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Student of the obvious
Join Date: May 2000
Location: Phoenix
Posts: 7,714
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What's a bonded title?
I saw a local craigslist ad for a work van in good condition: $500 moving, must sell, etc.
Seller says he bought it from a friend from New Mexico who's now in Iraq. He said since he has a bill of sale that New Mexico will issue a "bonded title. " What's that?
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Lee |
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09-14-2004, 08:51 PM
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1.367m later
Join Date: Feb 2002
Location: small farm town Iowa..........at last
Posts: 6,357
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You will post a bond equal to the value of the van. That way when the legal owner returns, if there is a dispute as to whether the transfer was legal or not you forfeit your bond. You are basically paying twice for the same vehicle. Or in some states the DMV holds the title untill the legal owner returns and signs off on it. In the meantime you cannot sell or use the vehicle as collateral
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non velox ad propitiare, verisimile non oblivisci If it's not The Original Automotive Innovations and Restoration, then it's just hot AIR. Last edited by KevinP73; 09-14-2004 at 09:12 PM.. |
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09-14-2004, 09:09 PM
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