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Awesome! Congrats on getting the standard title. That's really interesting about the title being green. I have to ask... was the bonded title a different color? Thanks for sharing!
I do not know. Sorry. What I would do is call your local tax office and double check with them. I know that answer is annoying. But it's one of those things where it depends. We've sold bonds for jon boats in some states. If you find out... respond back and let me know!
I've worked out a deal with a friend that, after fixing the suspension, he would let me have his friend's truck since he's not going to be driving it ever again. It has a running engine and drives, but the previous owner did not have the title before giving it to my friend. The value should default to $4,000 since it is a 90s model, so my question is this; When the bond is set to the value of the vehicle (in this case $6,000 since that's 1.5x the value) is the cost of the bonded title for me going to be that amount or $150 as a flat rate? I'd hate to have put in all that work just to end up buying a title for twice the speculative value of the darn thing, but $150 isn't unreasonable.
You are correct... IF the value is going to be less than $6,500 your bond will be $150 for the 3 year period. However... I can't speak to the value. You can use this to check the value... www.txdmv.gov/standard-presumptive-calculator This is what the tax office will use when you go get the notice of determination.
So I bought a motorcycle from a guy today. The title I have in hand says bonded 2013. It was sold to John Doe 2/24 and he signed back with date and all his info but never transferred to his name. When I bought it I made him sign date and info. And I did same so all info is done. Question is since John Doe never put in his name do I need to get another title bond or can I get a regular title?
Good question! My first thought would be you will need to get a new bonded title because of the gap in ownership and the fact that the current bonded title "ended" in 2016. However... let me check with some of my colleagues to make sure. I'll response again before lunch today.
Yes. I'm 99% sure you will need a new bonded title and a new 3 year term. There are two reasons for this... One... the guy who sold you the bike has not been paying taxes on it otherwise he would of had a standard title issued. Two... you need to make sure there are no tax liens on the bike. It sounds like there might be. Of course go start the process and get your notice of determination. They may instruct you different. If they do, I would love to hear what they say.
Go through the process anyway. Just be sure that the previous owner won't come back and make a claim on the vehicle. If you're sure of this... you should be okay. But again... the process will remain the same. Start with the notice of determination and go from there. When you get the value of the vehicle, we'll help with the bond.
Ok so I’m thinking of purchasing a motorcycle. The seller has the title but she not the last owner never switched the title over. Apparently the title was signed in the wrong places and it’s just a mess. If I was to do this, how long is the time frame from purchasing the bond and being able to register the bike? I spoke with the dmv and they said through the bonded title process you can’t register it for years. Ps. I live in Alabama.
Hmmm... not sure why they would say you can't register it for years. You would get your form MVT 10 from the DMV. Then buy the title bond. This will let you register the vehicle and have a bonded title issued. The vehicle is not legal to use. Maybe they meant have the standard title issued. You would have a 3 year wait period where the bonded title is active. Then once that is over, you can go back to the DM and have a standard (non-bonded) title issued in your name. Let me know if that helps or I if missed the question.
Credit shouldn't be a problem because we can issue bonds up to $50,000 for fixed prices with no credit check. There's more information and a table with the bond amounts and prices here: www.suretybondsdirect.com/surety-bond/certificate-of-title-bond/al BEFORE you buy the bond, you need to go to the Alabama online surety bond portal where you can request the "Application for Title Surety Bond" which is called the "MVT 10-1." You can do that here: mydmv.revenue.alabama.gov/TAP/_/
What if the guy who sold me the vehicle didn't have his name on the title? He bought it but never put the title with his name. Would this apply? What would be the cons?
Yes this still applies but this situation is a little more dangerous. What you have is called a floated or jumped title. This is very common. I would think the only thing you have to worry about is ensuring the title is not a fake. Because you and the person you're getting the vehicle from - technically - don't know who the owner is. But as long as you're confident you can say the vehicle is now yours... the process stays the same and you can get a title bond easy. Start with the Notice of Determination and Texas will do a lien check on the vehicle for you. Let me know if you have any other questions.
I legally bought a car with the title and bill of sale but lost them both. I have liability insurance on the already. Can i still apply for a bonded title.
Yes. You will need to get a bonded title since the title is lost. It's unfortunate since you know you're the owner. But the process still applies. Get your form MVT 10 and you'll have to have your bonded title for 3 years before a standard title can be issued. The good news is this should be very straightforward for you. Let me know if you have any questions and when you need to get your title bond... we are here to help. Just go to this page: www.suretybondsdirect.com/surety-bond/certificate-of-title-bond/al
Good question. You should still be okay. Get the value using KBB. And remember if a value does not come up, you will need to get an appraisal. Once you get that value, you can get your bond. Make sure there are no liens on the vehicle. This really is the point of the bond. It's your promise that this is not a stolen vehicle. Here are the steps again and let me know if you have any question or run into any issues. www.suretybondsdirect.com/surety-bond/certificate-of-title-bond/ca
Hello, I have my uncle's car and he passed away in a trailer fire. I have had possession of the car and keys for over a year. My cousin had given me the keys. I do not have the title. Would I be able to get a bonded title for this car and make it driveable or is it gonna sit forever? I need to get it back on the road. Thank you
Sorry to hear about your loss. It sounds like this car is not running or runnable in it's current state? If this is the case it seems like a salvaged car. Here's a link to help you get started: www.suretybondsdirect.com/surety-bond/certificate-of-title-bond/tx#:~:text=Do%20You%20Have%20a%20Salvaged%20Vehicle I think you should be able to get this car titled. But start with the above and take it one step at a time.
@@suretybondsdirect I would like to settle some disputes I have with some companies before I make an intent to sue about their willful violations of fraud. Having that bond number will help the company and I avoid court about their actions. A quiet resolution amongst the two parties is what I desire.
See my response on the Contractor License Video - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-C2tP9wKr24Q.html If you need anything clarified... let me know!
Good question. Keep in mind the license bond does not cover a "project". It's essentially insurance for your customers to ensure you perform according to the project and contract. So in a way yes. The license bond is there for whoever is hiring you for the dwelling units so make sure you complete the job according to the contractor you and them have signed. Also keep in mind... when you pull permits for the job, there may be additional bonding requirements. But maybe not.
@@suretybondsdirect Thank you for your reply and your videos. I’m the homeowner and the bond company denied my claim stating an ADU is not covered under 7071.5(a); which I think is the wrong interpretation of the code section. How should argue their unfair decision? Thanks.
Good question. I can't be 100%... but from my experience, this depends on where you are registering the car. So if you bought the car in California but you're going to register it in... say Nevada... you'll have to look at the requirements for Nevada. I hope that makes sense. Keep in mind some states don't have a title bond requirement. Let me know what state you're going to register the car and I'll help get you pointed in the right direction.
Hi I guess it’s the same process for motorcycle right? Well i have 68A inspection i have insurance for the bike. (Step 1 is to submit bonded title application and Step 2 get the notice of determination). Where to apply and get the notice letter? Please help
Yes. It is the same for a motorcycle. You are correct get your Notice of Determination because that will have the value of the bond you need to purchase. Then you can purchase your bond and take the bond with the NOD back to the tax office and get your bonded title. www.txdmv.gov/motorists/buying-or-selling-a-vehicle/bought-a-vehicle-with-no-title There you will find the initial application.
I have a friend that purchased a car from a lady without a title that belonged to her late father. Now she's saying that she is having trouble trying to get the title and he can't keep driving without a tag. Whould that be a situation for getting a title bond?
Good question. Your friend is going to need to get a bonded title. This will be her title for the next 3 years. Here's our link where you can read more about this (not in video form)... www.suretybondsdirect.com/surety-bond/certificate-of-title-bond/al Here's the direct link to apply for form MVT 10: mydmv.revenue.alabama.gov/TAP/_/#1 This is the actual bond form and the DMV will help make sure it's filled out correctly. Once you have that form issued to you, we can help you purchase the surety bond which will allow you to get the bonded title. Then you'll be able to register the vehicle and drive it legally. Let me know if you have any further questions. But start with getting form MVT 10 first.
Have you gotten your Notice of Determination yet? I can't be 100% sure... but they will tell you if your vehicle needs an inspection. So go get your Notice of Determination and the state will tell you what to do next.
Yep! We are prepping content about this increase. It's never good when this happens. Hopefully it won't impact the premiums too much though. One can hope. Interesting about the non-licensed contractors. I can see that being one of the major factors.
Yes. I'm assuming the car was titled in the state you got it from? Do you have the original title or no? There may be some additional steps to show evidence of ownership when you go get your MVT 10 form. But yes you can still get the bonded title in Alabama with an out of state car. It does get confusing because there are so many edge cases. Go apply for the Application for Title Surety Bond mydmv.revenue.alabama.gov/TAP/_/ Let me know what happens and if I can help further.
Bought a vehicle found out it does have a lienholder, contacted them and was told the account was old and written off as a loss and they are not interested protesting it. Will I be able to get a surety bond?
@@feliciacampbell6769 - You'll just want to get that information in a letter from the original lien-holder (they should be able to email you a PDF). This situation is pretty common and with that "release of lien" letter you shouldn't have any problem at all getting a bond.
The company owns the bond... not the employee. So if you lose an employee nothing effects the bond. But keep in mind that these bonds are purchase to cover a "X" number of employees. So if you hire 5 additional employees... it's possible this could go beyond your bond coverage.
Good question. No you can't "claim" or get anything back. The bond is more of a "cost of doing business." The good news is these bonds are not expensive and should help bring in more business so in a way you will see a positive return on your investment.
Sorry for the late response. I didn't get notified. Yes. There is a difference. Insurance is purchased by you for your protection. In this case, the insurance you might purchase is liability insurance incase an employee gets injured. You might also have insurance on any equipment incase of damage. A janitorial bond is very similar to insurance... but you're buying it for your customer. The bond protects your customer incase of theft or sometimes purposeful property damage. Your customers may have their own insurance policy protecting against theft. But it should not be their responsibility pay an increase premium in the event of your employees stealing. This should be your responsibility and that's why the bond exists. Keep in mind. This bond is optional. You don't need it but your customers will be more likely to do business with a company that is "bonded." I hope that made sense.
That is good question. You need a valid social security number to get a bond. So based on your question and the context I read it... you would not be able to get bonded. Let me know if I read your question wrong though. I will help get you in the right direction.
@@suretybondsdirect Thank you for your answer. i really appreciate that you answered my question very well but still i have a question Is there any alternative available a part from Trust Fund …?
I'm not sure if you've started the process. It normally takes a few days for freight broker bond. This is dependent on your personal credit so it can take a day or two to collect the quotes from different sureties. Once we find the lowest quote, we'll let you know and if you agree... you can purchase the bond and typically have it issued within a day. If you need financing then that can extend the time period a little, but not much. Let me know if you have any other questions.
Good question. It's confusing because this bond is referred to by different names depending on the state. A motor vehicle bond and auto dealer bond are the same type of surety bond. This is a license bond. A bond required by a state department before a license can be issued. In most states you'll be required to purchase a motor vehicle dealer bond. Though individual states rules vary. If you need help visit our website or give us a call. One of our bond specialists can help answer all your specific questions. Thanks for asking your question.
@@suretybondsdirect I would think it’s motor vehicle bond most the time. Because they are good at these word games. How else would they of gotten the whole country to think they are participating in commerce when simply traveling for personal private use. By trickling people and calling them drivers. Lol. THE STATE is a joke. The people need to wake up and take control back of the state. The time is ticking ⏳👁️
