Buying a car with a "bonded" title..

[dcs13]

Pros /cons. I understand what it is, just unsure how it effects re-sale.Discuss

[1carcrazyguy]

Do you plan to flip it before the bonded title time is up? I think it was 3 years the last time I checked into getting one. I ended up going to the DMV and tracking the registered owner down. They left the car to family 200 miles away and nobody ever came to mess with the car. The family finally got me the original title and a bill of sale when it all cleared the estate process.

[dcs13]

Yes. It's an auction car (police impound). So I have no idea how long its been on there. The tax office said to call DMV Carrollton. Haven't done that yet.
This is the first one I ever got back with a "bonded" remark.

[1carcrazyguy]

So you bought a car at a police auction and after you purchased the car you noticed the title is listed as a bonded title? I would contact the DMV and see when the bonded title was issued and to whom it was issued. If you bought it at auction I would think they would have stated in the comments, the title status.

[dcs13]

It was Lonestar auctions. I looked at the listing and there is no remarks in reference to title issues.
Over at ReneBates, they will make remarks on their auction if its a salvage or other issues.
Waiting on a call back from DMV Carrollton. We'll see how that goes.

I guess the average craigslist buyer isn't going to care...

[4king]

Did carfax not show bonded title, or did you not run one before it hit the block

[dcs13]

Holy cow. DMV called me back and was helpful. Said the bond was from 2009 and shouldn't be on there. Said it was mistake and go to the Tax Office and have them call so they can submit a corrected title. Still puts me a few weeks out again. Wanting to get some cash out to move on to the next bigger better deal

[dcs13]

Well, they told me I had to wait another 2 weeks until the paperwork I used to get the title hits Austin and gets on "film". Kinda sucks, I was ready to flip, now i'm at least 4 weeks out.
May just try to sell with the title I got.
Doing some googling, looks like this isn't as big a deal. The bond covers any "claim" to a vehicle and pays someone that files a rightful claim of ownership. It doesn't impact the ownership of the person holding the bonded title.
So, anyone looking for a 6 cylinder auto 4 eye ?