New Jersey Repo Laws - Repossession Laws
Repo Laws - Repossession Laws in New Jersey:
Where do I refer to for Title or License Registration?
For state Title and License Information, refer to:
Motor Vehicle Commission
Telephone: (609) 292-6500
Request for Title Search – Fee
$10.50 - Form #ISM/DO-22A
Shown on title held by lienholder.
Uniform Commercial Code (UCC)
adopted in July, 1963: With County
Clerk of county where property is
located, within 5 days. Refer to
Department of Banking for
confirmation and filing of chattel
As per the UCC, repossession is
allowed and permitted as long as it
is peaceful. Suit for purchase price
prohibits recovery and vice-versa.
Prior to Sale. Resale mandatory
where 50% of purchase price has been
paid. Resale optional with buyer
where less than 50% has been paid.
If contract so provides.
Statement of encumbrance (form
CO85B) must be filed with the
director of Motor Vehicles with
title papers and encumbrances
resulting therefrom shown on
certificates of ownership for
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.
Documents Required for Liquidation:
Application (CO-56), Writ of Execution stamped "True Copy" signed by the Clerk of Court, copy of posted notice of sale and original title.
Remain with the owner / debtor, "as long as you have not changed the ownership. The same name must be used for both registrations and the registration code needs to remain the same. If you sell a vehicle and do not transfer its plates to another vehicle, you have to turn in the old plates to MVC." From: http://www.state.nj.us/mvc/Vehicle/Transferringplates.htm
All recovery requirements and fees are current as of 2002.
Repo-Laws.com does not warrant the accuracy of these Repo Laws - Repossession Laws or recovery requirements. The Repo Laws - Repossession Laws or recovery requirements listed on Repo-Laws.com are only a starting point for reference, and are not meant to be legal advice or a replacement for legal console. Please consult a repo company in your area, county, or state if you have any questions about repossession there.