So you bought a new car, but never received a title. Or maybe you received the title, but lost it before transferring it into your name. If this sounds like you, and you are living in Maine, a Maine Bonded Title might be your answer.
What is a Maine Bonded Title?
A Maine Bonded Title (also known as a Certificate of Title Surety, Lost Title Bond, or Defective Title Bond) is a document that proves you own your vehicle.
A bonded title is just like a regular title but it is marked "bonded", meaning that it has a surety bond attached to it.
When you get a bonded title, you are promising that you are the true owner the vehicle. If someone comes forward later on and says that they are the owner of the vehicle and that 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 pay the person a fair amount. It would then be your responsibility to repay the surety.
Curious about what would happen if someone made a claim on your bond? Check out this resource.
When You Need a Maine Bonded Title
- You bought a vehicle and didn’t receive a title
- You bought a vehicle and only received a bill of sale
- You bought a vehicle and received an improperly assigned title
- You bought a vehicle, received, and lost the title before transfering it into your name*
*If you had the title in your name at one point in time, you can simply apply for a duplicate or replacement title. There is a $33 replacement title fee, and you will need to provide proper proof of ownership to the Maine Secretary of State before you can be issued a duplicate title.
How to get a Maine Bonded Title
Step #1: Contact DMV to make sure you are eligible
Contact DMV at your local branch office location to make sure you qualify for a Maine Bonded Title. Vehicles model year 1994 and older do not require a title.
Step #2: Purchase a Maine Lost Title Bond
Purchase a bond from a surety bond company. Make sure you apply for the correct bond amount.
Your Maine Lost Title Bond must be in the amount of one and a half times the value of your vehicle. For example, if your car is appraised at $2,000 then your bond must be for $3,000.
This is just your bond amount, it is not the price you'll pay for your bond. Most people only need to pay $100 to get bonded.
Do you need a Maine Lost Title Bond? At Surety Solutions, if your bond is less than $6,500 you will pay just $100 for your lost title bond. You can compare prices online before buying though. Just use our Bond Cost Calculator to get free online quotes for your Maine Bonded Title.
Before you purchase your Maine Title Bond - learn important payment info
Step #3: Submit paperwork
Take Maine Lost Title Bond to your local branch office location. You'll most likely be asked to complete a title application and pay a processing fee. If your bond and applicaiton are approved, you'll be issued a Maine Bonded Title.
Does My Maine Bonded Title Expire?
Yes, Maine Bonded Titles expire 3 years after the date they are issued. If during those 3 years, no one comes forward and makes a claim on your Maine Lost Title Bond (saying that they are the true owner the vehicle) then you will be issued a clean certificate of title.