Can I get a bonded title in New Mexico?
Yes. If you never received a title for your vehicle or lost the title before registering your car in your name, you may qualify for a bonded title in New Mexico. The state requires that you purchase a surety bond to accompany your certificate of title if you don’t have regular evidence proving ownership (the original title).
What is a New Mexico bonded title?
A New Mexico bonded title is a certificate of title – proving you own your vehicle – with a surety bond attached. The surety bond is called a title bond and offers protection for other parties that may suffer financially if you claim ownership of your car but aren’t the rightful owner. The bond ensures that you comply with the law while protecting previous owners.
Get Your New Mexico Title Bond:
- The state requires that you purchase a surety bond to accompany your certificate of title if you don’t have regular evidence proving ownership (the original title).
- The bond ensures that you comply with the law while protecting previous owners.
- When you sign the contract to obtain your surety bond, you’re promising that you’re the vehicle’s true owner and will cover any bond claims that may surface while your bonded title is active.
- New Mexico title bonds are quickly issued, typically cost around $100, and have a three-year bond period.
How do bonded titles work?
When you sign the contract to obtain your surety bond, you’re promising that you’re the vehicle’s true owner. You also agree to cover any bond claims that may surface while your bonded title is active.
If someone claims that you’re not the real owner or they suffer financially because of you, they can file a claim on your bond for compensation. If the claim is valid, you can settle it yourself, or your surety will do it for you. Ultimately, you must repay your surety in full for any costs they cover.
Your bonded title will remain active for three years. If no one files a claim during this period, you can apply for a standard NM car title when it expires.
How to Get a Bonded Title in New Mexico
Before beginning the New Mexico bonded title application process, contact your local MVD to ask if you need and qualify for a bonded title. If you do, proceed with the process outlined below.
1. Conduct a vehicle record search.
Ask the MVD to see if your car is still registered in a previous owner’s name or if any lienholders exist. If the vehicle is registered in someone else’s name, you can contact them requesting the original title via certified mail. If they respond and send it to you, you can simply register the title in your name rather than completing the bonded title application process.
If there’s a lien against your vehicle, you must contact the lienholder and request a release before proceeding to Step 2.
2. Get a vehicle inspection.
Visit a local MVD office so that a certified VIN inspector can inspect your vehicle. They should complete an Affidavit of V.I.N. form for you to include in your bonded title application.
3. Get an N.C.I.C. Certificate of Clearance.
When completed and signed by a law enforcement officer, this form ensures that your vehicle wasn’t stolen. The form is only valid for 30 days.
4. Look up your vehicle’s current value.
You can use NADA Guides or contact the MVD to appraise your vehicle. Include the appraisal in your application packet. In the next step, you will use this value to calculate your bond amount.
5. Apply for a New Mexico certificate of title bond.
Your surety bond must be worth twice the value of your vehicle.
6. Submit your application.
To recap, make sure your application packet includes each of the following:
- Certificate of title bond application (form MVD-10070)
- Affidavit of VIN Form (MVD-10861)
- Supporting documentation if applicable (e.g., bill of sale)
- Certificate of title bond
- Proof of New Mexico residency
You can mail your packet to the following address:
Motor Vehicle Division-Dealer Licensing Bureau
Attn: Surety Bonds
505 Marquette NW Suite 1501
Albuquerque, NM 87102
Once the MVD receives your application, they should review and process it within 30 days and notify you by email or mail of approval.
New Mexico title bonds are quickly issued, typically cost around $100, and have a three-year bond period. After the bond expires, there is no requirement for the bond. You will be eligible for a standard certificate of title.
Get Your New Mexico Bonded Title
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 email@example.com. 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.