When a champion fighter in boxing or the UFC cannot defend their championship, an interim champion replaces them. Whether it’s because of injury or any situation that prevents the champion from fighting within a reasonable timeframe, the interim champion takes their spot. This is similar to the role of a bonded vehicle title.
Although Big Valley Auto Auction doesn’t have fighting champions on our team, we have received vehicles with bonded titles throughout our 15 years of business.
In this article, you are going to learn what it means when a vehicle has a bonded title, the information you’ll find on a bonded title, and if there are any fees associated with a bonded title.
After reading this article, you’ll have the information needed to know what a bonded title is.
What is a Bonded Title?
A bonded title is given when there is no title for a vehicle. This could be due to an error with the title, but can’t get the owner to sign an affidavit, or the original title was lost. In this event, a bonded title will be given as a replacement.
What Does a Bonded Title Look Like?
A bonded title is a blue document containing the same information as a regular title, such as vehicle identification number (VIN), year, make, and model. The only difference is that the document is labeled “Bonded” in the title’s Remark section.
However, the “Bonded” remark is removed after 3 years. For example, if you’ve had a vehicle with a bonded title for 4 years and try to resell it, the bonded remark will no longer be there.
Is There a Fee For a Bonded Title?
Yes, there is a $15.00 non-refundable processing fee. It can be paid by cash, check, or money order.
How Do I Obtain a Bonded Title?
In order to obtain a bonded title, you must submit a VTR-130 SOF form to the Texas Department of Motor Vehicles Regional Service Center.
You would need to show evidence of ownership, such as a copy of the title, bill of sale, or any other documentation you may have.
Once approved, you will be given a VTR-130-ND form. (Notice of Determination for a Bonded Title) With this form, you can go get the bond at any insurance company that sells vehicle bonds.
The fee of the bond depends on how much the vehicle is valued. Once you have your Certificate of Title Surety Bond, you are ready to go to the Texas Department of Motor Vehicles Tax Office and register the vehicle.
Do I Know What a Bonded Title Is?
If you understand the concept of an interim champion in sports, then you should have a good understanding of what a bonded title is.
Whether you’re new to the automotive industry or you just needed to refresh your memory, you can use this article as a reference to understand what a bonded title is.
A bonded title is just 1 of 8 different vehicle titles you can come across when buying a vehicle at an auto auction. Now that you know what a bonded title is, you can learn more about the other 7 for a better understanding.
