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Old 12-04-2006, 08:00 PM   #1
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Bonded Title....

or something like that. anyway, my bro in law saw a bike for sale on CL, then we went and checked it out today, the price and everything was cool, now the thing is the guy bought this bike in dallas and brought to his little dealership to sell it, bu he doesnt have the opriginal title from who he bought it from. he just got the bike in today and he said it would take anywhere up to 25 days to get the title, he said he would give my bro in law a bonded title or something like that for now, what do you think he should do?
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Old 12-04-2006, 08:38 PM   #2
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anyone?
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Old 12-04-2006, 08:40 PM   #3
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If he went to see that guy tim out in new caney for a gixxer tell him to stay the away.
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Old 12-04-2006, 08:42 PM   #4
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Don't buy it without the title.
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Old 12-04-2006, 08:44 PM   #5
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Tell him to get the title and then call you.
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Old 12-04-2006, 08:45 PM   #6
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p.s. do a vin check on the bike make sure it's not salvaged.

A bonded title bike means the owner lost the title but has no proof of ownership. You can apply for a bonded title and the owner or anyone has up to 3yrs to file for the bike as theirs. If not, the bike is then given a title be it clear or salvaged.
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Old 12-04-2006, 08:45 PM   #7
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If he is a dealer, he is responsible for having the bike register to your name and give you a temporary plate and paper works. Just like buying a used car at the dealer. Make sure that he is not there today and gone tomorrow. When in doubt, walk away. By the way, what kind of bike is it?
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Old 12-04-2006, 09:16 PM   #8
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yea he owns like a small dealership, and he gave my bro in law the option of either him doing the title transfer and charging him TTL, or him giving it to my bro in law to do himself at the registration place or whatever and saying he paid whatever for it. i dont know if he lost the title or what, he bought from some guy who still owed the dealership and they have the title and its now paid off as of this past weekend or whatever, and he said it would take anywhere around 25 days for the title to come in. and that he would give him a bonded title for now till it came in. and the bike is an 03 gsxr 600 pretty minty and stock to the bone for 4k.
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Old 12-04-2006, 09:21 PM   #9
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I hope everything works out for him. I have never run across a bonded title before. Sorry.
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Old 12-04-2006, 09:41 PM   #10
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Edit: the guy told my bro in law Bill Of Sale....the guy told him he will be getting the bill of sale and some other paperwork and temp. license plate till the title comes in on said date. anyhow, i will keep you guys posted on exactly what goes down tomorrow.
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Old 12-04-2006, 10:13 PM   #11
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If the guy is a legit bike dealer, he will have a GDN (General Distinguishing Number). In which case he HAS to carry a $25,000.00 Surety Bond to provide title to any vehicle he sells.

As far as "Take it down to the DMV and tell them you bought it for whatever..."
That won't fly any more. As of 10/01/06 a new law went into effect that will not let you do that, you will now have to pay taxes based on SPV / NADA Blue Book value.

If you're still concerned, ask to see his GDN and Surety Bond, and call the D.O.T. to see if both are current. If they are, no problem. If they're not, I would hesitate to buy from him.
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Old 12-04-2006, 10:14 PM   #12
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thanks pat.
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Old 12-04-2006, 10:19 PM   #13
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Anytime!
Give me a call tomorrow if you have any other questions about that dealer and I'll try to help you out.
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Old 12-05-2006, 12:13 AM   #14
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+1 Patrick!
The people down at your local motor vehicle/ tax office should be able to help too.
I have found them very willing to answer questions on the title issues when I was buying the GSXR 750. There was a little hassle but, with the help of those folks we got it worked out and I got the title in the mail today!! :icon_bigg
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Old 12-05-2006, 01:00 AM   #15
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Quote:
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That won't fly any more. As of 10/01/06 a new law went into effect that will not let you do that, you will now have to pay taxes based on SPV / NADA Blue Book value.
That only applies to person-person transactions. It doesn't apply to dealer sales.
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Old 12-05-2006, 04:05 AM   #16
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Quote:
Originally Posted by buddha429
That only applies to person-person transactions. It doesn't apply to dealer sales.

right but the guys is saying that he wants to take the dealership out of the picture and make it look like it was a person to person, in which case what Patrick said applies.

Plus buying a bike without a title can be a hassle.. trust me, You can ask Patrick or anyone else that knows me the nightmares I've had very recently with buying a non-titled bike. In all reality, it's a big pain in the , not that you can't do it, but you will shed tears in the process :P

BTW I would definatly make sure the bike goes through this guys license, so that he has some sort of responsibility for the bike, but in all honesty, I'd tell him to give you a call when the titles in, and don't tie yourself to it before then. When he offered to let you have it and deal with it yourself at the tax office (while seemingly helping you out with the ttl) he's really just trying to make it your problem and not his because he knows it won't be easy.
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Old 12-05-2006, 09:20 AM   #17
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If he sells only used vehicles in Texas he has to have a Motor Vehicle Dealer's bond through TXDOT. The bond guarantees titles for any vehicles sold or traded by that dealer.

What this guy is trying to do (IMHO) is to sell the bike with paperwork/receipt showing the sales but doesn't have the clear title for whatever reason + that it is a person to person sales which will keep his mVD bond and retail shop out of the deal.

The bond that you purchase from an insurance agent is tagged along with the papers from the sale and is presented at a TXDOT hearing (by you or if you hire an attorney that's $$$). They will have a complete title history and the examiner will determine whether or not you are entitled to a clear title in your name.

One of the companies that we have writes that kind of business but it's not cheap and you have to have super good credit to even have your bond considered. Most of the cases we deal with are cars that were purchased used from someone who died or who cannot be found and didn't sign over the title but they have a cancelled check indicating that the car was paid for.

You'd have to be getting a smoking deal to make all this worthwhile, otherswise I'd tell you to look for another bike without title problems.

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Old 12-05-2006, 09:24 AM   #18
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If a blue title isn't present at the time of purchase, I'd walk away. That's on every single auto deal i've concerned myself with.
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Old 12-05-2006, 09:56 AM   #19
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Also, buying from a dealership (all dealers have to have an MVD bond to be licensed in Texas) isn't a slam dunk for the 25k bond either. You have to obtain a judgment in court against the dealership. That means you have to hire an atorney, go to trial, obtain a judgment and then go after the insurance carrier for your $$$.

Most lawyers will not take a case like this on a contingency which means you have to pay up front on top of the loss from your purchase.

Deal with reputible people, it's kinda difficult when you're talking about used vehicles but like everything else -you get what you paid for.

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Old 12-05-2006, 02:18 PM   #20
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Quote:
Originally Posted by Patrick
If the guy is a legit bike dealer, he will have a GDN (General Distinguishing Number). In which case he HAS to carry a $25,000.00 Surety Bond to provide title to any vehicle he sells.

As far as "Take it down to the DMV and tell them you bought it for whatever..."
That won't fly any more. As of 10/01/06 a new law went into effect that will not let you do that, you will now have to pay taxes based on SPV / NADA Blue Book value.

If you're still concerned, ask to see his GDN and Surety Bond, and call the D.O.T. to see if both are current. If they are, no problem. If they're not, I would hesitate to buy from him.
Patrick is a very knowledgable person. It is true that every vehicle that you bought must have a NADA value stating when you go to the tax office. This does not apply to dealers. If you buy a bike from an individual, you must obtain a form from a dealer stating the value of the vehicle. If you got it cheap below the value, the dealer must state an explanation in the form. It is a new tax law so people cannot cheat the state.
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