What is the New Mexico Certificate of Title Bond?
The New Mexico Certificate of Title Bond is evidence of possession and rights over a particular motor vehicle.
Such a right permits that person to register the said motor vehicle, buy insurance for it, and sell it, if and when, necessary.
It is also a solid guarantee that an individual who has rights over a particular motor vehicle complies with all the provisions contained in Section 44, Chapter 64-3-24, Session Laws of New Mexico, 1953.
Why do you need the New Mexico Certificate of Title Bond?
You need the New Mexico Certificate of Title Bond especially in these instances– 1) upon purchase, no title or bill of sale has been furnished to you, 2) you received an incorrect title (e.g. the wrong name was placed in the buyer/seller space) upon procurement, 3) loss of title before transferring the vehicle’s ownership to your name.
More details about the New Mexico Certificate of Title Bond
To obtain this bond – 1) the vehicle needs to be examined by a certified 3rd party as a preventative measure and to make certain that the motor vehicle is not illegally taken; 2) take the time to find as much information on the vehicle as possible. One way would be to contact a reliable company whose expertise lies in conducting vehicle searches. This entity will then make sure that it is not stolen or has not been used by an illegal activity (such as hold-up incidents). As soon as the vehicle search has been carried out, you will now have access to any and all information or records that may have been found in the vehicle; 3) fill up the application and complete all other forms; 4) find a reliable surety bond company and file a New Mexico Certificate of Title Bond.
What is the cost of a New Mexico Certificate of Title Bond?
In New Mexico, the bond amount is established after the total value of the vehicle has been multiplied by1.5. Whatever is the resulting amount is what you will pay as your bond premium. The premium amount of the bond will depend largely on your credit score and financial history. If you have problematic transactions in the past, you may be required to pay a higher premium. The bond premium can also be influenced by your past business performance, personal profile, standing within the business community. Being convicted of a crime even if it happened decades ago, also matters in the determination of how much you should pay.
How do I get a New Mexico Certificate of Title Bond?
Obtaining the New Mexico Certificate of Title Bond is an easy process if you are with a genuine surety bond professional. Once you have chosen a legitimate bonding company, immediately give them a call or see them personally. With an authentic surety firm taking care of your business affairs, you will have the answers you need and the solution to whatever concerns you have in protecting your business.