surety bond for a title?

[cheezy]

get this, the dmv wants a surety bond of $1050 for 5yrs for them to issue a title for my bike. they value it at $700, in it's rusted, non running state. anybody wanna buy a parts bike? dang, i'm so mad right now i could spit nails. well, it looks like i'll be selling the parts off the bike instead of fixing it up. i haven't seen an add for an xs11 in my area that i could swap parts for, so i guess i'll just move on to a different project bike. it's a dang shame, as i think the bike had a lot of potential....

[rover]

title

If you would post where you are, maybe someone will offer suggestions, or offer to buy parts.

[mxmikie]

broadway titles.com titles unlimited.com

[CublaCron]

bonded title

Here in AZ I had to get a bonded title for my 81 special for the same value. It cost me $50 dollars for the $1050 bond. Hopefully that's all you'll need to pay as well.

Here you can get them from your insurance agent.

I'ts a PIB but at least I have a clear title for the bike.

[tadtl1]

bond

Like they said, the ten fifty dollars is paid back to you if there is no claim made against the title, right? See an insurance agent about helping with the bond.

[oseaghdha]

Like they said, the ten fifty dollars is paid back to you if there is no claim made against the title, right? See an insurance agent about helping with the bond.

No, it's probably gone money.
But, you don't have to pony up the entire amount. It's like throwing bail, a percentage. I had forgotten I had to do the same thing on my 650 a long time ago. Got the bond from an insurance place. I think I had to pay 25 or 50, I don't recall the amount. But I do remember it didn't come back because it's a racket the DMV and insurance people have.

[cheezy]

well, i'll check around on monday and see what i can come up with. in addition to all the mechanical/cosmetic issues, i'm not sure the bike is worth the effort.

[cheezy]

i've been looking online, but most of these companies won't insure for this small amount. anyone know of any company that will do this?

[yamtom]

clarification

Hi,
I do believe that if you pay the ten fifty direct to the dmv, that if there is no claim eventually, the bux come back to you, isnt that what bond means? Of course if you go with ins company, and pay the piddling fifty bux or whatever, the ins company wont do a refund. If you want to sell this bike, lemme know via pm.

[perurider]

Ho;y crap...thats a lot of $$ to have tied up when you could buy another xs for about that, and I thought IN was a hassle, but all I needed was a bill of sale and a police check on the vin and as long as the bike was from IN the 15 bucks and 2-3 weeks a title for my 82 yam Vision.

[Incubus]

I live in Austin Texas and I have a bonded title on a 1987 Shadow VT1100 I own. DMV said the bike is worth $1700, so that's what I had to bond. I bought bonding insurance from the Farmer's Insurance agent that sells me insurance on my house. Most, if not all, insurance companies will sell it to you. Cost me $100. That money is gone and if someone came up and could prove they own my bike (like if it was stolen or something) then that's the amount I would have to pay them. I would keep the bike regardless. It is kind of like paying 10 percent to a bail bond company to get somebody out of County. It is just the insurance company insuring the value of the bike.

It is really not a big deal. It cost me $100 extra to title and register the bike.

Patrick

[rpgoerlich]

The bond stays on the Title for what, 3 years or so?

The bonded title is still negotiable just like a regular title.

[Incubus]

My title is bonded for three years. After that it is my bike and I don't have to pay anything to anyone even if someone turns up with proof the bike was stolen from him/her. In the meantime, the bike is mine and I can sell it with a good title. The three years is up in January.

Like I said, it's really not a big deal unless you have concerns about the legitimacy of the sale. At the worst you will have to pay the DMV's (inflated) price if a "true" owner shows up. I do not have those concerns. My bike came with a title, it was just an out-of-state title and the seller was not the person named on the title.

Patrick

[cheezy]

my understanding is that if i decide to sell it. i can't until the 5yrs is up. i'm not even sure i could junk it until the time is up. i'll find out more on monday, as i didn't get the letter until late on friday.

[cywelchjr]

Hi,
I do believe that if you pay the ten fifty direct to the dmv, that if there is no claim eventually, the bux come back to you, isnt that what bond means? Of course if you go with ins company, and pay the piddling fifty bux or whatever, the ins company wont do a refund. If you want to sell this bike, lemme know via pm.

Yup, just like a bail bond. If you put up the bond yourself, and don't disappear, you get the money back, if you pay a bail bond co the I think it's 10%, then you don't get your 10% back as the 10% is their fee for them fronting the bond money (which BTW they don't actually pass over to the court, they just have some paperwork filed and as long as you don't jump bail they never have to pay it). You can also do something with real estate and such to make bond as well, but it's a lot of pain. But if you post the bond personally, you get it back at the end of the time, if you pay a bond company, then your cool unless the bond gets called (if there is a problem/claim) in which case you might be on the hook for the money.

Most states if you can show that the value in the condition you have the vehicle in is low enough, you can even get them to waive the bond.