What Do You Need To Know About Bond Title |
Posted: March 21, 2017 |
Important Things To Know About Bonded Titles Though it's rarely a necessity to have a bonded title certificate on your person, there are several situations in which having a bonded title to present can be quite useful. The following are important things to know about bonded titles in order to fully understand how they're treated and when they can be used. A replacement for the misplaced original titleIf the original title to your vehicle is misplaced, then a bonded title can be used as a valid document in its place. In any situation that normally requires a car's original title to be presented, such as selling your vehicle, a bonded title can serve as an equivalent stand-in. A substitute title that was never provided at the time of purchaseIn some circumstances, drivers may have never been given a title for their car in the first place; this is relatively common in cases where a car has been informally gifted by a close family member. If the vehicle's title was never provided at the time of sale or gifting, it's still necessary to have some form of a verification that you're its legally-recognized owner. Proving that the car was legally purchased or giftedTo receive a bonded title for a car that you were never given an original title for, you'll need to show the Department of Motor Vehicles valid proof that the car was legally sold or gifted to you by its previous owner. Proving that the car's ownership was legally transferred to you can be easily accomplished by presenting a signed receipt, a notarized statement, or a cleared check from the sale. Filing an Application for TitleAfter you've presented the documentation to confirm that the sale or gifting did occur, the DMV will provide a quote for purchasing the lost title and a letter that can be taken to purchase the title bond from a surety bond provider. The title bond purchased from the surety bond company can be used to file an Application for Title. The Application for Title will need to be filled out with standard descriptive information about your vehicle such as the license plate number, VIN, make and model. Depending on the requirements of your state, you might also need to provide additional forms with your Application of Title. Some of the forms that may have to be submitted along with your Application for Title might include a sales tax clearance form or notice of lien and lien fee. ConclusionThough bonded titles aren't typically the first result, they may be necessary when an original title simply can't be found. With the bonded title, vehicle owners who weren't given original title for their vehicle can still register it, legally purchase car insurance, and eventually sell it if they choose to. For More Information Visit our Website: Auto Insurance San Diego
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