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Defective Title or Lost Title or “Pink-slip”
A Defective Title or Lost Title bond is required by the California Department of Motor Vehicles (DMV) to replace a lost pink slip – or remove a defunct lien-holder – so that the vehicle or mobile home may be registered or sold.
The DMV requires a three year bond to protect itself against any undisclosed claim against the title or interest in the automobile.
Vehicle Dealer Bonds
As required by the DMV’s Occupational Licensing (OL) Branch
- Personal credit check and personal
- Personal financial statements for all owners
Vehicle Dealer – Retail
- Required Amount – $50,000
Under California Vehicle Code 11710 (CVC 11710) all applicants for a dealer or remanufacturer license are required to procure and file a bond with the Department of Motor Vehicles. The bond must be executed by an admitted surety, as approved to by the Attorney General. The dealer bond must be in the amount of $50,000, unless the dealer deals exclusively in motorcycles or all-terrain vehicles and wholesale dealers who sell fewer than 25 cars per year (CVC 11710.1)
Bond Requirement Specifics
Under California Vehicle Code 11710 (CVC 11710) all applicants for a dealer or remanufacturer license are required to procure and file a bond with the Department of Motor Vehicles. The bond must be executed by an admitted surety, as approved to by the Attorney General. The dealer bond must be in the amount of $50,000, unless the dealer deals exclusively in motorcycles or all-terrain vehicles and wholesale dealers who sell fewer than 25 cars per year (CVC 11710.1) The liability of the bond must remain at full value at all times. If the bond amount is decreased or if there is an outstanding court judgment again the dealer, remanufacturer or surety, the license will be automatically suspended. In order to reinstate the license, the licensee must file an additional bond or restore the bond to the original amount, or terminate the outstanding judgment or which the dealer, remanufacturer or sureties are liable (CVC 11710).
Who is protected Under this Bond
Purchaser, sellers, financing agencies or governmental agencies in the State of California are entitled to make a claim against the dealer’s surety bond should the dealer act in violation of the California Vehicle Code. Upon validation of the claim, the beneficiary is entitled to monetary damages which the surety bond would cover. The bond guarantees that individuals granted a license or permit to operate a business or to exercise a privilege will meet the obligations under that license or permit.
Underwriting Process
Each applicant must first complete and submit the application for a Motor Vehicle Dealer, which contains all of the pertinent information regarding the business and business owners. Upon receipt of the application, our agency will be able to provide a response as to rate and approval for the Motor Vehicle Dealer bond within one business day. Once the application is approved, the bond will be executed and released to the applicant upon receipt of payment.
What you Need to do Once you have your Bond
Once the Motor Vehicle Dealer bond has been approved and released to the applicant’s care, it must be filed with the Department of Motor Vehicles along with the licensing paperwork. The Department of Motor Vehicles will maintain the bond, which must remain effective at all times to prevent any suspension of the Motor Vehicle Dealer license.
Obligee Link
Vehicle Dealer – Wholesale
Vehicle Dealer – Franchise
Vehicle Dealer – Motorcycle
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Get a Defective Title or Lost Title Bond Same day. Motor Vehicles or without titles require a Lost or Defective Title Bond from a surety bond company in most states in order to register the vehicle. The Lost or Defective Title Bond will be acceptable to the DMV or Tag and Title Service as evidence of ownership. If ownership is contested during the bond term (usually 3 years) the Lost or Defective Title Bond will reimburse the loss.
Currently, to have a Lost Title Bond issued, you must supply written verification from your local Departmant of Motor Vehicles stating the correct VIN for your vehicle.
Complete our short application for your Lost or Defective Title Bond and fax or e-mail it to us with proof of ownership such as a receipt or bill of sale and we’ll issue your bond today.
The rates for the Lost or Defective Title Bond are $15.00 per $1,000 of bond amount with a minimum of $100 for a 3 year term.
Who is Required to Secure this Bond
In the event an individual seeks registration and/or ownership certification for a vessel legally purchased, however proper title and or transfer of title has become lost, misplaced or was never provided, a defective title bond will satisfy the requirement set forth by the State of California Department of Motors Vehicles in completing the registration and/or release of title to an individual who properly completes the paperwork process and files a Defective Title bond with the DMV.
Bond Requirement Specifics
A Defective Title Bond is required by the State of California Department of Motor Vehicles under circumstances where the original title or transfer of ownership has become lost, misplaced or was never properly provided to an individual who legally purchased a vessel and has paid that vessel in full.
Who is protected Under this Bond
The State of California Department of Motor Vehicles, any employees or officers of the DMV, and any and all subsequent purchasers of the vessel under which the bond was provided. The bond is considered an insurance policy which protects any lien holder or rightful owner to the vessel in the event title is released to a party who is not a legal owner to the vessel.
Underwriting Process
DMV Defective Title Bonds are INSTANTLY ISSUED through our web-site without the need of a personal credit check for the owner of the vehicle. The bond cannot be released to the applicant until proof of ownership in the form of current registration and/or a bill of sale is provided to ensure they are the rightful owner to the vehicle. Such supporting documentation can be supplied by faxing (949)461-7725.
What you Need to do Once you have your Bond
As the original DMV Defective Title Bond must be filed with the State of California, Department of Motor Vehicles, the original bond will be mailed to the applicant within 24 hours receiving payment of the bond premium. The applicant will need to have their signature notarized on the bond and forward the original bond to the State of California, Department of Motor Vehicles for filing. Certification of Ownership and proper registration of the vessel should be forthcoming upon filing of the bond with the DMV so long as all requirements set forth by the DMV have been met. The bond will be place in regular mail unless the applicant opts to pay the fee associated with overnight delivery during the application process.