New Jersey title, and repossession requirements:
New Jersey Repossession Title State: Repossessor License and Repossessor Registration information refer to: New Jersey Department of Motor Vehicles, CN017, Trenton, New Jersey 08666. Tel.: (609) 292-0466. Fee for search of records: $5.00.
New Jersey Repossession Recording: With County Clerk of county where property is located, within 5 days. Uniform Commercial Code adopted July, 1963. Refer to New Jersey Repossession Department of Banking for confirmation and filing of chattel mortgages.
New Jersey Repossession Recovery: Peaceful repossession permitted. Suit for purchase price prohibits recovery and vice-versa.
New Jersey Repossession Redemption: Prior to Sale. Resale mandatory where 50% of purchase price has been paid. Resale optional with buyer where less than 50% has been paid to repossessor
New Jersey Repossession Deficiency: If contract so provides.
New Jersey Repossession Special Motor Vehicle Provisions: Statement of encumbrance (form CO85B) must be filed with the director of New Jersey Repossession Motor Vehicles with title papers and encumbrances resulting there from shown on certificates of ownership for chattel mortgages.
New Jersey Repossession Documents Required to Transfer Ownership of New Jersey Repossession Motor Vehicles: Manufacturers statement of origin for new cars. Ownership of used car is passed through assignment by the seller to the buyer on the certificate of ownership.
New Jersey Repossession Plates: Remain with the owner or repossessor.
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