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WTF bonded title anyone know next steps

Discussion in 'Chit-Chat' started by cruiserwanted, Jul 14, 2005.

  1. cruiserwanted

    cruiserwanted

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    http://mail.google.com/mail/?view=att&disp=inline&attid=0.1&th=105187d806d6be6a


    So I go to apply for a title in MN for a cruiser I purchased that had a bill of sale for. Fill out all the paperwork and give them photos of all sides and the bill of sale. Pay the 65 bucks and wait the 10 wks. Get the letter I linked to. Hope it comes up. May have to type it all up if link does not work.
     
  2. lx450landcruiser

    lx450landcruiser Moderator

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  3. cruiserwanted

    cruiserwanted

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    phuk. ok here goes:

    We have received your application to title and/or register the above described vehicle. However, the application cannot be processed as submitted.

    based on the information give in your application, the fair market value of your vehicle has been determined to be 3200.00. since the division has no registration record for this vehicle it must be bonded against future claims of ownership. This bond will be subject to approval by the attorney general.

    please submit a surety bond valid for 3 (three) years in the amount of 1.5 (one and one-half) times the above stated market value. The bond must be obtained through a bonding company licensed to do business in the state of Minnesota. You insurance company or bank may be of assistance to you in locating such a bonding company.

    You may submit this letter, with the requested information, to any motor vehicle deputy registrar office or by mail to the address listed above. for the location of the offices nearest you please call XXXXXXXor visit us on the web at XXXXX

    This a 7/70 FJ40 that I purchased for 200 bucks and does not run. Any other options beside given the state of MN 4800 bucks for 3 years interest free just to get a title. I moved to WI and they do not take bill of sales not that I have one anymore anyway. :mad: I am so F$%cking p*ssed right now.
     
  4. TX_TLC

    TX_TLC

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    Wow...that sucks....this varries soo much by state maybe somebody from Minn. can help you...
     
  5. razzoo

    razzoo

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    I went through this same thing with the State of MN a few years back. :rolleyes: What a riggamarole......... Anywho.......

    Contact your insurance agent. They sell you the bond for the vehicle basically insuring against anyone else claiming ownership to the vehicle over the next 3 years.

    FYI - my insurance agent wasn't familiar with the whole title bonding thing but was able to get the correct information and paperwork once he contacted the Insurance company direct (I am thinking it's not a super common thing).

    Good Luck!
     
  6. cruiserwanted

    cruiserwanted

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    Razzoo,

    could you expand a little more on this. Did you just simply have to insure the vehicle or did you have to buck up and pay the bonding fees? in my case 4800? Did you ever receive an actual title?
     
  7. dieseldog

    dieseldog She idles just fine . . .

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    I've gone the bonded title route here in Texas with one of my cruisers (I'm not saying which one). It's not always a bad thing, because when the three years has passed, you have clear title to the vehicle. It's sorta the equivalent of adverse possession with regard to land. Here in Texas you get to go out and get three appraisals on your own then the State throws out the high and the low and multiplies the middle appraisal by 1.5. You are then required to purchase a bond in that exact amount. The trick is to go get three "friendly" appraisals (i.e. really, really low). Here in Texas, the alternative to a bonded title is to go to a hearing before the County Tax Assessor/Collector. In such a hearing questions are sometimes asked that you don't want to answer. So, for some cases, the bonded title is a way to avoid certain lines of inquiry and do so by ponying up the purchase price of a bond. The purpose of the bond is to protect a potential prior owner who steps forward during the pendancy of the bond and asserts his prior right. He/she are then allowed to proceed against the res (the truck) or take the face value of the bond. If the three years pass without incident, you then have a clear, unassailable title.
     
  8. cruiserwanted

    cruiserwanted

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    wondering if MN wants to buy this for 3200. :D
     
  9. dieseldog

    dieseldog She idles just fine . . .

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    The cost of a bond is not equal to the face value of the bond. It's like a bail bond. Usually, the cost of the bond is 10 percent of the face value. I had to pay something like four or five hundred dollars for the three-year bond of something like $8,000.00.
     
  10. cruiserwanted

    cruiserwanted

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    well that is good to hear dieseldog. Thank you. 480 is not that bad. still not sure I really want to do it but not as crazy as 4800.
     
  11. dieseldog

    dieseldog She idles just fine . . .

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    Just to be sure, I am NOT familiar with Minnesota law. I am only speaking about Texas.
     
  12. thorvald

    thorvald .......

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    is the bonded title something all states do?

    might have to check into it for my minibike without title.
     
  13. razzoo

    razzoo

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    cruiserwanted-

    If I remember correctly it was indeed just a percentage of the value of the vehicle. I think I paid like $150 or something like that for a truck worth around $3K it's not a totally bad deal - just a hassle and more money out of pocket. Like a little insurance policy insuring your ownership and if anyone does claim it to be theirs your insurance company deals with it like a claim.

    Hope that helps!
     
  14. dieseldog

    dieseldog She idles just fine . . .

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    One thing to keep in mind is that a bonded title, during the period of the bond, is NOT transferable. Essentially, you are "squatting" on it until such time as the bond period expires, at which time the State considers that there is no other rightful owner and thus grants you clear title in the interest of finality. Hey, the State is not stupid--they want to have an owner out there paying registration fees each year, etc., and the only way to have that done is to issue a title and then a registration. Win-Win for everybody.