Title bonds. Anyone ever done one?

Posted by AlejoMSP@reddit | projectcar | View on Reddit | 6 comments

So after I bought my car I spent the next 6 months fixing it. I didn’t see a reason to register it being that I wasn’t going to be driving it. However, now I see that was a mistake. I lost the title! I cannot find it. And well, the seller and I never really traded numbers so he is basically unreachable. Am I fucked? Has anyone been able to register a car without a title? Thanks. I’m fucking pissed.

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ssbn632@reddit

Michigan here. I have gotten a bonded title. Bought an abandoned car from a towing yard. No title. There are businesses on the internet that sell bonds. If I recall I had to pay a percentage of the value of the car. Michigan allowed me to use the lowest value published on any of the standard car valuation sites. Once I had the bond, I had to have the police search to make sure the car was not listed as stolen and fill out a state form. The bond and form are submitted to Secretary of State who then issues and holds the title and allows registration.

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AlejoMSP@reddit (OP)

Yea. Bonded title is a thing in Florida Basically you pay for a bond twice the cost of the car on a private sell KBB value. You pay a percentage of that bond yearly. About 2-5% After three years of the owner doesn’t come back looking for his car it’s done. However if the owner does come back he can get paid out and you’ll owe the bondsman the bonded money. However, this keeps you from driving around a stolen vehicle. ;)

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Title bonds. Anyone ever done one?

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ssbn632@reddit

AlejoMSP@reddit (OP)

GherlinRogue@reddit

Officer4117@reddit

tsukiyaki1@reddit

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