How do you get a bonded title in Michigan?
How to get a Michigan title bond
- submit an application for a vehicle title and registration with the Michigan Department of State or order title online.
- file a uniform vehicle surety bond along with your application.
Does Michigan Do bonded titles?
Michigan Title Bonds are provided for a 3 year term and the bond amount must be equal to 2 times the value of the vehicle. A bond is not required for vehicles that 6 or more years old that have values of $2,500 or less. The bond for vehicles, watercraft and snowmobiles is written on form TR-121.
What are the cons of a bonded title?
Whoever originally got the bonded title remains liabile for any bond claims. The downside of selling a car with a Bonded Title is that some people may choose to not buy under these circumstances since they won’t have a clear title right away.
What does it mean when a title says bonded?
What is a bonded title? A bonded title gives the owner the same rights as a standard vehicle title. A bonded title is required to register a vehicle when the original title has been lost or stolen.
Can you register a car with a bill of sale and no title in Michigan?
The seller must title a vehicle in his or her name before the vehicle can be sold. Never buy a vehicle without a title–you will not be able to register it! Michigan Law requires disclosure of the actual odometer reading at the time of transfer or assignment of the vehicle’s title.
What states do bonded titles?
| STATES THAT ACCEPT BONDED TITLES | ||
|---|---|---|
| Alabama Alaska Arizona Arkansas California Colorado Connecticut | Florida Georgia Idaho Illinois Indiana Iowa Maine | Tennessee Texas Utah Vermont Washington Wisconsin Wyoming |
Is title jumping a felony in Michigan?
The Crime of Passing Title or Transferring Possession of a Stolen Motor Vehicle. A person who knowingly makes a false statement either in an application for a certificate of title—or in an assignment of that title to another individual—may be charged with a felony.
Does a bonded title ever go away?
The ‘bonded’ brand can be removed from your title usually within 3-5 years (depending on the state you live in). It does not start over if the title is transferred into someone else’s name. Once the 3-5 year period ends, it is the responsibility of the current title owner to go to the DMV and apply for a clean title.
What do I need to get a bonded title?
To get a bonded title, you will need to prove that the vehicle you have in your possession is in fact yours. Valid proof includes a bill of sale or cancelled check. If you do not have a bill of sale or canceled check, you may be able to use a notarized statement explaining how you got the vehicle.
