Incidences That Call For The Use Of Bonded Titles For Vehicles
When you acquire a pre-owned vehicle, it is not always possible to receive a legal title to it. Still, to tag and pay taxes on it, you need some sort of title that you can take to your state's treasurer's department and file with the state. Instead of driving the car without a title, you can secure what is called a Certificate of Title Surety, which is also known as a bonded title. These circumstances can make it necessary for car owners to use bonded titles for their vehicles.
Not Receiving a Bill of Sale
If you inherit a vehicle from a relative or win a car in a drag race, you may not receive a bill of sale for it. In this case, you would need to request a bonded title from the state. To get bonded titles, pre-owned car owners must present certain documents and facts in order to receive them.
For example, you may be asked to provide the department of motor vehicles with a copy of your state-issued identification, such as your driver's license or ID card. You also will need to provide evidence to prove that you won or inherited the vehicle as well as proof that the vehicle has undergone a safety inspection.
Losing the Title
Another common reason that car owners get bonded titles is when they lose their original titles. If you have moved, been robbed, had your car or home vandalized, or simply misplaced your title, you will need to get a bonded one from the state. To get bonded titles to replace lost original ones, car owners typically need to show proof, such as a bill of state, last year's taxes and registration, or a notarized statement proving your ownership of the vehicle.
Improperly Signed Titles
Finally, bonded titles take the place of original titles that were improperly signed at the time of the sale. If your name, address, or other information is wrong on the original title, you cannot legally use it to prove ownership of the car. You need to get a bonded title with the correct information on it. You may need to show proof like a canceled check or receipt of sale to get this replacement title.
These reasons are some for using bonded titles. They take the place of titles that are improperly signed. They also replace lost titles or bills of sale. Talk to an auto service to learn more.