What is an Illinois bonded title?
In Illinois, a bonded title is a regular car title with a surety bond attached. You might need this type of title if you never received a title when you purchased your car. A bonded title allows you to claim legal ownership of your vehicle while protecting parties that may suffer financially if you end up not being the rightful owner.
Once you purchase an Illinois surety bond (called a title bond) for the amount provided by the Secretary of State and obtain a bonded title, you can register, insure, sell, and transfer ownership of your vehicle.
Get Your Illinois Title Bond:
- In Illinois, a bonded title is a regular car title with a surety bond attached.
- With it, you can register, insure, sell, and transfer ownership of your vehicle legally.
- Contact a local Illinois DMV to see if you’re eligible for a bonded title, then follow the process outlined below.
- Illinois title bonds are quickly issued, typically cost around $100, and have a 3-year bond period.
Who needs a bonded title in Illinois?
As previously mentioned, you may need a bonded title if you didn’t receive a title with your car. You may also be eligible for a bonded title if you had a title but lost it before registering your vehicle in your name. Sometimes a title can be defective or improperly assigned, which may qualify you for a bonded title.
If you fall into any of these scenarios, contact your local Illinois DMV to ensure you’re eligible for a bonded title. Then follow the process we outline below to acquire it successfully.
How to Get a Bonded Title in Illinois
Follow this process to get your Illinois bonded title as easily and quickly as possible.
1. Provide evidence of “your right to acquire a title.”
In other words, show proof of vehicle ownership, like a canceled check, receipt, or bill of sale. If you don’t have any of these forms of evidence, provide a notarized statement explaining how you came into possession of your car.
2. Get a written appraisal of the current wholesale value of your vehicle.
You can get this from a licensed vehicle dealer, licensed rebuilder, licensed real estate agent (for a mobile home), or an officer of an antique vehicle association or club (for an antique vehicle). You can also opt for using a vehicle pricing guide like NADAguides.com or Kelley Blue Book. Don’t perform the appraisal yourself.
3. Get a surety bond for 1.5 times the vehicle’s appraised value.
You can get a title bond from a surety provider like ZipBonds.
4. Complete and submit your application.
Complete your bonded title application, and pay a fee to the Secretary of State.
5. Complete a Motor Vehicle Use Tax Return form.
Complete this form and tax payment if applicable. If you have any questions while completing the process, you can call the Illinois Department of Revenue: 217-785-6606.
6. Obtain a lien release.
If you learn about an existing lienholder on your vehicle, you must obtain a lien release before proceeding.
7. Get an Illinois bonded title.
Once your application is approved, you’ll receive your bonded title, which is valid for three years, and your plates and tags. Once the three years are up (and no one has filed a claim against your bond), you’ll qualify for a clear certificate of title for your car.
Illinois title bonds are quickly issued, typically cost around $100, and have a 3-year bond period. After the bond expires, there is no requirement for the bond. You’ll be eligible for a standard certificate of title.
Get a Title Bond in Illinois
The experts at ZipBonds can help you obtain the bond you need. To connect with one of our team members, please give us a call at 888-435-4191 or email us at firstname.lastname@example.org. We’ll walk you through the process for title bonds to help you get bonded in a flash.
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.