Reasons You May Need A Bonded Title For Your Vehicle
The title for each car is issued to assign the vehicle ownership to the person named on the title. If you get a vehicle without the title, it is often hard to prove that you own the car. A bonded title can be issued to you for the vehicle, but there are some things that apply to the process and are essential for anyone working through the process to understand.
The term bonded title is a title that has a brand or marking on it, indicating it is not the first title for the car and why. Commonly bonded titles are for salvage titles or vehicles that are missing the title because it was lost or destroyed at some point along the way.
Bonded titles are legal titles, and it makes the car legal to transfer ownership of the vehicle to another party, but the title will carry the brand for the life of the vehicle. It can never be removed once bonded, so it is often the last resort for obtaining a title on a vehicle. In many states, the DMV will make you try every other possible method of getting the original title before they issue the bonded title.
One of the most common reasons for getting a bonded title is losing the original title by the party you purchased the car from or after you bought the vehicle. While you can buy the vehicle with only a bill of sale between the seller and the buyer, if there is no title, it is critically important that you have the bill of sale signed and dated to prove you legally own the car. If you can get the bill of sale notarized, that will help ensure that the document is ligament.
If you had a title when you purchased the vehicle but lost it, you would still need to have a bill of sale or other document proving you legally own the car to get the title reissued. If the title was already in your name, it is easier, but if you never transferred it, the only option is to get a bonded title for the car.
Improper Assignment Of Title
If you purchased a car that was improperly assigned to the previous owner or you when you bought the car, it could be a huge problem when you try and transfer ownership at the DMV. In many cases, because the seller did the assignment wrong, a bonded title will be issued for the vehicle just in case someone shows up later claiming ownership with a properly assigned title for the car. If you suspect there is an issue with the title for your vehicle, talk to the DMV, and they can help you sort it out. Reach out to a professional for more information about bonded titles.