Last Updated on September 22, 2017 by Lawrence Berezin
The NYC Department of Finance will enter a parking ticket installment payment plan
Joe is struggling to make ends meet in his start-up delivery service business. His customer list is growing, but so are his NYC parking tickets. Those $115 No Standing parking violations are killers. Before he knew it, Joe’s parking tickets have exploded into $2000 worth of parking ticket judgment debt. Does Joe have any options, or does he have to pay his judgment debt in full?
A parking ticket installment payment plan is available to Joe
The Evil Empire lists the criteria to qualify for a parking ticket installment payment plan on its website. The requirements are:
- You must be the registered owner or the owner’s court-appointed agent.
- You must have at least 40 days left in the current registration. If approved, the plan will last only as long as the current registration.
- Your vehicle has to have had proper insurance for more than 30 days.
- You must owe more than $350 in parking and/or camera violation judgments.
- Hearings on outstanding judgments must be completed.
- Any current or defaulted Payment Plans must be paid in full.
Here’s a Payment Plan Request Form that must be submitted to start the process.
How does the installment payment plan work?
A payment plan allows you to make a series of smaller payments instead of making one large payment, but it increases the total amount you will pay. This is because interest will continue to be added to your balance until the amount you owe is completely paid off. For example, if you owe $1,000 and you choose a 2-year payment plan with 9% interest, you will end up paying a total of more than $1,100. Entering into a payment plan for parking tickets will not enable you to obtain a Satisfaction of Judgment, Registration Clearance or Vehicle Release. In order to this, you must pay off your entire judgment debt.”
-Minimum Down Payments
- 50% plus all fees for plans involving booted and/or towed vehicles
- 33% for all other plans
Fill out the Payment Plan Request Form and if you owe more than $10,000 in judgment debt, you also need to fill out a Credit Application. Bring your completed form(s) to any Finance Business Center to enter into a payment agreement.
Obviously, the best action to take when you get an NYC parking ticket is to pay or fight it within 30 days. However, sometimes this is simply impossible due to competing demands on your time and money.
Take advantage of the installment payment plan, if the need arises. It will take some of the financial pressure off, and allow you to focus on your business. Another benefit from entering into a payment plan is that it allows you to avoid having enforcement actions, such as having your vehicle booted or towed, without you having to pay off your entire debt immediately. In other words, your chariot will be entered into the towing protection program while you are actively paying your installment debt.
Please note that the installment payment plan is also available to passenger vehicles.