2023 New York Laws › PEP - Personal Property › Article 9 - Motor Vehicle Retail Instalment Sales Act › 306 - Refinancing.

§ 306. Refinancing. 1. The holder of a retail instalment contract may,
  upon  agreement  with  the buyer, extend the scheduled due date or defer
  the  scheduled  payment  of  all  or  any  part  of  any  instalment  or
  instalments  payable  thereunder.  The  agreement  for such extension or
  deferment must be in writing and signed  by  the  parties  thereto.  The
  holder  may  charge  and  contract  for  the  payment of an extension or
  deferred charge by the buyer and collect and receive the  same,  at  the
  rate or rates agreed to by the holder and the buyer on the amount of the
  instalment or instalments, or part thereof, extended or deferred for the
  period of extension or deferral. Such period shall not exceed the period
  from  the date when such extended or deferred instalment or instalments,
  or part thereof,  would  have  been  payable  in  the  absence  of  such
  extension  or deferral, to the date when such instalment or instalments,
  or part thereof, are made payable under the agreement  of  extension  or
  deferment;  except that a minimum charge of one dollar for the period of
  extension or deferral may be made in any case  where  the  extension  or
  deferral  charge,  when  computed at such rate or rates, amounts to less
  than one dollar. Such agreement may also provide for the payment by  the
  buyer  of  the additional cost to the holder of the contract of premiums
  for continuing in force, until the end of such period  of  extension  or
  deferral,  any insurance coverages provided for in the contract, subject
  to the provisions of subdivision six of section three hundred two.
2. The holder of a retail instalment contract may, upon  agreement  in
  writing with the buyer, refinance the payment of the unpaid time balance
  of  the contract by providing for a new schedule of instalment payments.
  The holder may charge and contract for the payment of a refinance charge
  by the buyer at the rate or rates agreed to by the holder and the  buyer
  and  collect  and  receive  the same, but such refinance charge shall be
  based upon the amount refinanced, plus any additional cost of  insurance
  and  of  official  fees  incident  to  such  refinancing and any accrued
  collection and delinquency charges, after  the  deduction  of  a  refund
  credit  in  an  amount  equal to that to which the buyer would have been
  entitled under section three hundred five of  this  chapter  if  he  had
  prepaid  in  full  his  obligations under the contract but, in computing
  such refund credit, there shall not be allowed such an  amount  as  will
  bring  the  earned  credit  service  charge  up to fifteen dollars. Such
  agreement for refinancing may also provide for the payment by the  buyer
  of  the  additional  cost  to the holder of the contract of premiums for
  continuing in force, until the maturity of the contract  as  refinanced,
  any  insurance coverages provided for therein, subject to the provisions
  of subdivision  six  of  section  three  hundred  two.  The  refinancing
  agreement  shall set forth all items required to be disclosed by the act
  of  congress  entitled  "Truth  in  Lending  Act"  and  the  regulations
  thereunder,  as  such  act  and  regulations  may  from  time to time be
  amended.