California Motor Vehicle Ownership Bond
Fast approval! Low bond premium!
What is a California Motor Vehicle Ownership Bond?
The California Department of Motor Vehicles will require this bond if the applicant doesn’t have the original title of the vehicle or any supporting evidence of ownership upon application for registration or transfer of a vehicle; or if the Department is not satisfied with the evidence presented regarding the ownership of a vehicle.
This bond will protect the California Department of Motor Vehicles; all its officers and employees; and any subsequent purchaser of the vehicle from any undisclosed claims and security interests.
This bond is required by Sections 4157 and/or 4307 of the California Vehicle Code.
How much does a California Motor Vehicle Ownership Bond cost?
The bond premium will vary per applicant. This will be based on the applicant’s credit score. Those who have excellent credit scores can pay as little as 1.5% of the bond amount.
The bond amount will be determined by the California Department of Motor Vehicles.
Got a low credit score? We have a program to help those who have low credit scores to still qualify for this bond. Know more by giving us a call.
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a California Motor Vehicle Ownership Bond?
Step 1: Apply for this bond
If you are ready to do this now, you may APPLY HERE!
One of our expert surety bond agents will guide you through the entire process – from the time you have applied until the bond is issued to you.
Step 2: Prequalification Process
Next, you will be asked to submit a few important information that our underwriter requires to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed prior to submitting your application.
Step 3: Signing of the indemnity agreement
After the indemnity agreement is signed, the bond will be issued and sent to you!
How does a California Motor Vehicle Ownership Bond work?
This surety bond is a financial guarantee provided by the Principal and the Surety to the Obligee. The two parties being the Principal (applicant) and the Surety or the surety bond company who will issue the bond.
The Obligee is the party who needs this guarantee. The Obligee is the beneficiary of this bond. The Obligee will be the State of California or any person within the State. If there are no lien or security interests following the issuance of the title, no action will be taken against this bond.
If there is, the said person can file a claim. This claim will be validated by the Surety. The Surety will check if it’s covered by the bond. If the claim is valid, it’s the obligation of the Surety to ensure that the Obligee will be paid.
Ready to apply? START HERE!