What is a bonded title?
A bonded title, also known as a surety bond title, is a certificate of title issued when someone doesn’t have the usual paperwork to prove they own a vehicle. It acts like a guarantee, protecting previous owners or anyone who might have a lien on the vehicle.
You’ll likely need a bonded title if your original ownership documents are missing or incomplete, or if you need to register a vehicle but don’t have the standard proof of ownership. But how do you find a source for a bonded title near me?
Bonded title requirements and process
If you’re applying for a bonded title, there are certain forms and documents you’ll need to gather, and steps you’ll need to take. Here’s a general outline, but keep in mind that the rules vary by state. This information is geared toward Georgia, but the basic principles apply everywhere.
State-specific regulations
To be eligible for a bonded title in Georgia, the vehicle must be eligible for a title in the first place (generally 1986 or newer), and you must be a resident of the state.
In Georgia, you’ll file your application at your County Tag Office.
Required documentation and steps
You’ll need to fill out specific forms completely and accurately, sign them, and have them notarized if necessary. In Georgia, you’ll need forms MV-1, MV-46, MV-46A, T-22B, T-128, and T-4.
A surety bond from a licensed insurance company is also required. The amount of the bond is based on the vehicle’s value. In Georgia, the minimum bond amount is $5,000, or twice the vehicle’s average retail value.
You may also need an NMVTIS report and/or a certified title history, along with any supporting documents like bills of sale or lien releases.
How to get a surety bond
- Find a surety provider. Look for insurance companies in your state that offer surety bonds. Make sure they’re licensed to do business in your state (like Georgia).
- Determine the bond amount. The bond is usually worth about twice what your vehicle is worth at retail. In Georgia, you can call the Motor Vehicle Division at 855-406-5221 to confirm the amount.
- Understand the costs. The price you pay for the bond is a percentage of its total value. What you pay depends on your credit score and other factors.
Things to Keep in Mind
Getting a bonded title can be a little complicated, so here are a few things to be aware of:
- Fees and Deadlines: In Georgia, you’ll need to pay an $18.00 title fee. Also, make sure you file your application within six months of when your bond was issued.
- Professional Help: Some companies, like Southwest Motor Vehicle Center, offer bonded title services. They can do things like inspect your vehicle and search for any existing liens, which can really simplify the process.
- Potential Issues: Because the process can be complex, it can be helpful to get professional help. Making sure all your paperwork is correct is super important for a smooth application.
Frequently Asked Questions
How do I get a bonded title in CA?
To get a bonded title in California, you’ll generally need to complete an Application for Title or Registration (REG 343), get a vehicle verification from the DMV, and obtain a surety bond. The bond amount is typically 1.5 times the vehicle’s value. You’ll then submit all documents and fees to the DMV for processing.
How much does a Texas bonded title cost?
The cost of a Texas bonded title depends on the vehicle’s value. The bond amount must be 1.5 times the vehicle’s value. You’ll then pay a percentage of that bond amount as a premium to the surety company. Other fees, like title application fees, also apply.
How much does it cost to get a bonded title in Nebraska?
In Nebraska, a bonded title requires a surety bond equal to the vehicle’s appraised value. The cost to obtain the bond is a percentage of this amount, typically between 1-3%, depending on your credit and the surety company. Additional DMV fees will also be required.
How long does it take to get a bonded title?
The timeframe can vary depending on the state and the specifics of your case. It usually takes a few weeks to gather the necessary documentation, obtain the surety bond, and submit everything to the relevant motor vehicle agency. The processing time at the agency can then add additional weeks to the process.
Conclusion
If you can’t get a standard title for your vehicle, a bonded title may provide a path to full ownership.
To get a bonded title, you’ll need to find out the specific requirements in your state, assemble all the paperwork you can, and purchase a surety bond from a licensed provider.