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013-11 Amended Bonded Title Procedure

Registration and Title Bulletin - #013-11

Date: March 22, 2011

To:

All County Tax Assessor-Collectors

Subject: Amended Bonded Title Procedure

PURPOSE

Amended Bonded Title Procedure

DETAILS

This Directive amends the bonded title procedures outlined in VTR RTB 010-07 and the related March 2010 listserv.

Currently, Regional Offices determine the value of a vehicle through the Standard Presumptive Value (SPV), the National Auto Dealers Association (NADA) web site or an appraisal from the owner to determine vehicle valuation for bond purposes.

The revised procedures for vehicles 25 years old or older are highlighted below:

  • A set value of $4,000.00 will be assigned to the vehicle.
  • If the applicant has a bill of sale over $4,000.00, the bill of sale value will be assigned to the vehicle
  • The set value of $4,000.00, or a bill of sale or appraisal with a value over $4,000.00 will be multiplied by 1.5 to determine the bond amount.
  • The applicant must sign a certification attesting that the vehicle value does not exceed the amount of the bond.

Note: Applicants can no longer use an appraisal less than $4,000 to set the value for a vehicle 25 years old or older.

CONTACT

If you have questions regarding this Directive, please contact your local Vehicle Titles and Registration Division Regional Office.

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