It’s quite possible that if you’ve already visited a local Arizona Motor Vehicle Services department, you’ve been told that in order to transfer a vehicle to your name, you require a “lost title bond”.
In fact, before the purchase of a lost title vehicle surety bond, you will always first need to be told that given your circumstances, this bond is required.
It is not something that you can conclude on your own, even if you might have an inkling beforehand.
An Arizona lost title bond is required when, for certain reasons, the original title cannot be found, accessed, or located and the buyer (or acquirer) of a vehicle wishes the title transferred to their name.
The state of Arizona (as also all states) requires this bond to protect themselves from potential fraud.
Once acquired, the state will issue you a new title, but they (that is, the Arizona Department of Transportation), is protected should the original title somehow resurface at a later date.
Obtaining a lost title bond is more involved than merely being told by an Arizona MVD representative that you need one.
There are steps which must be followed beforehand. Again, the Arizona MVD wants to be protected against fraud and they want to have proof that the title is, in fact, lost.
The first procedure is to have the vehicle that you are retitling in your name inspected by an Arizona vehicle inspector. Inform them that you are applying for a bonded title;
The second procedure is to get an emissions test;
The fourth procedure will require a little research. You will need to do a motor vehicle research. This form will be found here if the vehicle research is for an Arizona registered vehicle.
You will also need to obtain proof of lien releases, including VIN, make, model, and year. The license plate alone is insufficient.
The fifth procedure involves sending certified letters, return receipt requested. Based upon what you find in the fourth procedure for any names and addresses, you will need to send a certified letter to all persons asking them to apply for a new title and send it to you.
If they refuse to apply for a title, they should send a notarized statement stating that they refuse to do so, which includes the make and model of the vehicle, it’s year, and the full VIN number.
By the way, if they send you the title, you may not require a bond; however, check with the local MVD for confirmation.
If there is no response to your letter and the letter is not claimed, and returned to you, you will take this to the MVD. Keep the letter unopened.
If there is no response to your letter, you have to wait 15 business days (which excludes any federal holidays and the weekends) after the card has been signed for before proceeding to the MVD. (This is our suggestion: In your letter, inform the prior owners that you need to receive a response within 15 business days of their receipt of the letter).
Lost title bonds, depending on the value of the value, can be relatively cheap.
The minimum price of these bond is $100; however, the final price of the surety bond will be determined by the value of the vehicle.
Arizona law states that the bond amount required will be 1 ½ times the value of the vehicle, as determined by the department.
Using this calculation, then, if the Arizona department determines that the vehicle is worth $10,000, a $15,000 surety bond would be required.
AmeriPro Surety Bonds will get your bond issued to you as quickly as possible.
We will require:
Along with any other required documents, once the bond is issued to you, you will have the bond filed with the Arizona MVD, and a new title will be sent to you.
The surety bond is active for a period of three years if there is no attempt to file a claim on the bond. Thereafter, the bond expires.
AmeriPro Surety Bonds provided lost title bonds, license and permit, contractor, and fiduciary surety bonds throughout Arizona.