TITLE BONDS FAQ
HOW IS THE BOND AMOUNT CALCULATED?
The amount of the bond is not based on the purchase price of the vehicle. Bond amounts are set by the State, by using a simple calculation: 1.5 times the current retail "Blue Book" value.
HOW MUCH DOES THE BOND COST?
The bond premium can be as little as $100, and is based on the amount of the bond as determined by the State.
WHAT IF THERE IS A LIEN?
Sometimes the subject vehicle has a lien on it. In this case, the State requires a signed guarantee by the surety certifying that the lien has been satisfied. This certification is in addition to the bond. Often the lien is no longer valid, but was never released properly with the State.
If the vehicle shows an active lien on the DMV paperwork, we can only issue the bond if we are provided with a copy of the lien release from the lienholder.
WHAT DO YOU NEED TO WRITE THE BOND?
When you have completed your information packet and have turned it in to the Department of Motor Vehicles, they will give you a form letter stating that your request for a title is "rejected" and giving you the required bond amount. We need just need the following to write the bond:
1) A signed bond application, and 2) Copy of the MVD "Rejection Letter" packet