Suppose you just purchased a vehicle, but the vendor didn't provide a title, or your application for a certificate of title failed to go through. In that case, you are required to acquire a bonded title. The same applies when purchasing a second-hand vehicle with a title lacking the current owner's information. If you want to know what these titles are and when you need them, you're in the right place.
What is a Bonded Title?
Generally, most state authorities require car owners to get bonded titles when conventional vehicle titles are unavailable. A vehicle title in this context refers to a certificate that contains crucial details concerning a specific automobile, including the name of the legal owner, the vehicle identification number (VIN), and the make and model. On the other hand, bonded titles guarantee a specific individual legitimately owns the vehicle in question. These titles become regular titles after a given period as specified by state laws. Check the ordinances in your state for the duration you'll have to use your bonded title before it does that.
When are Bonded Titles Essential?
Many scenarios require you to get a bonded title. The most prevalent include:
1. If you've lost your vehicle's title
Things get lost all the time, and car titles are no exception. If you misplaced yours after buying a car, here's some good news: you can apply for and use a bonded title. But, for that to happen, you must possess a receipt, notarized statement, or bill of sale to guarantee that you bought the vehicle legitimately and any signatures present are authentic. More importantly, this option is only viable in cases where the vehicle owner lost the title document before submitting applications with their names. Otherwise, apply for a duplicate if you had already changed the details on the title before misplacing it.
2. If you didn't receive a title after acquiring your car
Although selling or buying cars without titles is inadvisable in some states, it happens sometimes. The reason people are encouraged to purchase automobiles with legit titles is that these documents are proof of legal ownership. But, if you just became the owner of a vehicle lacking a relevant title through donation, a race, or any other occasion, don't fret. You can apply for a bonded title and use it as surety you are its legitimate owner. In most cases, you will need to file a copy of your ID, statement of physical inspection, statement of fact for the bonded title, and title claim supporting evidence. The requirements differ from state to state, so consult the officials in your jurisdiction for exact details.
To learn more information about bonded titles, reach out to a professional near you.