How long does a bonded title last in Mississippi?
3 year
Mississippi Bonded Title / Certificate of Title Bonds Title Bonds in Mississippi are provided for a 3 year term. The bond amount must be 1.5 times the appraised value of the vehicle as defined by the state. You will need this amount from the state in order to request bond pricing.
Can a bonded title be transferred?
If a claim is made, the good news is the surety bond does not transfer over like the title does, your name will not be attached to the bond itself. The person whose name is on the surety bond is the one responsible for repaying any claims, not you.
Does a bonded title affect value?
Yes a vehicle with a bonded title is not worth as much as one with a regular clear title. Until that 3 year time period has passed the last owner of record can claim the vehicle and the person holding the bonded title has no legal recourse.
How does a bonded title work in Mississippi?
Mississippi certificate of title bonds indemnify any prior owner or lienholder and subsequent purchaser of the vehicle in question against any expense, loss or damage that occurs as a result of the issuance of a certificate of title for the vehicle.
What is needed to get a bonded title?
To get a bonded title, you will need to prove that the vehicle you have in your possession is in fact yours. Valid proof includes a bill of sale or cancelled check. If you do not have a bill of sale or canceled check, you may be able to use a notarized statement explaining how you got the vehicle.
Is Mississippi a no title state?
05.12 Mississippi Administrative Code. All applications for certificate of title for 1970 or later year model motor vehicles must be accompanied by Manufacturer’s Statement of Origin or Certificate of Title unless the vehicle comes from a non-title State.
Does a bonded title ever go away?
The ‘bonded’ brand can be removed from your title usually within 3-5 years (depending on the state you live in). It does not start over if the title is transferred into someone else’s name. Once the 3-5 year period ends, it is the responsibility of the current title owner to go to the DMV and apply for a clean title.
What does bonded title mean?
surety
Bonded title is a form of surety, which can be used if the standard car title in your name is missing. Many used car sellers don’t want to sign over the motor vehicle title to buyer’s name. Most people obtain this document when they want to insure, register or sell their vehicle.
What does a bonded title mean in Mississippi?
What is a Mississippi Bonded Title? A Mississippi Bonded Title (sometimes called a Mississippi Lost Title Bond) looks just like a regular title, except in the title brand section, it is marked BONDED. This title brand implies you purchased a surety bond before the title was issued to you.
How long does it take to get bonded title in MS?
For further information about the process and paperwork, call the MS Title Bureau at 601-923-7640. Once approved, you will receive your Mississippi Bonded Title in the mail. This could take up to 3 weeks. Does my Mississippi Bonded Title Expire? Yes, MS Bonded Titles expire 3 years after the date they are issued.
What happens when you get a bonded title?
When you get the bond, you are promising that you are the true owner the vehicle. The bond is in place to protect the DMV and any previous owners of 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.
How to get a replacement title in Mississippi?
In this case, you can apply for a Mississippi Replacement Certificate of Title by completing an application, taking the application to your local Mississippi DMV, and paying a $9 title fee. Not sure if you need a bonded title? Check out this awesome infographic . You can do this by calling the Mississippi Title Bureau at 601-923-7640.