All right, let’s clear it up once and for all: what is the actual cost of getting a bond for a vehicle?
A lot of times people will go to the DMV or look to apply for a bonded title and they’ll think that you have to come up with tens of thousands of dollars to get a bond. The cost of a lost title bond represents the value of the vehicle the applicant is titling. The title bond needs to be in the amount of one and a half or two times the value of the vehicle but that’s not what you have to pay. If you have a $6,000 vehicle, one and a half times that amount is $9,000. You might think well I have to come up with $9,000, but that’s not what it means. And sometimes even the DMV employee you’re talking to doesn’t know this or is not aware of this. Really, what you need to do is you need to purchase a bond for that amount let’s say $10,000, which is the bond amount. The price you pay is a very small portion of this. Most people only need to pay about a hundred dollars for a lost title bond.
If you buy a bond that’s $10,000 it’ll cost you $100, a $15,000 bond will cost you $150. Usually, there’s a minimum amount for a bond of about a hundred dollars. So roughly, unless you have a $20-$30,000 vehicle, you’re going to spend $100-$200 for a title bond. So it’s not as big of a deal as it looks. And it’s important to know this because many times somebody will look to get a bonded title and the reason they don’t continue with it is that they think they have to come up with a lot of money. So then they looked at some other title method which might not be as good. Sometimes they’ll switch to a Vermont loophole or they’ll try to do some kind of mechanics lien and they run into all kinds of problems, more expenses, and maybe even losing the vehicle.
So here are a couple of examples of how the bonded title process works. This one happens to reference what is not acceptable for bonds. You can’t do a bond on an abandoned vehicle. We’ve talked about this before. Most vehicles that people think are abandoned really are not abandoned vehicles. Abandoned vehicles are something that somebody left on the side of the road that nobody knows where it came from and it’s to be disposed of or discarded. Most times people think abandoned is something that they bought and it’s been sitting around or somebody didn’t pay a bill for repairs or service. Bottom line is that you don’t want to call something abandoned unless you need to because guess what? Abandoned vehicles are not finders’ keepers. You don’t get to keep an abandoned vehicle. By the same token mechanic’s liens, you can’t do a bonded title. If there is an outstanding lien on the vehicle like a bank loan or, a financial institution you can not do a bonded title. If there’s litigation pending like probate, divorce, repo, or something that has a court case, you can’t do a bonded title on that either.
This one happens to do with North Carolina, meaning that unless the vehicle is in North Carolina, you can’t do it. Most states require the same thing that the vehicle has to be located where this application is occurring. And then many times if the vehicle is an insurance vehicle declared a total loss by an insurance company non-repairable junked, you can’t do bonded title there either. It’s not designed for that process. Let’s take a look at a couple of other states. Here’s what a bond looks like, this is the Michigan department of state uniform surety bond. This is what the bonding company will sign. You can fill it in with all the information but the bonding company has to sign it. Here’s the principle of the surety company authorized agent, signed and they’ll put a surety number on it so that you can submit it to DMV. Before you can title a registered motor vehicle, you must file a uniform surety bond with the application or registration. So, this is very similar to many other states.
Here’s Illinois, on a fact sheet for titles obtained by bond. When applying for a title you have to have the description of the vehicle, the current value, the statement that the vehicle is intact, and that all parts are present. You can’t bond a partial vehicle or a vehicle that’s in the process of being remodeled or restored or reconstructed. Once again if a lien holder is listed on the previous title record a lien release is required.
So bonded titles have a place. They are a very powerful way to get a title. Sometimes your scenario might not be eligible for a bonded title and in that case you want to look at a court order title and that’s also on our website. If you do need to find out the exact amount for a surety bond, check out our website ProBonds.com, it’ll give you a quote on your surety bond for your vehicle based on the value based on where you’re located and you could proceed with that process. Many times a surety bond title is a good way to go. There are about eight or nine states that do not do surety bonds so you have to make sure your state allows it. And it’s usually better than doing a Vermont loophole or some kind of mechanics lien or abandoned title because you’ll run into problems with those. If for whatever reason, the surety bond is not possible then you can elevate your case right to a court order title and that’s a lot easier than it sounds as well. Put some comments below let us know what you think.
Want a CarTitles.com professional to do it for you?
For as little as $159 for most processes, we will save you the headache and prepare all of the car title paperwork needed to get you a new title. Simply choose the title recovery method you’d like to use and we’ll get started!
Select your title recovery method:
Order Vermont Title LoopholeOrder Deceased Owner Title TransferOrder Bonded Title ProcessOrder Abandoned Vehicle ProcessOrder Prior Owner ContactOrder Lien Release Request LetterPGlmcmFtZSBzcmM9Imh0dHBzOi8vYXBwLmFjdWl0eXNjaGVkdWxpbmcuY29tL3NjaGVkdWxlLnBocD9vd25lcj0xOTQ4ODEyNiZhcHBvaW50bWVudFR5cGU9MjMwNjY0MTAiIHRpdGxlPSJTY2hlZHVsZSBBcHBvaW50bWVudCIgd2lkdGg9IjEwMCUiIGhlaWdodD0iODAwIiBmcmFtZUJvcmRlcj0iMCI+PC9pZnJhbWU+PHNjcmlwdCBzcmM9Imh0dHBzOi8vZW1iZWQuYWN1aXR5c2NoZWR1bGluZy5jb20vanMvZW1iZWQuanMiIHR5cGU9InRleHQvamF2YXNjcmlwdCI+PC9zY3JpcHQ+
Need a court-ordered title transfer? CourtOrderedTitle.com provides everything you need to get your paperwork filed and get your court-ordered vehicle title.
https://cartitles.com/wp-content/uploads/2022/09/courtordered-logo-300×129.pngGo to CourtOrderedTitle.com
If you’ve been in the market for a new or used car over the last couple of years, you’ve likely noticed the peculiarities that have disrupted the conventional expectations of the automotive industry. From persistent inventory shortages to soaring prices, car buyers have been waiting for a reprieve that seems elusive. Despite hopes that higher interest rates or an economic downturn might trigger a reduction in prices, recent insights from reputable sources, including Barons, suggest a different reality. In this post, we delve into the four compelling reasons why new car prices aren’t poised to decrease anytime soon.
One might expect that elevated prices would naturally curb demand, triggering a correction in the market. However, the reality is quite the opposite. Even with prices reaching new highs, there is a significant demand for new vehicles. Some buyers are willing to commit to hefty monthly payments, reaching up to a thousand dollars. This sustained demand is a key factor in maintaining the current price levels.
Both manufacturers and dealerships have adapted to a new paradigm where profitability can be achieved with lower sales volumes. In the past, dealerships scrambled to secure every sale, often selling hundreds of cars each month. Now, the focus has shifted to lower volumes with higher profit margins. This strategic shift allows for reduced advertising, lower overheads, and less reliance on selling high volumes to turn a profit.
With an impending shift to electric vehicles (EVs) within the next four to six years, manufacturers are hesitant to invest heavily in creating new inventory for gasoline-powered vehicles. Several states, including California, New York, and Washington, have set timelines to make the sale of gas vehicles illegal post-2028 or 2030. The focus is now on transitioning to EVs, making extensive investment in new gasoline-powered models less appealing for manufacturers.
The cost of producing vehicles has experienced a significant surge. While supply chain inflation is part of the equation, recruiting skilled workers has become a major challenge. The increased cost of labor, coupled with higher material costs, has led to a substantial increase in the overall manufacturing cost. Consequently, obtaining a decent vehicle now comes with a price tag of $40,000 to $45,000, making the days of $20,000 or $30,000 vehicles a distant memory.
As a result of these factors, new car prices are unlikely to witness a substantial decrease. The current price point, while potentially seeing fewer dealer markups, is expected to be more or less permanent. Consumers have become accustomed to higher monthly payments, and this adjustment has been integrated into the industry’s standard practices.
While new vehicle prices remain high, those seeking more budget-friendly options might find solace in late-model used cars. However, it’s essential to approach this alternative with caution, considering potential drawbacks such as high mileage, being out of warranty, and limited availability of desired models.
The automotive market’s current dynamics paint a picture where new car prices are unlikely to experience a significant reduction. As a prospective car buyer, understanding these factors is crucial for making informed decisions aligned with your preferences and financial considerations. While the allure of lower prices may persist, navigating the new normal in car buying involves a pragmatic approach that embraces the evolving landscape of the automotive industry.
Disclaimer: The insights provided in this post are for informational purposes only and do not constitute financial or investment advice. Prospective car buyers are encouraged to conduct thorough research and consult with automotive professionals for personalized guidance based on their unique circumstances.
In the intricate world of obtaining vehicle titles, the allure of shortcuts often beckons. One such well-known shortcut is the Vermont loophole, a method that has circulated online for nearly two decades, captivating the attention of clients and consumers seeking alternative routes to secure their vehicle titles. However, while the Vermont loophole is legal and legitimate, it comes with its complexities and is not the straightforward path that states generally advocate for obtaining titles.
Over the years, the Vermont loophole has gained popularity and been featured in various publications, from Current Driver magazine to Jalopnik and even articles by Hagerty Insurance, a prominent classic car insurance company. The appeal lies in the perception of “getting away with something,” but, in reality, this process can be more expensive, time-consuming, and hassle-ridden than the more direct routes offered by states.
Every state provides proper channels for obtaining a vehicle title, such as bonded titles, civil lien titles, magistrate titles, and prior owner contact. Even when presented with these more direct options, some consumers still opt for the Vermont loophole, believing they are outsmarting the system. However, it’s crucial to recognize that states have preferred methods for a reason—to ensure the proper and legal titling of vehicles.
Several states have pushed back against the Vermont loophole. For instance, Indiana displayed signs in DMV windows, stating they do not accept Vermont registrations. Ohio had a temporary block on it, and Florida issued a fraud alert about Vermont registrations. While states cannot outright reject these registrations, they can implement additional documentation requirements due to the potential for fraudulent transactions.
Florida, in particular, has issued a fraud alert regarding Vermont registrations. The alert emphasizes that customers using this process must submit additional documentation to address the heightened risk of fraudulent transactions. For Florida residents, specific documents are required to accompany a Vermont registration submission.
While some may view the Vermont loophole as a secret advantage, it comes with its pitfalls. Vermont imposes a significant sales tax, often catching individuals off guard. The tax is not based on the purchase price but on the full Blue Book value of the vehicle. Additionally, some states may require residents to pay tax again upon bringing the vehicle into their state, making the process more complicated and costly.
It’s essential for consumers to be aware that utilizing the Vermont loophole is a choice and not a secret maneuver. States and DMVs are well aware of this process, and just because it may seem like a newfound discovery does not mean it’s a new or unknown practice. Being an informed consumer involves understanding the potential downsides and considering alternative legal channels provided by states.
One critical aspect to remember is to refrain from driving with Vermont plates if one chooses to use the Vermont loophole. This precaution is essential to avoid legal complications and adhere to proper registration procedures. Additionally, exploring other legal options for obtaining a title is advised to prevent falling into potential pitfalls associated with the Vermont loophole.
While the Vermont loophole may seem enticing, it’s crucial for consumers to make informed choices. Understanding the potential drawbacks, additional requirements, and the preferred methods of their respective states can lead to smoother and more efficient title acquisitions. Keeping an open mind and exploring legal alternatives can help individuals make choices that align with state regulations and avoid unnecessary hassles in the long run.
Disclaimer: This content is for informational purposes only and does not constitute legal or financial advice. Individuals are encouraged to consult with legal professionals and DMV representatives for guidance on their specific situations.
So if you’re watching this video it’s probably because you’re trying to fill out this VT-010 VIN Verification form for the Vermont registration loophole, and you’re wondering, how do I do it? How do I fill it out? Well, if you receive the package from us you already have the instructions for doing this.
If you’re doing this yourself, the first thing you need to do is to determine if you actually need this form. Many application packages do not need this form even though it seems like you do. If you filled out the VD-119 form correctly and you have the right kind of vehicle, you don’t need this form. So the first thing you want to do is find out if you actually need this form. And if you do, here are some instructions on how to do it.
First of all, only section one is to be filled in by you, the applicant. Name, address, email, make, model of the vehicle, and so on. If you notice there’s no place for the VIN on the section that you fill in that’s on purpose. The VIN verification form has to be completed by authorized personnel. Now, who is considered to be authorized personnel? Well if you notice on the instructions, it has to be a sworn law enforcement agent. That means any police officer, sheriff state patrol, anybody basically with a gun and a badge. If they worked for the DMV they can do it but they have to be a sworn officer in your state. So you may call up your local DMV or your local police department and they might say no we don’t do it for out-of-state. They don’t really understand that this doesn’t have to be any particular in-state form. All they have to do is be a sworn officer who says “I looked at this vehicle I ran the van for stolen, and I verified that the VIN and the paperwork match” That’s all they have to say. There’s nothing specific about this. Many law enforcement agencies are under the impression that they have to be certified to do this. It can be anyone with a badge or a gun.
But remember you may not need this, and you may not have to go through this hassle. The police officer that does this has to look at the vehicle. So if your vehicle is not running. You have to bring it to them. Many times, they don’t want to be driving around just to inspect the VIN number on your vehicle. Police departments in this day and age are understaffed. They’re not even coming to some calls for burglary anymore because they have to only focus on higher-priority crimes. So if you’re asking them just to sign a VIN form for another state, they might just blow you off, if you ask them to come to your house. If you bring the vehicle to them, a lot of times it’s a lot easier to do, although it might be inconvenient, you’re asking them to do you a favor. So that’s the most important part.
Before you go through the hassle make sure that you look at our other videos about whether or not you need this VIN verification. You probably don’t need it if you’ve done the paperwork correctly and you have the right type of vehicle. But if you do need it, then go ahead and have an agent that’s authorized to do it sign the form and fill in the VIN verification.
Look, here’s why it’s very important for you to pay attention to how you’re getting a car title. If somebody is doing it for you, look into who you’re doing business with, but also if you’re buying a vehicle, make sure you’re checking the history not just on Carfax or VIN audit or any of these other sites that may not have complete information.
This is a perfect example of another big-time auto title scam. This is one out of Pennsylvania. We’ve seen dozens of these over the last 10-15 years and this is another big one. This is a business operation where there were 13 companies charged in a title washing ring. Well, what does title washing mean? Well, title washing is when you have a title that has a problem, there’s a lien on it, it’s salvage, it’s a parts-only, it’s some other type of problem title, or one that’s missing documents. And you file false paperwork in order to fix the problem.
Look, there are ways that are legitimate to fix title problems but a lot of times they take a long time, they might be expensive, and people don’t want to jump through all the hoops so they try to find a shortcut and you run into problems with title washing. Sometimes people do it accidentally, they don’t even know they’re doing something wrong and they find out accidentally.
What happened in this case? Let’s take a look. Well, 13 Pennsylvania businesses and 19 people are facing charges for title washing. They purchased totaled vehicles, falsified inspection information, and submitted fraudulent title applications to bypass rigid requirements. And this is what people do. Getting a title is taken very seriously by the DMV whether it’s a salvage vehicle or a normal vehicle, a clean title, or a lien title, getting a title is serious. It’s a legal government document. It certifies the ownership it certifies the status of the vehicle. So when you want to get a title, you have to make sure your paperwork is in order and if it’s not they’re going to run you through the wringer.
So what these companies were doing is they were falsifying title applications to try to make the process easier. Well, come to find out, it’s not that simple because they audit this stuff. In this case, they were totaled vehicles and the law says they have to be repaired and undergo an enhanced safety inspection to make sure they’re safe. The defendants allowed hundreds of heavily damaged vehicles onto roadways without even looking at them. They didn’t complete the safety inspections, they just filled out the paperwork, and a lot of times they forged documents and forged signatures. They claim that they did 240 inspections, but they completed them using stock photographs and admitted never to completing an enhanced inspection.
Just because you have the authority as a repair shop a body shop or an automotive facility to do something doesn’t mean that just you signing the paperwork makes it right, and this goes for mechanics’ liens too. A lot of repair shops do fake mechanics liens to help people get titles. These things get audited. The DMV, or in this case Pennsylvania it’s called PennDot, they know that you as an automotive facility are given certain privileges to do certain paperwork to put titles through the system. But they also know that sometimes those privileges are abused and so they audit them. They know how to look for red flags. Does this company put through too many? Are the vehicles going through too quickly? They will also look at the percentages. How many are salvaged? How many have liens? Their algorithms on their computer will flag them and then they’ll do a manual audit, and that’s what happened in this case.
It’s not something that’s worth going to jail for. So do your paper. correctly, make sure if somebody else is doing paperwork for you that you know how it’s getting done. You review everything and have a title company explain to you in advance what is going on with your title. How is it going to be obtained? So you’re not accidentally doing something that might be a problem or get your title revoked or maybe even get you or somebody else into trouble.
Tell us about your vehicle and we'll direct you to a title recovery method that matches your scenario.
"*" indicates required fields
