Technical Help with lost title company credibility!!!

Hey y'all- I recently purchased a '64 Chevy II (Here in Austin, Texas) with what I was initially told was a good title - turns out, not so much. But, the deal was too good to pass up- even if I want to part it out (I dont).

Long story short- the VIN is clear, and no one has registered it since 1990. Should I use the Vermont title "trick", or hire a title agent to jump through the hoops for me? A bonded title will end up costing too much, and it's bonded- so...

I'm looking at http://losttitlesolutions.com/

and

http://www.titlerecovery.com/

I really want to try and save this car and get it back on the road ASAP- I have tons of spares waiting to go into/onto it... Just want it legal first. Thanks.

 

Do it right and do it once; shortcuts will in the long run cost you... Using an out-of-state 'lost title' company is generally a red flag to the state.

This is why I don't buy anything with a murky title unless it's strictly for parts.

 

My bonded title cost me $200.

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Not sure why you consider a bonded title 'too expensive'....unless Texas is vastly different than other States on that score. The great thing is, it's a good title and you can do whatever you want with the car and not fear an issue. If a claim is made against the car, that's what the Bond is for, it pays a legitimate claimant, he gets the Bond money, not the car.

Ray

 

Title agent will save a lot of head banging

 

Because in Texas they don't accept NADA value
under $4,000... so I paid $800 for the car. Sales tax on 4k is $330... so, plus fees, that's gonna be atleast $400.

 

How?

 

I bought my '55 Willys Bermuda with no title, and after sending certified letters, etc., having it inspected by the DMV, getting title insurance, and jumping through all the hoops required, my state (Nebraska) issued me a bonded title for about $160. If nobody comes to challenge this, after 3 yrs., I just get a title in my name, free and clear. Bonded titles are nothing to be scared of if you plan on keeping a car. They only hurt resale, by scaring away buyers.

 

Just looked up title brokers went to one and he did it up.

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Check online.

Bonded titles in California are cheap.

 

I don't understand you 'shorthand' explanation. Sales tax basis and a title are two different things, are they not? In my State, Illinois, either a Bill of Sale or an appraisal from a licensed dealer establishes the value of the vehicle and therefore the Bond amount required.

Ray

 

The vehicle isnt currently running, and I dont have the option or time to trailer it around for appraisals and whatnot, due to work (all day, monday through friday). That's why I'm trying to make this easier on myself haha.

 

El Paso-- had BOS from guy who sold it to me.

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I work the same hours, but took a day off with a car trailer, got all my ducks in a row for that day, and done! Mine wasn't running either.

 

My impression is at DMV you can go two ways. Bonded title quicker and protects you. The impression I got was you can apply and they'll do a search for the last registered owner and if they can't find them or they find them and they release it you get a regular title, but you have to wait.

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I am not a resident of Nebraska, so you may be correct in your statement. But (always a 'but'), I question the process you describe. Anywhere I know of, a Bonded Title simply means the title was issued to the newly established owner but with a requirement of a Bond that would be payable to a prior owner, should he appear, and who could prove legitimate ownership.

The prior owner does not get the car back, the new owner owns the car from day one of the title issuance. There is no basis for reduced resale value on the sole matter of the title. This isn't the first time this subject has arisen here and the misconceptions and erroneous beliefs about Bonded Titles are rampant.

Ray

 

Legit Texas title agent that is. Reading though this a bonded title shouldn't cost too much unless you put some outlandish value on the car. https://www.allstatesuretybonds.com/commercial-bonds/bonded-title/
Doing a search shows that that outfit says 15.00 per thousand for a bond between 6001 and 25K Meaning if you say it is worth 10 K and the state says you need a 15K bond the fee is 225.00 for the bond. Edited to reflect the notation on the link above that the bond is given on the assessed value or standard presumptive value of the vehicle at the time the bond is purchased.
That doesn't sound like a whole hell of a lot for peace of mind I have to agree with what Ray wrote in post 16 while I writing. The bond is insurance to cover you in case someone finds the old title in grandpa's sock drawer or it's in the safe deposit box with the will stating a family member got all worldly possessions and that person decides to track down the car listed on the title. Grandpa sold the car without a title years ago because he forgot where he hid the title.

 

My advice is that you chill out a bit. You seem to be all hyped up about this. Relax, there is a way to do this and get where you need to be.

Ray

 

I bought the insurance you mention, and it protects me for 3 years for the value of the car, and after that, my state allows you to then apply for, and be issued a free and clear title in your name. I base the scared buyers statement on having a potential buyer already fall through, because Canada for example doesn't allow importing bonded title cars (according to him).

 

I think this is error. The bond amount is related to the value of the car AT THE TIME THE BONDED TITLE IS ISSUED, not what it may be worth at some future point. The bond is only for the compensation of a legitimate prior owner, should one appear, for the value of the car he 'lost', when he 'lost' it, not it's subsequent value.

Ray

 

They based mine on what I said I wanted to insure it for. No appraisal, etc. The price of the policy just goes up with what you want to insure it for. Just went down to my car insurance agent, paid the fee, and filled out a form.

 

In that scenario, what would you need a bond for in the first place? The State could just as easily say..."hold onto the car for three years, and if nobody comes around claiming it, we'll issue you a title". If that were the case no bond or insurance would be needed.

What a cluster$#%@ of ideas about Bonded Title!

Ray

 

They made the rule, I followed it verbatim.

 

So, are you saying the insurance is for YOUR benefit? That if a prior owner claims the car, he gets the car and YOU get paid for your loss of the car? I seriously doubt that is the process. But, it may be, there are a few unconventional and strange laws out there.

Ray

 

I'm going to change that as according to the All States Bonds link it is the standard presumptive value at time of purchase or the appraised value.

 

https://dmv.nebraska.gov/sites/dmv.nebraska.gov/files/doc/dvr/forms/mvbond.pdf Maybe it's easier for you to believe if you just read it yourself? Lol.

 

I think some of y'all are missing one key point- in the state of Texas, if a vehicle is 25 years or older and does not have a title- NO VALUE UNDER 4K will be accepted. I got this car for 800$. I'm not paying tax on a 4,000 dollar minimum.

This is why I do not want to go to the dmv. Also, I literally cannot take off of work easily and don't own a truck or trailer.

 

Check this out! I'm not sure about Texas, I'm in Virginia. A few years ago I spent hours looking for title to two cars I had. They're here someplace, Lord only knows where. One car I bought out of state in 70s.
I called Virginia DMV and they explained all the hoops and expense. Then in passing I mentioned it to my insurance agent. His office is in an old house with a small detached garage. In garage was a 67 Plymouth Fury wagon. So he went to the DMV, said he needed a title for an abandoned vehicle.
So.....I did that! I had to put a small ad in our local paper, wait 30 days, then apply for title, waited another 30. Then in the mail I got two titles. It cost about $3.00 each!


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All that being the case, I am hard pressed to understand why you bought the car in the first place. Seems like you dug your own hole in this deal.

Ray

 

Every state is different on that. Most states only a licensed wrecking yard can get title to an abandoned vehicle or produce the papers so that the purchaser can get a title.
Some states have what is called a Sheriff's title slang wise in that if there is an abandoned vehicle on your property that has been there X days you can have the local law enforcement inspect it and run it for being stolen and take that paperwork in to apply for a title. I'm thinking that is getting much harder to do though.