Hi rtfoley,
Ok, here you go -
1) How is the title transferred?
Transferring Vehicle Ownership
Change of Ownership (Sale)
Note: To avoid a $25 penalty fee, all titles must be transferred
within 10 working days from the date of sale.
Seller must:
1. Remove and surrender the plates to a MVC Inspection Station,
Agency, or Regional Service Center, unless the plates are being
transferred to another vehicle.
2. Sign the reverse side of the title, inserting the buyer's name
and address, date of sale, mileage odometer reading (see below), and
sale price and give it to the buyer.
Buyer must:
1. Sign the back of the title and insert his or her driver license
or corpcode number.
2. Visit a local MVC Agency for transfer of title and issuance of
registration and plates.
3. Present the signed title, sales tax form, proof of insurance,
and payment of 6% sales tax (if applicable, see Vehicles Exempt from
Sales Tax).
4. Pay fee of $20, or ($40 for a financed vehicle).
http://www.state.nj.us/mvc/cit_title/v_title_transfere.html
Liens
Required to Record a Lien (used as collateral)
1. Visit any MVC Agency.
2. Submit a Financing Statement Form OS/SS-85C and New Jersey title.
3. Pay fee of $40.
4. Lien will be recorded on your New Jersey title.
http://www.state.nj.us/mvc/cit_title/v_title_liens.html
Financing Statement
(Original New Jersey Title Must Accompany this Application)
http://www.state.nj.us/mvc/forms/OS_SS-85C.pdf
2) DoI hold the title in my name until she pays it off?
No, you will be the "lienholder".
3) Any suggestions on wording in the sales contract?
Vehicle Bill of Sale
"This bill of sale form is normally used only when a certificate of
ownership ("pink slip") issued by state of the vehicle's registration
is not available and is not intended to be in compliance with federal
odometer disclosure regulations, but it does serve as an additional
evidence of transfer of title. It can also be used as an additional
form of evidence of the transfer even if the certificate of ownership
is available."
http://www.dmv.org/bill-of-sale.php
New Jersey Vehicle Bill of Sale and Promissory Note $9.99
"The included Promissory Note for Purchase of Vehicle, establishes the
Buyer's obligation to pay for the purchase price of the vehicle in
monthly installments until the vehicle is paid off. This document sets
forth the amount of the loan, terms of the loan, the interest rate,
the payment schedule and the rights and obligations of the Seller and
Buyer. This form allows the Buyer to repay the loan back at any time
without a penalty. In the event of default the Seller would have the
right to retake possession of the vehicle."
http://www.lawguru.com/legalforms/product_17144.html
PROMISSORY NOTE (price?)
What is the Promissory Note used for?
To pay or repay a specified sum of money at a stated time or on
demand. It is a written and enforceable promise of payment.
Promissory Note Features:
* with or without interest
* on demand, fixed term, or fixed date terms
* weekly, monthly, yearly or balloon payments
* interest only or interest and principal
* secured or unsecured notes
* in connection with sale of the security or not
Instructions
Complete the Promissory Note below, then click View Results to edit or
print your Promissory Note form.
A Promissory Note is also known as: I.O.U., Loan Note, Loan Note
Agreement, Note Form or Promissory Note form.
http://www.lawdepot.com/contracts/promnote/?loc=US&ad=from_drop_down
BILL OF SALE (price?)
What is it used for?
* a document that transfers ownership of an asset from a seller to the buyer
* a basic agreement for sale of goods
* a sales receipt
With a Bill of Sale, you should be paid by cash, bank draft,
Promissory Note, or certified check before providing the Bill of Sale
to the purchaser.
Instructions
1. Complete the Bill of Sale form below.
2. Click View Results to see your completed Document.
3. Edit or Print your document.
http://www.lawdepot.com/contracts/billofsale/?ad=promnote_related
MVC Locations
http://www.state.nj.us/mvc/facility_locations.html
I hope this helps. If you have any questions, please post a
clarification request *before* closing/rating my answer and I'll be
happy to reply. The best thing to do would be to drop by your nearest
DMV and ask. They will be happy to answer all of your questions.
Thank you,
hummer
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