Bonded Title!!! 1967 GMC

[67Mach1]

Today was the day,

I finally went to the DMV and turned in the paperwork for the bonded title.

Everything looked good and they processed the paperwork. Two weeks from now, if it passes the review board, I'll have the bonded title in my hands.

Sadly she will stay under the awning at the barn for now. Too many others ahead of her.

Thomas

[FleetsidePaul]

Well she'll be waiting for you when you get to her...with title.

[67Mach1]

Originally Posted by FleetsidePaul

Well she'll be waiting for you when you get to her...with title.

That's true. It takes three years for the bond to fall off and for me to know she is 100% mine. So waiting may be a good thing before I put money into it.

Should have done this last year when i first got it. there would be only two years left on the bond...

Live and learn, live and learn...

[Longhorn Man]

yep, never put a single penny into them before they belong to you. I came close to discovering this the hard way on my longhorn.
I would at least wash the mold off of that and wax it to prevent more mold before it gets worse. The mold will hold moisture against the metal inside the paint.

[LilD]

I learned a lesson 3 years ago. Now I wont buy any vehicle without a clear title in the persons name that owns it. Hope it works out for you

[Clyde65]

67Mach1

I passed on a real nice BBW cab ( 64) because he didnt have a clear title, he said I could get the bonded title but I was scepticle about that kind of title. tell me about your experience, how did you find the truck, what was the title status etc.

Thanks,

[knuckledragger]

I wouldn't worry about it .You should just sell it to me for what you have in it after the title clears.I don't mind a bonded title.You know I need a gmc.That will be a good looking truck in the future.
When are you gonna have breakfast with us again?
Dan

[Chitown_hillbilly]

As long as you got the title insurance there is virtually no way you can lose money. If there is a lien on the truck the insurance will pay it, they would have the option to take the truck but nobody is going to take a 40 year old vehicle. They'd rather have their money.

[67Mach1]

Guys, Sorry it has been forever since I've come back to this post. I need to learn to subscribe to them more frequently.

Yesterday I went to the Mailbox and sitting there waiting for me was the TEXAS TITLE to the GMC. 19 days to get it back after filed not too bad.

Clyde65, the process is pretty simple. Just make sure that you have a bill of sale from the person you are buying it from. I used Lawrence Title out of Taylor, TX he used to work for the Texas DMV and for 100.00 american he will do all the paper work for you. All you will need to do is get the bond and then file with the DMV.

The only real scare is that they will send a letter to the owner of record on the title letting them know that the bonded title process is going on with the vehicle. At which time they can respond and challenge ownership, they have three years to do this.

Another way to go is to fil out the form at DMV to find out the true owners name on the title. THen attempt to contact them this cost ,I think, 5 bucks however when you fill the form out check the appropriate box as this is only supposed to be used for "official" business needs and goverment business.

Dan, Ive got all you need to build one sweet GMC. COme on out and lets talk about it. Someday I'll start on this one myself, beat me to it. I've just been super busy on the weekends lately. Yesterday I pulled this out of the garage and cleaned it up. My focus has not been on Chevy trucks lately. I'm out for next weekend also due to a family event, but I'll be there after that. You wil have to remeind me of the time and if its at a new place or not.

[67Mach1]

Originally Posted by LilD

I learned a lesson 3 years ago. Now I wont buy any vehicle without a clear title in the persons name that owns it. Hope it works out for you

So far I ahve been lucky. THis is the second Bonded title that I have done and I have two others that need it. It surely does make buying them harder, Unless I get a BOS signed by the seller I wont touch them. At least this way, I 've got someting to go back on with the police/DMV should they ever come calling.

[67Mach1]

Originally Posted by Clyde65

67Mach1

I passed on a real nice BBW cab ( 64) because he didnt have a clear title, he said I could get the bonded title but I was scepticle about that kind of title. tell me about your experience, how did you find the truck, what was the title status etc.

Thanks,

Truck was advertised on Craig's list as a farm truck for sale. Photos looked clean. I went and looked at it. Two days later made decisionto buy and called seller.

He had just sold it and three other trucks to a guy in a neighboring town. The origional seller was selling property and needed them gone, but he did give the other guy my name and his to me. A couple phone calls later and I picked up the truck from the "new" old owner.

Title history I was told was that origional seller purchased from owner for parts no title changed hands.

Lawrence Title is the way to go on these. THey will also check to see if the vehicle was reported stolen or has an insurance claim against it. Also Liens from banks that would have to be paid off first. Good guy.

Bill of sale is pretty much a requirement though and if the seller will not give you one back away and dont go back.

T

[67Mach1]

Originally Posted by knuckledragger

I wouldn't worry about it .You should just sell it to me for what you have in it after the title clears.I don't mind a bonded title.You know I need a gmc.That will be a good looking truck in the future.
When are you gonna have breakfast with us again?
Dan

Dan, with negotiable title she is worth at least 5-10 dollars more than what Ive got in it now. I've got to make a profit sometime, ya know.

Yeah, I've got a really good 67 bed for it or I'll just swap it over to that short bed frame and bed that no one wanted to buy.

Drop in a straight six and motor on down the highway.

Let me know where and when and in two weekends I'll be there.

[redbaron69]

mach1, did they send a dmv inspector out to look at the truck? just curious. me and my dad are restoring a 73 cuda for a man, and he bonded the title. car was at our shop and a dmv inspector came down and took some photos, done some paper work. about 2 weeks later the owner said he got title in mail, and said start working on it. i guess each state has its own process.

[67Mach1]

Originally Posted by redbaron69

mach1, did they send a dmv inspector out to look at the truck? just curious. me and my dad are restoring a 73 cuda for a man, and he bonded the title. car was at our shop and a dmv inspector came down and took some photos, done some paper work. about 2 weeks later the owner said he got title in mail, and said start working on it. i guess each state has its own process.

No they did not come out and inspect the truck themselves. I did have to fill out a form that said I inspected the truck myself. THey called it a Statement of Fact. Stating the vin the truck was complete and so forth. This vehicle also had a prior Texas title.

I know when someone brings a vehicle in from another state it is required to be inspected before a Texas title can be issued.

[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.

[LilD]

Wow! The process in Texas moves quick. Ive talked to guys here in IL that have waited for years on their titles. On average from what Ive heard/read it takes 3 years here and the amount of money you have to put up is based on a collectors guide value. The car I bought with a messed up title I sold rather than go through the red tape. Glad yours worked out well

[67Mach1]

Originally Posted by LilD

Wow! The process in Texas moves quick. Ive talked to guys here in IL that have waited for years on their titles. On average from what Ive heard/read it takes 3 years here and the amount of money you have to put up

is based on a collectors guide value. The car I bought with a messed up title I sold rather than go through the red tape. Glad yours worked out well

Thanks,

What has not been covered here is that last year Texas did change their processing rules on bonded titles. It's actually why I did not get the bond earlier. The cost of the bond alone was going to overtake the purchase price of the truck for me and I simply did not want to invest that much money into a cab and clip donor as I saw it.

The Title company said the DMV had also gone to the Collectors guide for any venicle 25 years or older and used average value pricing and the bond had to be 1.5 times that value.

Apparently they also said there was a wave of resistance from consumers agains this as the number of bonds issued and bonded titles fell into the dirt. I kept calling every month or so for exactly one year back to the title agency before I found out that the rule was changed to SOmething like any vehicle with a BOS of under 4000 was bonded at 1.5 times 4k.

Texas used to have a bonded court and hearing program but somewhere down the line changed it to expedite the process. If I wanted I could still request a hearing but thats what the paperowork is for, I turn it in and they have a closed door review of paper work and make a decision.

This is my second one and this one actually went faster than the first. The one mechanic's lean I did about 10 years ago did have a 30 day wait list after sending out certified leters so it was actually a little longer once you add in the advertising and waiting periods.

I dont know if I could wait 3 years just for the title and totally understand walking away from something because of this. I'm just glad it had a positive result for me so far.



C