![]() The DMV in your state is essentially taking your word that you are the owner of the vehicle. This is because, in order to receive a bonded title, you must have a major lack of proper documentation. What is a bonded title?Ī bonded title is a type of title recovery method that requires the purchase of a surety bond, also known as a vehicle title bond, to secure the ownership of the vehicle. If you are a New York resident, a bonded title can be an effective way to recover your vehicle title if you don’t have sufficient evidence of ownership. When approved, the New York DMV will mail you your bonded title.Īfter 3 years of having BONDED stamped on your vehicle title, the bonded title brand will dissipate and you will have a clean New York title in your name. Most title bonds cost around $100-$150 for average-value vehicles.Īfter purchasing your bond, submit your bond information to the New York DMV per the instructions in their letter to you. Most title bonds are required to be around 1.5x the value of the vehicle, however, that doesn’t mean it costs that much to purchase. This value is typically based on the book value of the vehicle. ![]() New York requires title bonds to be 1.5x the value of the vehicle. If you are asked to post a bond, purchase your title bond from a surety bond provider. The Title Bureau will review your application and will either send you a title or ask you to post a bond. Make copies of all documents for your records, then send all documents plus the Sales Tax Receipt (FS-6T) to the New York State DMV Title Bureau via certified mail. The DMV agent will review your documents and give you a Sales Tax Receipt (FS-6T). In addition, bring any other documents related to the vehicle such as a bill of sale, a printed photo of your VIN, and fees for tax, title, and registration. Once you’ve completed the required documents, contacted the prior owner, and have your notarized written statement, visit your local DMV with all of the documentation. This written statement must be notarized. This letter should state the seller, the date of the transaction, the purchase price, and vehicle information. Written statementĪ written statement is required for you to explain how the vehicle came into your possession. If the letter is returned undeliverable, do not open it, keep it sealed as it will be needed for future evidence. Be sure to keep the green return slip for future use. Using that information, you must send a letter via certified mail with a return receipt alerting them of your intention to obtain a bonded title. Submit a DPPA request to the New York State DMV or your local DMV office to request the current registered owner information. The state of New York requires the prior owner to be contacted before a bonded title can be processed. If your vehicle meets the eligibility requirements of a New York bonded title, begin the application process by completing the Vehicle Title Application (MV-82), Odometer And Damage Disclosure Statement (MV-103), and Statement Of Transaction (DTF-802). How to apply for a bonded title in New York The applicant is a resident of New York.The vehicle was not acquired through an abandoned vehicle process.The vehicle does not have any liens or security interests.Vehicle requirements for a bonded title in New York Before beginning your bonded title process, make sure that your vehicle meets the eligibility for a bonded title.
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