You've gotten a new vehicle, or at least it's new to you. However, you don't have a title. You may have had a vehicle for a long time, only to discover that your paperwork is missing.
Whether you're looking at selling your vehicle or simply want to prove that you are the legal owner, you'll need a Vehicle Ownership Bond.
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What is a Montana Vehicle Ownership Bond?
A Montana Vehicle Ownership Bond is a type of surety bond. These bonds are also called Montana Bonded Titles.
A Montana Vehicle Ownership Bond proves you own your vehicle. How the process works is this:
You purchase a Montana Title Bond
You take that Montana Title Bond to the DMV
DMV issues you a Montana Bonded Title
A Montana Bonded title is just like a regular title, except it is marked 'bonded'.
How Does a Montana Bonded Title Work?
When you getabonded 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.
If you live in Montana, you need to have a certificate of title for your vehicle to show that you are the legal owner and driver of that vehicle.
Sometimes, you may not have a certificate of title because you were given a vehicle or acquired it through a private sale. The previous owner may have misplaced the title information for the vehicle, and as the new owner, it's your responsibility to ensure that you have title to the vehicle.
If you do not have the correct paperwork to show title, you might be able to get a Montana Bonded Title.