Getting a bonded title in Arkansas is a process for obtaining vehicle ownership documentation when the previous title is unavailable or lost. This is often necessary in situations like salvaged vehicle purchases or when there are discrepancies in ownership history. This guide will walk you through the steps involved, answering common questions along the way.
What is a Bonded Title?
A bonded title in Arkansas, also known as a surety bond title, is a legally binding document that acts as a substitute for a regular vehicle title. It proves ownership when the regular title is missing, destroyed, or otherwise unobtainable. To obtain it, you'll need to purchase a surety bond from a licensed surety company. This bond guarantees that you will not cause any financial harm to others who might have a claim to the vehicle. Essentially, it protects against future claims of ownership from the previous title holder.
How to Obtain a Bonded Title in Arkansas
The process for obtaining a bonded title in Arkansas involves several key steps:
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Gather Necessary Documents: You'll need various documents to prove your ownership and the vehicle's identity. These typically include:
- Proof of Ownership: This could be a bill of sale, a previous title (if partially available), or other documentation showing you purchased the vehicle.
- Vehicle Identification Number (VIN): This unique number, found on the vehicle's dashboard and other locations, is crucial for identification.
- Odometer Disclosure: This statement reveals the vehicle's mileage.
- Surety Bond: Obtain a surety bond from a licensed surety company in Arkansas. The bond amount varies based on the vehicle's value.
- Application for Certificate of Title: This form is available from the Arkansas Department of Finance and Administration (DFA).
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Complete the Application: Fill out the application form accurately and completely. Double-check all information for accuracy to avoid delays.
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Submit Your Application and Documents: Submit the completed application, all supporting documentation, and the surety bond to the Arkansas DFA. You can typically do this via mail or in person at a local DFA office. Check the DFA website for the most up-to-date instructions and addresses.
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Pay Required Fees: Be prepared to pay the applicable fees, which vary depending on the vehicle's value and the type of bond.
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Receive Your Bonded Title: After the DFA processes your application and verifies your documentation, they will issue a bonded title. This may take several weeks.
What if the Previous Owner Cannot Be Located?
If you can't locate the previous owner, you will likely still need to provide evidence of purchase, such as a bill of sale, to support your claim of ownership. Additionally, thorough searches to locate the previous owner may be necessary. The DFA may require additional documentation to verify your ownership in such situations.
How Much Does a Bonded Title Cost in Arkansas?
The cost of obtaining a bonded title varies. It includes the surety bond cost, which depends on the vehicle's value, and the DFA's application and processing fees. Check the DFA's website or contact them directly for the most current fee schedule.
What is a Surety Bond and How Do I Obtain One?
A surety bond is a contract between you, the principal (the person seeking the bond), the surety (the bonding company), and the state (the obligee). It guarantees that you will comply with the law regarding the vehicle's title and protects the state from potential losses. You'll find licensed surety companies through online searches or by consulting with your insurance agent.
Can I Drive the Vehicle Before Receiving the Bonded Title?
Driving a vehicle before obtaining a title is generally prohibited and could result in fines or legal complications. Ensure you have all the necessary paperwork and permits before driving the vehicle.
This guide provides a general overview. For the most accurate and up-to-date information, always refer to the official Arkansas Department of Finance and Administration website. Remember to carefully review all requirements and fees before beginning the application process.
