N.Y. General Obligations Law § 7-401: Buyer's right of redemption

§ 7-401. Buyer's right of redemption. 1. No note or security agreement

used in connection with a loan for the purpose of financing the purchase

of a motor vehicle, used primarily for personal or household purposes,

shall contain any provision for acceleration of payment which would

prevent the buyer's right of redemption pursuant to section three

hundred two of the personal property law. Any such provision shall be

void but shall not otherwise affect the validity of the note or security

agreement.

2. Within seventy-two hours after the repossession or surrender of

such motor vehicle the holder shall personally deliver or mail to the

borrower at his last known address a written notice setting forth the

right granted to redeem the vehicle, the dollar amount necessary to

redeem, and the name, address and telephone number of the holder where

information may be obtained regarding redemption of the vehicle.