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Lost Title Bond

Lost Title Bond

Lost title bonds are used by a state's Department of Motor Vehicles (DMV). The surety bond may be required when the ownership information on a vehicle title does not match the party claiming ownership. Lost title bonds may also be required to gain a new title to a vehicle when no existing title can be presented.

When Do You Need a Lost Title Bond?

When a vehicle is purchased that requires registration with a DMV office, the vehicles title is used to establish and/or transfer ownership of the vehicle. There are situations where verifying ownership using the title cannot be accomplished such as:

  • An individual buys a car but does not receive the title at the time of purchase.
  • An individual purchases a car but receives a title that is assigned to the wrong person.
  • An individual buys a car and receives the title but loses the title before the vehicle is transferred into his or her name.
  • A title is lost, stolen or deemed defective.

When these, and other similar, situations arise, DMV offices can require vehicle ownership be determined using the bonded title process. This simply means that the current owner of the vehicle must obtain a vehicle title bond before a new title document can be created showing the correct vehicle ownership.

How Does the Lost Title Bond Work?

A car title bond provides security to anyone who can verify true ownership interest of the vehicle other than the party that transferred ownership through the bonded title process. This means that if someone other than the owner showing on the bonded title can show they are the true owner, that party can claim on the bond up to the bond amount.

A claim made on a lost title bond is handled by the surety, the guarantor of the bond. The surety will determine if the claim is valid. If the claim is found to be valid, the surety will pay the claim. The surety will then collect the amount expended resolving the claim from the principal, the party that transferred ownership via the bonded title process with the DMV. The principal is ultimately financially responsible for the amount expended by the surety to resolve a valid claim.

How Much Does a Lost Title Bond Cost?

The cost of a lost title bond is dependent on the bond amount and credit standing of the principal. The bond amount is determined by the DMV and is typically based on the fair market value of the vehicle in question. For many less expensive vehicles with relatively low bond amounts, the cost of a lost title bond is around $250 with some quotes coming in lower or higher. Form more expensive vehicles with higher bond amounts, lost title bond quotes typically range from 1% to 3% of the required bond amount. This means that a vehicle with a required bond amount of $100,000 would often be quoted from $1,000 to $3,000. These are typical ranges and quotes can come back lower or higher than the range since credit does play a role in the amount of the quote. Typically though, the better the applicant's credit, the lower the quote.

Am I Eligible for a Lost Title Bond?

Viking Bond Service, Inc can provide examples of lost title bonds being used, but ultimately your local DMV is the only one who can determine whether you are eligible. When you explain your situation to your local DMV, they can provide you with some feedback. Once you are approved, Viking Bond Service can assist you with securing your lost title bond.

Can I Sell a Car that has a Lost Title Bond?

A lost title bond, or a "bonded title", functions like a normal title would: you can use it to register a vehicle or sell it. The main difference is that on a bonded title, your name may remain on the bond for the duration of the bond, which is typically 3-5 years. You still may be liable for claims made against the bond during this time, even if you've sold the car. Our bonding experts are happy to answer any questions you may have about this.

How Long Does It Take to Get a Lost Title Bond?

We understand that having a lost, stolen or defective title can be a difficult situation, which is why we aim to get you your bonded title as soon as possible. Often, you can receive your lost title bond within 24 hours of it being approved. At Viking Bond Service, we're committed to getting you bond help you need, when you need it!

How to Obtain a Lost Title Bond

Lost title bonds are easy to obtain. They typically only require a lost title bond application. Once the application is received, the applicant's credit is taken into consideration. This credit check doesn't affect the applicant's credit. Lost title bond quotes are usually returned very quickly, less than a day. The whole bonding process can be started and completed in one or two business days.

Viking Bond Service has provided our clients with lost title bonds for over a decade. We can get our customers bonded quickly and we try to keep the process as simple as possible. We recognize that lost title bonds can be a lifesaver in a difficult situation. That's why we're committed to providing a superior surety bond experience, no matter what state you're in. If you need a lost or defective title bond, contact us today.

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