[tcb] Re: Bonded title ?s

  • From: Will Wood <evilscientistboo@xxxxxxxxxxxxx>
  • To: tcb@xxxxxxxxxxxxx
  • Date: Tue, 1 Jul 2008 17:59:07 -0400 (EDT)

Officially they go by blue book or an appraisal, not a bill of sale.  At least that's what the Tax Office did to me on the deal I mentioned.  I bought the car for $9K but the bond was for $15K which is what NADA had it listed for.  The Bond for three years cost my seller about $340 so he felt it was easier to do than go through
the hearing and subsequent hassle.


You can take a bill of sale however and go through somebody like "Broadway Title" which does a transfer into their name in Alabama, gets you an Alabama
title and they sign it back over to you.



-----Original Message-----
From: ATX BUS
Sent: Jul 1, 2008 5:04 PM
To: tcb@xxxxxxxxxxxxx
Subject: [tcb] Re: Bonded title ?s

Title transfers can be complicated by the smallest detail.  Even if you start to sign the wrong line it makes the title void.  And then it is a complicated process to resolve it.

Will--Do they always determine the bond amounts by blue book?  Does having a bill of sale make a difference?

Julie--So, what are you getting?
 


----- Original Message ----
From: Will Wood <evilscientistboo@xxxxxxxxxxxxx>
To: tcb@xxxxxxxxxxxxx
Sent: Tuesday, July 1, 2008 3:38:18 PM
Subject: [tcb] Re: Bonded title ?s

A bonded title in Texas means that you're putting up a Bond when title to the vehicle can't be established or there's a questionable transfer going on.  This
doesn't mean that the vehicle is stolen but it makes it easier to register the vehicle and transfer title to the new owner.  I had a guy who made a mistake on the
title transfer for a car.  He signed as a dealer instead of a private party.  In one case we would have had to gone to a hearing to ascertain "why he signed in the wrong place."  He paid for a bond instead for the blue book value of the vehicle and I had a bonded title for three years.  After three years the state releases the bond.

If you don't have a title, you can get a bonded title as well.  The bond merely serves to pay any party who claim ownership of the vehicle within three years.




-----Original Message-----
From: julie.hey.ho.lets.go@xxxxxxxxx
Sent: Jul 1, 2008 3:44 PM
To: tcb@xxxxxxxxxxxxx
Subject: [tcb] Bonded title ?s

Hey TCBers,

If you buy a vehicle and the title has not been switched over to the current owner, then a bonded title is needed, correct?  Does it matter if the vehicle is from another state?  What are the risks here?  

Julie

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