Most vehicle owners receive their Certificate of Title when they purchase a vehicle, however, that isn’t always the case. Sometimes vehicle titles are lost, damaged or even stolen, or sometimes the seller simply fails to provide a title to the buyer. In these circumstances, the vehicle owner may need to apply for a Bonded Title, and it is important to know the basics of how Bonded Titles work and who can apply for one. Although there are many steps and series of actions that are required to obtain a Bonded Title, applying for one doesn’t have to be difficult. In & Out MVD offers a streamlined process to obtain a Bonded Title and can assist you in starting the process today!
What is a Bonded Title:
A Bonded Title is a Certificate of Title which proves an individual is the owner of a vehicle but that must be accompanied by a Surety Bond. The bond protects the state of New Mexico, Lien Holders, and other parties against financial damages if an individual claims ownership of a vehicle that isn’t rightfully theirs. If a valid claim is made against the bond, the surety company will pay up to the full bond amount, which the bonded vehicle owner must then reimburse.
Who can apply for a Bonded Title:
The State of New Mexico allows individuals who own a vehicle without a title, to file for a Bonded Title. You may qualify for a Bonded Title if:
- The title you received is assigned incorrectly or damaged
- You never received a title for your vehicle
- You only received a Bill of Sale
- You lost your vehicle title before you transferred ownership to your name
To apply for a Bonded Title, you will need the following:
- Bring vehicle in for a VIN Inspection
Note: In & Out MVD offers On-Site VIN Inspections in the event you are unable to bring your vehicle for a VIN Inspection. If you are applying for a Bonded Title for a Manufactured Home, we can also schedule an On-Site VIN Inspection for you. Speak to one of our Agents for additional information regarding On-Site VIN Inspections.
- One (1) proof of identity (ID or Driver’s License)
- Supporting documentation (Bill of Sale, Title with errors or damaged, etc.)
- Tax Release (For Manufactured Homes only)
- Two (2) proofs of New Mexico Residency (For applicants without a New Mexico DL or ID)
We’ve got you covered!
We understand life may get busy at times so the process of a Bonded Title may not be a desirable challenge for you and that’s where we have you covered! From A – Z, In & Out MVD makes obtaining a Bonded Title relatively easy. Let us do the leg-work for you! Our dedicated and knowledgeable Bonded Title Agents are here to help and will offer unmatched guidance and a hassle-free experience every step of the way. Your questions and concerns are always a top priority for us so if you have any inquiries regarding Bonded Titles, please do not hesitate to call us prior to your visit, just to make sure you have everything you need when you come in. Thank you for considering In & Out MVD…it’s all in our name!