What is a NY bonded title?
A NY bonded title is a certificate of title with a surety bond attached. The surety bond is called a title bond and protects anyone who could have legal or financial interests in your vehicle. In New York, getting a bonded title should be a last resort. You must do everything in your power to obtain proof of ownership first.
Your bonded title also protects the state of New York from fraud. When you obtain your bond, you promise you’re the rightful owner. If someone says you’re not and files a claim against your bond, they can receive compensation if their claim is legitimate.
When do I need a bonded title?
In New York, you may need a bonded title if you never received a title when you bought your car. You may also qualify if your title was incorrectly assigned to you, or you lost the title before transferring ownership to your name.
Let’s say you did have your title at one point but lost it. If it was ever registered in your name, you can apply for a duplicate title instead of a bonded title. Use the “Vehicle Registration/Title Application.” Follow the instructions on how to register/title a vehicle in New York State to ensure you have all required documentation when you apply.
Get Your New York Title Bond:
- In New York, getting a bonded title should be a last resort. You must do everything in your power to obtain proof of ownership.
- When you obtain a title bond, you’re promising that you’re the rightful owner.
- Your title bond must remain active for three years, a period that allows other parties to file a claim against you if you breach its conditions.
- NY title bonds are quickly issued, typically cost around $100, and have a 3-year bond period.
Why do I need a NY title bond?
New York title bonds protect the state, previous owners, and other parties with legal interests in your vehicle. If a party suffers losses when you claim ownership of your car, they can file a claim on your bond. If the claim is valid – after investigation – you must settle it. If you can’t, your surety will settle it for you. You must then repay your surety in full.
Your title bond must remain active for three years, a period that allows other parties to file claims against you if you breach the bond’s conditions. If you reach the end of this term with no claims, your bonded title will expire.
Can I register a car without a title in NY?
In general, you must provide the DMV with a title or transferable registration signed over to you (to prove you own your vehicle). You have two options here:
- Contact the seller and ask for a bill of sale and registration receipt or form MV-353 (Certification of NY State Registration for Transfer of Non-Titled Vehicle).
- Contact the seller to request they transfer proof of ownership to you (and mail it via certified mail).
If proof of ownership is impossible to obtain, you can apply for a bonded title to register your car.
How to Get a NY Bonded Title
Contact your local DMV before beginning your application. They will tell you if you qualify for a bonded title or if you should take another route to register your vehicle in New York. This may involve contacting the previous owners via certified mail to locate the original title. If your mail returns as undeliverable and you have no other way to acquire proof of ownership, you can apply for a bonded title.
When you contact your DMV, ask for your vehicle’s current value. In step nine, you will use this to apply for a surety bond.
- Take a photo or make a pencil tracing of your VIN, or get a signed statement from a police officer.
- Include the certified mail that was returned to you (unopened).
- Fill out a title application form.
- Get a notarized affidavit explaining how you obtained your vehicle.
- Compile any proof of ownership documents you have, like a bill of sale or a canceled check for payment.
- Complete a Statement of Ownership form.
- Include a list of any liens against your vehicle (see details in the title application form).
- Include proof that you have paid or are exempt from paying sales tax on your vehicle.
- Apply for a title bond for 1.5 times the value of your vehicle. Read Section 2105 of Article 46 Uniform Vehicle Certificate of Title Act to learn more.
- Include a title fee of $50, made out to the “Commissioner of Motor Vehicles.”
- Mail your application to Title Bureau, Department of Motor Vehicles, 6 Empire State Plaza, Albany, NY 12228.
After your application is reviewed and approved, you’ll receive a New York bonded title.
New York 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 will be eligible for a standard certificate of title.
Get a Title Bond in New York
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.