California Foreign Vehicle Ownership Bond
Know the who, what, and how of this surety bond today!
What is a California Foreign Vehicle Ownership Bond?
A Foreign Vehicle Ownership Bond is required by the California Department of Motor Vehicles for owners of vehicles who cannot provide solid proof or legal evidence of ownership.
The surety bond’s purpose is to financially compensate any security interests that might lay claim on the vehicle.
The California Department of Motor Vehicles requires persons who own foreign vehicles to obtain this bond if:
- The person cannot provide a certificate of title
- The certificate of title does not show any liens or encumbrances including those created subsequent to the date of issuance of such certificate
- The person submits a foreign registration issued registration card instead of a certificate of title
How much does a California Foreign Vehicle Ownership Bond cost?
The bond cost will depend on the vehicle owner’s credit score and the bond amount.
Those who have excellent credit scores will be eligible to obtain a very low bond premium.
The bond amount will be determined by the California Department of Motor Vehicles.
You can still apply for this bond even if you have a very low credit score.
Find out how and how much your bond premium will be by getting your FREE SURETY BOND QUOTE HERE!
How can I get a California Foreign Vehicle Ownership Bond?
Just follow our simply Foreign Vehicle Ownership Bond process below:
SEND US A BOND APPLICATION – We begin the bonding process with an application. You may send your application for this bond HERE!
UNDERWRITING – Once we have received your application, an underwriter will ask you to submit the following important requirements:
- Proof of your financial capability
- Your business’ history
- Your credit score
In order to avoid any delay, make sure that your requirements are complete prior to submitting them.
ISSUANCE – Once the underwriter has completed the necessary in-depth check, we will immediately issue the surety bond and send it to you as soon as the indemnity agreement has been signed.
How does a California Foreign Vehicle Ownership Bond work?
This bond will serve as an enforceable agreement among three parties, namely:
Principal – foreign vehicle owner
Obligee – State of California
Surety – surety bond provider
This bond is a legal assurance provided by two parties to another party. The two parties being the principal (foreign vehicle owner) and the surety (surety bond company). The obligee is the party who is requiring the assurance. The obligee will also be the beneficiary of this bond.
In this case, the obligee will be the State of California. As long as there are no security interests that will lay claim on the vehicle, then no action will be taken against the bond. If the opposite happens, the obligee will file a bond claim to recover the amount necessary to compensate the person who has been harmed.
You may start the application process for this bond HERE!