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hello this is dave at cartitles.com and title recovery comm this video we're going to talk about bonded titles some clients who have a vehicle with a title history problem or missing title may go down the route of trying to get a bonded title to get ownership of that vehicle this is best used when all other options have been exhausted there's some disadvantages to using a bonded title and we'll talk about those the first thing to keep in mind is a bonded title is only going to be available if you have a legitimate acquisition of that vehicle you have either bill of sale or some documented way that that vehicle was transferred to you an abandoned car is not going to work mechanic's lien is not going to work if it was just left in a parking lot or driveway or field somewhere it's not going to work you have to have a positive transfer now there's other ways to get titles in other scenarios and we'll talk about that afterwards but a bonded title you have to have a legitimate positive transfer to you as an owner the bonded title process is not designed to fulfill something where you don't have a positive transfer here's basically how it works you go to the DMV and the DMV will say this vehicle is not titled in your name well if you represent to that registry or Department of Motor Vehicles that you are the current owner they'll say fine we'll register in your name we'll title in your name but just the guaranty in case somebody comes forward later with a lien with prior ownership or some other history the vehicle that says it's their car and it turns out to be true we want to figure out what we're going to do to make that person whole so what you have to do as a bonded title can is purchase a bond in the amount of one and a half times the value of that vehicle so if the car is a six thousand dollar car you have to buy a nine thousand dollar bond that's probably going to cost ten or fifteen percent of the value so becoming a few hundred dollars to buy that bond and then you can apply for a title with that bond and the appropriate paperwork for the DMV to get a title in your name now that title is going to have stamp on it it's going to say this is a bonded title that stamp will stay attached to that car as a brand for up to three years sometimes five years depending on the state and the year of the vehicle so it's going to be very difficult to sell that vehicle or to get a loan on that vehicle but if it's just for the purpose of you driving that car around and bond the title may be applicable on and work for you the other thing that that bonding companies kind of want is to do a history on that vehicle to see is there any claims of lien is the transfer to you a valid transfer or there any prior owners that are going to have a claim against it because they don't want to have to pay out on that bond somebody comes forward and says that's my car I want it back they have to pay off that person the amount of the values they're going to do everything they can to establish any prior claims against that vehicle now here's the punch line you can get that bond you can take that paperwork and give it to the state they still might not accept the application so you want to go through your scenario with the DMV and make sure they're going to accept that bonded title now if there are other possibilities that you don't have a good ownership transfer or there may be a lien on the car give us a call there may be ways to resolve that by contacting prior owners extinguishing prior liens that's one of the things we work on with title recovery processes so bonded title is one way to do it we typically don't do a lot of bonded titles only because there's usually other more efficient ways to do it that may cost less money more importantly they may not have and the title that could prohibit you from selling it or financing it down the road so bottom title is one way of doing it if you have more questions - give us a call cartitles.com or title recovery com