N.Y. Pers. Prop. Law § 315

§ 315. Claim for deficiency after default and repossession. If a buyer\ndefaults on any instalment of the time sale price and the holder obtains\npossession of the motor vehicle and disposes of it as provided by\nsection 9--610 of the uniform commercial code, the buyer shall be liable\nto the holder for any deficiency to the extent provided in that section;\nprovided, however, that in calculating such deficiency there shall be\ndeducted from the amount thereof as prescribed by such section 9--610,\nan amount equal to that portion of the refund credit to which the buyer\nwould have been entitled under section three hundred five of this\nchapter if, at the time the holder disposed of the motor vehicle, the\nbuyer had not been in default and had prepaid in full the balance of the\ntime sale price as the amount realized upon the disposition of the motor\nvehicle bears to the balance of the time sale price.\n