Vehicle title bonds are known by other names – certificate of title bonds, lost title bonds, or defective title bonds – but all of them serve the same purpose.
What is a title bond?
Bonded titles are required when you want to sell or transfer the ownership of registered vehicles, but you don’t have the valid title. It might have been lost, stolen, or you simply did not receive one upon purchase.
Whatever your reason for not having the original title is, you need to get a title bond from a surety company to secure a bonded title from the Department of Motor Vehicles (DMV).
You can use the bonded title in place of a standard title to register the vehicle with the DMV or buy insurance. The bonded title also protects the buyer, should you decide to sell your car.
How to Get A Bonded Title
The DMV allows the use if bonded titles for vehicle registration, but only as a last resort. If you have already exhausted your efforts, but to no avail, then a title bond is your best recourse.
You are only eligible to a bonded title if you can prove that you bought the vehicle yourself or it was given to you as a gift. In other words, stolen or abandoned vehicles do not qualify.
The specifics of obtaining a bonded title may vary from state to state, but the process is more or less the same.
- Get a Lost Title Bond
- Complete the paperwork
- Submit the bond and paperwork to the DMV
- Wait for the issuance of your bonded title
If it’s your first time to process a bonded title, getting a title bond from a reputable surety bond company like Bennett and Porter will make the process easier.
For details and assistance, contact us today!