Bonded Title!!! 1967 GMC

[72lb4x4]

I think with a bonded title, the previous titled owner's only compensation is the money behind the bond you bought. Your liability is that if the insurance company pays off on the bond, they will then want that money back from you.

So there's no need to not work on the truck for fear of a past owner appearing. You can also legally sell the truck with as a titled vehicle as well.

I did a bonded Texas title on a Chevelle I used to have so I'm not making this stuff up.

I've been told a mechanics lien is the quicker, easier, and cheaper solution BTW. I guess you have to have or know someone with a shop I guess.

[67Mach1]

Originally Posted by 72lb4x4

I think with a bonded title, the previous titled owner's only compensation is the money behind the bond you bought. Your liability is that if the insurance company pays off on the bond, they will then want that money back from you.

So there's no need to not work on the truck for fear of a past owner appearing. You can also legally sell the truck with as a titled vehicle as well.

I did a bonded Texas title on a Chevelle I used to have so I'm not making this stuff up.

I've been told a mechanics lien is the quicker, easier, and cheaper solution BTW. I guess you have to have or know someone with a shop I guess.

You are the second person to tell me this and I think you are right. When the bonding company asked me to prove my financial net worth for a bond I asked her why and she said they wanted to be sure I could pay them back the bond if it was paid out.

I didnt dig further because the bond was not for a lot of money.

Years ago I did a mechanics lean on a car and it was very fast but I ended up paying 200 for the process. Which was about what I paid for this one.

[dhaymaker]

Over the course of a number of years and states, I've done around 10 bonded titles and/or mechanics liens. I guess I've been extremely lucky because I've never had a problem with any of the vehicles. The '41 Plymouth listed in my signature block is, in fact, a mechanics lien title. On a mechanics lien, the individual holding the title has to do some required advertising in local publications (such as local Newspapers, Wheel Deals, etc.) and wait a required time to see if anyone responds with a claim to the vehicle. After the required waiting period (for example, in Colorado I believe it's 30 days), they fill out the necessary paperwork for the state and you take the paperwork (advertisements, state forms, etc.) to the DMV. At the DMV they process the paperwork like any other title and you either walk out with the title or, in some cases, the title is mailed to you. I've been getting my titles in a matter of 3 - 4 weeks, and often less than that.