What is a Surety Bond?A
Surety Bond is an agreement providing for monetary compensation should there be a failure to perform specified acts within a stated period.
Back to TopWhat is a title bond?Also known as a
lost title bond, certificate of title bond, insurance bond, auto title surety bond, defective title bond and DMV bond. A title bond is a guarantee to the state that you can legally be the owner of the vehicle. It allows you to forgo the hearing process and obtain your title quicker. The bond protects the PUBLIC, not the person purchasing the bond. If the previous owner files a claim and the surety company finds they should be paid, the surety company will pay the previous owner the amount of the bond and require the purchaser of the bond to pay that amount back.
Back to TopHow much will the Texas Certificate of Title Bond cost me?The cost is based off 1 1/2 times what the DMV values the vehicle. The bonds start as low as $100.
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Back to TopIs the bond cost a one time fee?Yes
Back to TopWhat types of vehicles can Title Bonds be issued for?
- Cars
- Trucks
- Buses
- Motor Homes
- Motorcycles
- Mopeds & Scooters
- ATV’s
- Trailers
- Boats
Back to TopCan I sell the vehicle with a bonded title?Yes, the bonded title is a negotiable blue Texas Title.
Back to TopDoes a title bond devalue the vehicle?No, a bonded title does not affect the value.
Back to TopHow long does it stay as a bond title?3 years
Back to TopWhat if there is a lien recorded on the title?We must first verify that the lien has been satisfied and released before a surety bond can be issued.
Back to TopWho can apply for a title bond?
- Someone who purchased a vehicle without a title.
- Someone who purchased a vehicle with a defective title.
- Previous owner did not transfer title in their name before selling the vehicle.
- Title is signed incorrectly.
- Title is illegible.
- Someone who purchased a vehicle with only a bill of sale/receipt.
Back to TopWhat is a dealer bond?A
dealer bond is required by the state in order to make sure the dealership conducts business ethically and follows state regulations.
Back to TopWhat is the dealer bond for?The
dealer bond or MVD bond protects the state and the public from fraudulent and misrepresentation by the dealership.
Back to TopHow much will the auto dealer bond cost?The price is credit and experience based. You can expect to pay anywhere from $350-$659 if you qualify with a standard company.
Back to TopWill the price or premium for my dealer bond always be the same?No. The renewal could be lowered if you stay in good standing credit wise and there are no claims.
Back to TopHow often do I need to renew my dealer bond?Every two years. Most companies, like TMD, will send you a renewal notice.
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