DMV Vehicle Bond
DMV Vehicle Bond
When you get a bonded title, you are promising that you are the true owner the vehicle.
When do you need to purchase a bond?
· You bought/received a vehicle and didn't receive a title
· You bought/received a vehicle and only received a bill of sale
· You bought/received a vehicle and received and improperly assigned the title
· You bought/received a vehicle, received, and lost the title before transferring it to your name
The Motor Vehicle ownership surety bond (REG 5057) is a form used to support the issuance of a California title when regular evidence is not obtainable. Determination if a bond is required, is based on the value of the vehicle.
What is a bonded title?
A bonded title is a type of certificate issued in some jurisdiction that verifies a person’s ownership of a motor vehicle & they can still register, insure, and sell their vehicle just like a regular title.
The three and five-year period starts from the date the original bonded title was issued, & does not start over if the title is transferred into someone else’s name. Once the time period ends, the current owner must go to the DMV & apply for a clean title.
The Surety bond: Part of the process for a California Bonded Title
Check with the DMV to make sure you are eligible
Complete application for title/ registration
DMV employee or law enforcement must fill out a verification vehicle form
3. Complete a statement of facts form
The Form includes the following:
How, when and from where the vehicle was acquired
What efforts were made to obtain original title & why you could not obtain it
Current Value of the vehicle
4. Weight Certificate
Only when the vehicle weighs less than 10,000 pounds when empty if 10,000 pounds or more or is a trailer in the PTI Program, fill out the declaration of Gross Vehicle Weight/ combined Gross Vehicle Weight form
5.NON-OP or PNO if applicable
6.Odometer if the vehicle is less than 10 years
7. Buy a California Lost Title Bond
* The price to pay for the bond is typically around $100 & is a one-time payment. Your bond must equal the appraised value of your vehicle. For instance, if your vehicle’s value is $2,000 then your California Bond will be worth $2,000.