Certificate of Title (Lost Title) Surety Bond
AmeriPro Surety Bonds | 844-589-9732
Lost Vehicle Title; Defective Titles
In many states, the local and state vehicle registration department (some states call it the Department of Motor Vehicles; others, a Motor Vehicle Department) will sometimes require persons who want to register a vehicle to obtain a surety bond when the title to the vehicle cannot be determined.
A title cannot be determined when it is lost, stolen, or there is some combination of circumstances where, for some reason, it’s no longer available.
A lost certificate of title surety bond may be required of a car, motorcycle, mobile home, and utility vehicles. This surety bond is also referred to as a defective title bond or lost vehicle title surety bond.
Purpose of the Defective Title Bond
The lost title surety bond is required in order to issue what is called “a bonded title”. While the title is required of you as the purchaser, its benefit is for the following:
- The DMV department which requires the certificate of title bond;
- Any prior owners or subsequent owners of a vehicle;
- Any lienholders…
In case information about the vehicle is subsequently learned which causes any of these people a loss or harm, which was not known and is only subsequently discovered at a later date.
The amount of the bond is statutorily determined by the motor vehicle department. They will either have their own formula that they use; and some will have you rely on NADA to determine the bond amount required.
Many times, that amount is 1 ½ times the current value of the vehicle; however, this amount may vary from one state to another. The only thing that matters to you is the state’s laws where you’re registering your vehicle.
Qualifying and the Premium
With our agency, up to $50,000 (in Alaska, up to $100,000) your are automatically approved for the certificate of title bond without a credit inquiry.
The onetime premium is 1% of the amount of the bond required or $100, whichever amount is greater.
You will need to have the following information available to have your bond issued:
- The amount of the surety bond that you are required to purchase;
- The year, make and model of your vehicle;
- Your vehicle’s VIN;
- Some states may request the length of your vehicle, color, and other information
Once this information is provided to us, and the premium is paid, your bond and a Power of Attorney (POA) form will be issued to you. Some excessively regulated states like California may also require a notarized document to accompany your surety bond.
Amounts greater than $50,000 will undergo a credit inquiry. To qualify at the 1% rate, good credit is required.
Presenting Your Bond to Your Motor Vehicle Department- What’s Next
Once your defective title bond is presented to your motor vehicle department, a “bonded title” will be issued to you.
Depending on the state, the “bonded title” may be for up to 4 years. If no claims against your bond occur, then a regular, non-bonded title will issued to you. At this time, the surety bond will no longer be active.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide lost and defective title bonds for vehicles wherever required nationwide.
Our agency is also a provider of lost deeds of trust bonds for homes and title companies to facilitate the sale or refinancing of a home.
Please call our agency today:
Or, you may fill out our Contact Form and a Surety Agent will call you…