Credit Contracts and Consumer Finance Act 2003

Repossession of consumer goods under consumer credit contract - Rules that apply after repossession of consumer goods

83Y: Creditor must offer consumer goods for sale

You could also call this:

"Creditors must try to sell taken goods as soon as possible."

Illustration for Credit Contracts and Consumer Finance Act 2003

If you are a creditor, you must try to sell the consumer goods as soon as possible after 15 days from when you gave the post-repossession notice to the debtor. You do not have to do this if the debtor has made a complaint, reinstated the credit contract, found a buyer, or settled the contract. If the debtor made a complaint, you must try to sell the goods after the complaint is resolved, but you do not count the time when you could not take action because of the complaint.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6501386.

This page was last updated on 1 January 2026 — View changes

Topics:

Money and consumer rights > Consumer protection

83X: Consequences of selling within 15 days of post-repossession notice, or

"What happens if a lender sells something too quickly after taking it back"

83Z: Rules relating to sale by creditor, or

"Rules for creditors to sell repossessed goods fairly"

Part 3ARepossession of consumer goods under consumer credit contract
Rules that apply after repossession of consumer goods

83YCreditor must offer consumer goods for sale

The creditor must offer the consumer goods for sale as soon as is reasonably practicable after the expiration of 15 days from the date of service of the post-repossession notice on the debtor.
This section does not apply if—
the debtor has made a written complaint in relation to any enforcement action (in which case section 83J applies); or
the debtor reinstates the credit contract under section 83ZB; or
the debtor introduces a buyer under section 83ZD and the buyer completes the purchase of the consumer goods; or
the debtor settles the credit contract under section 83ZE.

Despite subsection (2)(a),—
after the complaint referred to in that paragraph has been resolved (as referred to in section 83J(5)), the creditor is subject to the duty in subsection (1); but
any period during which the creditor is prevented from taking or continuing any enforcement action under section 83J must be excluded when determining the number of days from the date of service of the post-repossession notice on the debtor.

Compare

1997 No 85 s 25

Notes

Section 83Y: inserted, on 6 June 2015, by section 51 of the Credit Contracts and Consumer Finance Amendment Act 2014 (2014 No 33).