Defective Title Bond
This bond is required by the DMV when a vehicle's title is lost or defective.
NOTE: Include with your application, copies of proof of ownership (registration or bill of sale), and a paragraph explaining the circumstances as to why you have been unable to obtain the title.
The vehicle's year, make, model, vehicle identification number, and current estimated value are also needed. When completing the application, enter the current estimated value as the amount of the bond.
A Defective Title Bond is issued for the estimated value of the vehicle not the sale price.
For example, if a vehicle is being sold to a friend for $100 but the current value is estimated at $5,000, the bond would be issued for $5,000. The only exception is if the current value is more than the purchase price because of upgrades or improvements, since it cannot be verified that such modifications indeed increase the value of the vehicle. In this situation, the original selling price is used. |