the time the holder disposed of the motor vehicle, the
buyer had not been in default and had prepaid in full the balance of the
time sale price as the amount realized upon the disposition of the motor
vehicle bears to the balance of the time sale price.

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