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Defined as: Acquiring a New Jersey title after purchase from an auction.
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Stipulations:
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- At the time of repossession and subsequent sale of a vehicle, the secured party should file for a repossession title. In reality, many repossession vehicles are brought to auction with repossession paperwork still attached. It then becomes the responsibility of the purchaser to acquire a repossession title.
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Required Paperwork
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- Copy of the Notice of Sale letter, which was originally mailed to the debtor/titled owner by the repossessing party.
- Original of repossessing party's ISM/SS-57 Application for Repossession Title form with NJ Sales Tax Satisfied stamp on the back if it was a NJ dealership.
- Bill of Sale if purchaser is other than a NJ dealership.
- Copy of ISM/SS-55 Notice of Seizure Form which was filed with NJ MVC when the vehicle was seized.
- ISM/SS-7 Application for Certificate of Title if the vehicle was seized outside of NJ or the auction was outside of NJ. This is to be completed in the name of the new owner and a NJ Sales Tax Satisfied Stamp should be affixed if it's a NJ dealership.
- Original title.
- Certified mail receipt or the returned letter if undeliverable.
- Copy of the finance contract indicating year, make, VIN, and signature of debtor/titled owner.
- Copy of the bill of sale from the auction to you.
- NJ Reassignment Form if a dealership purchases the vehicle from auction and wishes to flip ownership to a customer as they acquire the repossession title.
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NOTE: Name(s) on title and on contract must agree.
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| Below is a checklist related to repossession titles after a vehicle purchase at auction. Please contact Title Services at (609) 883-6683 or titles@njcar.org for appropriate forms and to address any questions. |
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| Checklist for Repossession After Purchase from Auction |
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| Notice of Sale Template Letters |
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