Technical Help with lost title company credibility!!!

Same in California.

Do not fear a branded title. I handle them all of the time. As long as the circumstances of purchase are legit, you will do fine.

 

In North Carolina you cannot get a bonded title on a vehicle where the legal owner is deceased. I found this out the hard way after spending a lot of money building the car. I bought the car in Florida. It was titled in the name of a suicide victim.

I had the title signed by the executor of the estate and a copy of the document making her the executor of the estate. It had to be an original document stamped by the clerk of court of her county of residence. The paperwork was ten years old. I got fortunate and found her on linkdn and she went to the courthouse and got an original for me.

I got very lucky.

 

^^^^^^^^^^Reading your post carefully, I do not understand how your situation involved a Bonded Title in the first place.

What you seem to say is, that you had a title from the estate and a copy of the Executor's appointment as such, but did not attempt to title the vehicle until ten years after you purchased it. In the meanwhile you spent tons of money and labor on the car while it wasn't even legally recognized as your lawful property. The North Carolina requirements could have easily been discovered if you had titled the car soon after purchase.

It requires speculation how a Bonded Title enters into this UNLESS it was when, ten years later, you discovered your documents were inadequate and you attempted to obtain a Bonded Title to get around the document issue. Is that what happened?

Ray

 

I'm in Texas and went the bonded title route to get a title for a 1948 Chevy truck that I only received a BOS from the wife of the deceased owner (she provided a Letter of Testamentary which gave her the authority over his estate).
I used Lawrence Auto Title Service, Inc (1-800-352-2788) out of Taylor, Texas. I'm not sure what the current cost of having a title company do the legwork is now - it cost me $100 back in 2012, plus the cost of the bond from Greater Texas Insurance of $125. I only applied for the title at the time since the truck was inoperable. I didn't have to haul anything around to have it appraised.
Total cost of obtaining a bonded title was $225.
Good info here:
https://www.lawrenceautotitle.com/f-a-q/

The application form I filled out stated:
"Value of all vehicles 25 years and older is set at $4000.00 unless a Bill of Sale shows a greater value."
If no claim is made within the three year period, the bond is removed and you receive a clean title. I don't know the "what if's " in regard to someone making a claim against the bond during the three year period. (Edit: see FAQ's in link provided.)


Good luck!

 

I just have my friend ,who is a licensed Auctioneer, include it in his next Estate sale . He gives me the paperwork to take to the courthouse. New title ,but of course I have to pay sales tax ,license fees, and his auction commission. Easy peasy.

 

There it is.... you will have to pay sales tax on the $4K, no outs....

 

Still not sure where that 4k figure is coming from.... I have never heard of that and couldn't find it anywhere on the TxDMV website.

 

Yes Ray that is what happened. The OP said the car was titled in the named of a deceased owner. In NC that is a whole different issue. If that were here you could not get a bonded title.

 

I'm thinking that $4,000 is the minimum value that the insurance company will write the bond for if the vehicle is 25 years or older - not the value that the DMV uses to determine the amount of tax you pay on a vehicle when it's purchased. The quote came from the title service company application form- not the DMV. Sorry for the confusion. I'll remove the sentence from my previous post regarding the SPV.
Don

 

I was wrong - see post #69.

 

Reading your posts and the documents linked, I think you were correct the first time....that the State applies a minimum taxable value of $4000 to any vehicle 25 years or older. It follows then, that the bond minimum is one and a half times that amount and is priced accordingly.

It doesn't make sense, to me anyway, that the Bond insurer would set a minimum value for the vehicle....they could simply set an acceptable (to them) minimum price for any Bond issued for any amount up to 'whatever' ($4000 ?) and then add additional premium for amounts greater than that.

It seems to me the State Department of Revenue is far more likely to set a minimum presumptive value for tax purposes in these matters. Certainly I may be mistaken, but that is my opinion based on available information and my convoluted logic.

Ray

 

Damn, I'm glad Alabama doesn't have titles on anything over 35 years old. Nowhere near the bullshit to go through that you guys do.

 

I've heard of people doing a title hearing when a car is missing one. It's supposed to be fairly easy and you get a clean title in the end, I don't know anything about the process though.

 

I've been finding this thread interesting. A court hearing seems to be the way a missing title is handled here in Indiana.
Is there anyone from Indiana who has had any experience with the "bonded title" process...?
Or is there any other way to achieve getting a lost title that is no longer on the data list from the BMV here...?
Many thanks.

Dave

 

Maybe I'm just weird...but no matter where I was I would call my local DMV. I would simply say I have three old cars that have no title...one I lost title and wish to get one so I can drive it. One I've had so long, it was given to me years ago without title, a friend of a friend. One was abandoned on my property years ago and I need title to either send to scrap, sell for junk or restore it.
How do I get title for each?
Then go to DMV for "that" one...

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Interesting read. I couldn't offer any insight. I haven't done my '56 yet. Wont do it till after I move as the Houston DMV is useless and will not lift a finger to help. Will use the local court house in the small town I will be moving to should be a lot more help getting me a title replacement for mine. Only difference is I didn't buy it, I obtained it through inhertance and we never were able to locate the title.

 

Its fucked around here. They would try to charge me tax on my title transfer if I went through getting the title and following through with the transfer for my '56 they would tax it at blue book/collector value when I was calling around they would charge me tax on $6,500 for the car as that was average blue book/collector value. I told them sorry this car sat for 30 years and the engine is seized up its not average condition. They wouldn't have any of it.

I missed when Texas used to do the tax on what you paid for it vs what its worth.

 

Thanks for reply. I spent some time at the BMV; after they had done their search, they said my next step would be to go to the county court system. That's where it stopped as other problems stepped in, namely hospital stay, etc. Everyone involved throws the ball into another field of play. I'm sure there's a system to it all, I just haven't found it.

 

I can't imagine having to go through all that, especially if you ask about those three scenarios. One has to be easy.

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Many states will not accept out-of-state titles that are in your name, unless you can prove that you were also a resident of that state.

 

There are ways around anything. You could have a family member or friend living in another state, they get title, then you "buy" the car from them. Take that receipt and title to your state DMV and get title. I can't see a problem in that as long as you trust that person.

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Texas doesn't do that, we used to issue VI30 forms during inspection which has to be done before registering in TX. The VI30 form is an out of state vehicle form that no longer exists with the change to a one sticker system from a few years ago.

So in theory you could do the out of state way here in Texas with no real issue. Not something I will do as I got the original bill of sale with my grandfathers name on it so I have more options to get myself listed as the 2nd owner through inhertance even though it will cost me more money through the tax on it than going any other way.

 

I think the OP has left the building. Fact is, he had a relatively simple solution that he refused because he doesn't like the laws as they exist. That happens to most of us at one time or another, but we suck it up and get on with whatever we were going about. Standing on Principle is fine where it really matters, and I believe in principle and have stood up for it many times. But there are circumstances in which, all things considered, it really works against your own interests. Pragmatism, when judiciously applied, is not a 'sell out' of principle.

Ray

 

Yep and dealing with the dmv in major urban area`s are a real headache as they just don't know and don't care to even try to help you. Its like the YOM plates, Ive seen cars from the late 70`s and early 80`s with plates on there with just the yearly registration sticker saying the year. Here in Texas that is not legal it should have never happened. Its only if the plate is marked physically with a year and it states nothing after '73.

For me I am holding off on my lost title problem till after I move and I am going to use the smaller town court house to help with this as they are way more helpful at getting things taken care of.

 

Well, Sevenhills1952, I'm heading to the license branch tomorrow to buy all our plates for this next year. I'm going to be asking along the same lines you suggested. I'll let you know. Many thanks for your input.
Dave

 

????????
I did have an out of state title to transfer for my '52 that I had shipped to me here in Texas. But I paid $0 sales tax because "It's too old to have to pay any Texas sales tax". I forget the age in years for this exemption but it might be as little as 25 years. The value of the vehicle and the price I paid were never a question that had to be asked or answered, because "too old".

 

Wasn't 25 years cause my '78 Mercury got hit with a tax when I did the transfer thankfully it was just a couple years before they started doing the blue book value tax so I only had to pay tax on $500 vs $5,000.

 

I live in fort worth. I go to the main DMV and do a title hearing.
Basically you need pencil etching of vin bill of sale
.2 piteres
A letter from DMV saying they can't title it as is(no title)
You fill out some paper work turn it in wait 30 days.go to a title hearing. And then they issue a new title in your name.

The reason I don't do bonded titles is 1 the cost of the bond. 2 you pay taxes on the value of the bond .
Say bonds is$10000 taxs would be ruffle 600 dollars.

Tax herring you set value say 1000 taxs 60 dollars.

Ever one say bonded is 200 but do not forget the taxs when you apply for the title.
The reason you keep hitting the$4000 is that is the mimum amout a bond can be issued and as stated you pay taxs on the bond amount.
A title herring there is no bond so taxs are figured on selling price. Selling price can be$1 but I would be reasonable most of mine are 800-1000

 

If what you say about the 'title hearing' process is accurate...that is a great option.

That said, I have serious doubts about the accuracy of what you say about the taxes applying to the bond amount. Taxes applying to the COST of the bond, maybe, but the value of the bond is 'potential'...only realized IF the former owner shows up and claims the bond. and, even if that happens, the money goes to the claimant, not the bond purchaser, though he does benefit from it. Otherwise, the bond expires after three years and no value is realized by anyone. And, even if that is true, I would further say, I believe it is a rare bond indeed that would be issued for as much as $10,000. Vehicles worth enough to need a bond that large are IMO extremely unlikely to be purchased without a title on the hopes of getting one by 'some' method.

Ray

 

When I talk with our county clerk I was told sale tax is collected on the value of the bond.
It's best to go to the main DMV office in Austin and ask what your opinions are.
Asking any where else will just get you confuse.

Registration of a car truck motor cycle are not the same from state to state