Do you have a car in New York, but no title? Maybe you recently purchased a vehicle but never received the title. Or maybe you received the original title but lost it before transferring it into your name.
If this is you, you might be thinking "how do I get a title?" You might be able to get a bonded title.
What is a New York Bonded Title?
A New York Bonded Title is a document that proves you own your vehicle. It looks just like a regular title except in the title brand section it will say "Bonded".
The "bonded" brand implies there is a surety bond attached to the title.
Why You Need To Purchase a Surety Bond
The purpose of a NY Bonded Title is to protect any previous owners of the vehicle and the state of New York.
You can learn more about how the surety bond works and what it means to be bonded at the end of the article.
When You Might Need a New York Bonded Title
You might need a bonded title in any of the following situations, though this is not a complete list:
- You bought a car and never received a title
- You bought a car and only received a bill of sale
- You bought a car and received an improperly assigned title
- You bought a car, received the original title, but lost it before transferring it into your name*
*If you had the original title in your name at one point in time but lost it, you can simply get a duplicate certificate of title. The easiest and fastest way to get a duplicate title is to apply online, but you can also apply by mail or at your local DMV office.
How to get a Bonded Title in NY
Step #1: Contact DMV to make sure you are eligible
Your local DMV is the only entity that can tell you if you are eligible for a bonded title or not.
While we, Surety Solutions, can provide you with guidance, we cannot say for certain if the DMV will accept a bond from you. So you should contact your local DMV, explain your situation, and ask if you could get a bonded title.
If they say yes, be sure to ask them how much your vehicle is worth. Write down this value and move on to Step #2.
Step #2: Complete Application for Title
Complete an Application for Title. The application will ask you for basic information, such as your vehicle's VIN number, vehicle type, make, and color.
Step #3: Complete any Other Necessary Forms
The following forms might need to be included in your application:
- Notice of lien and lien fee
- Sales tax clearance
- Proof of Power of Attorney
Step #4: Calculate your bond amount
Take the vehicle value that you found out in Step #1 when you called the NY DMV. If you didn't get your vehicle value from the DMV, call them back and ask for your vehicle value.
Then, multiply this value by 1 1/2 times. This is your bond amount.
For example, if your vehicle is valued at $2,000 then your bond amount will need to be in the amount of $3,000, but don't worry this is not the price you will pay for your bond.
Step #5: Purchase an NY Lost Title Bond
Purchase a bond from a surety bond company (like us).
Make sure you apply for the correct bond amount that you determined in Step #4.
You won't need to pay the full bond amount to get bonded. Many people only pay $100 for their bond.
To see what you would pay, get a free quote below:
Before you purchase your title bond - learn important payment info
Once you purchase your bond, the surety company will mail it to you.
Step #6: Mail Application
Mail your Application for Title and New York Lost Title Bond to the New York Title Bureau. Do not deliver by hand.
PO Box 2750
Albany, NY 12220-0750
Phone number: 518-486-4714
You will need to provide proof of ownership (such as a canceled check or bill of sale) and pay a title fee.
If your paperwork is approved, you will be issued a New York Bonded Title. Your title will be marked "bonded".
What Does the Surety Bond Do?
When you purchase a surety bond for a bonded title, you are promising that you are the true owner of the vehicle. The bond protects the DMV and any previous owners of the vehicle. You are responsible for any claims against the bond.
If someone comes forward later on and says they are the owner of the vehicle and you should not have been granted a bonded title, they can make a claim on your bond.
If the claim is determined to be valid, the surety company would either compensate the claimant for their loss, or return the vehicle to them. If the surety company pays out any money, it is your responsibility to repay the surety.
Still not sure how the bond claim process works? Check out this resource.
Does My NY Bonded Title Expire?
Yes, NY Bonded Titles expire 3 years after their date of issuance. The "bonded" brand remains on the title for those 3 years, and you are responsible for any bond claims that might happen.
If during those 3 years, no one comes forward and makes a claim against your NY Lost Title Bond then you can go to the DMV and apply for the "bonded" brand to be removed from your title.
If you wish to sell the vehicle before the 3 years is up, that is okay. You can do that. You remain responsible for the bond claims, though. The owner of the vehicle at the time when the 3 years is up can go apply for the "bonded" brand to be removed.