If you are a New Mexico resident, a bonded title can be an effective way to recover your vehicle title if you don’t have sufficient evidence of ownership.
What is a bonded title?
A bonded title is a type of title recovery method that requires the purchase of a surety bond, also known as a vehicle title bond, to secure the ownership of the vehicle. This is because, in order to receive a bonded title, you must have a major lack of proper documentation. The DMV in your state is essentially taking your word that you are the owner of the vehicle. The vehicle title bond provides security for the DMV to assign ownership in the event that there is an ownership discrepancy after the bonded title is issued.
How to get a bonded title in New Mexico
Before beginning your bonded title process, make sure that your vehicle meets the eligibility for a bonded title.
Vehicle requirements for a bonded title in New Mexico
- The vehicle is operable
- The vehicle does not have any liens or security interests
- The vehicle was not stolen
- The vehicle was not acquired through an abandoned vehicle process
- The applicant is a resident of New Mexico
How to apply for a bonded title in New Mexico
If your vehicle meets the eligibility requirements of a New Mexico bonded title, begin the application process by having your vehicle inspected.
The bonded title process requires that all vehicles are inspected prior to the title being issued. To schedule your inspection, contact a Motor Vehicle Division (MVD) Certified VIN Inspector to conduct the inspection. Once your inspection is complete, the MVD Inspector who inspected the vehicle will complete the Affidavit of VIN (MVD-10861).
Obtain the NCIC Clearance form (MVD-10468) and have a law enforcement officer complete it and return it to you. Keep a copy of this completed form for your records. This form indicates that the vehicle described is not listed as stolen prior to the completion of the title process.
Odometer Mileage Statement
The transferor (seller) of the vehicle must state the odometer mileage upon transfer of ownership. Complete the Odometer Disclosure Statement (MVD-10187) and if the seller did not provide the mileage, select the third box on the form (NM).
Request for VIN Verification
Submit a request for VIN or HULL verification using form MVD-10705. If your vehicle was last titled outside of New Mexico, be sure to indicate this on the form. Mail this document via USPS-certified mail and keep the receipt for future DMV use.
Once your vehicle has been inspected and approved move on to the next step to purchase your bond. This value is typically based on the book value of the vehicle. New Mexico bonds are required to be 2x the value of the vehicle, however, that doesn’t mean it costs that much to purchase. Most title bonds cost around $100-$150 for average-value vehicles.
Once you’ve completed the official documents, passed inspections, and obtained your title bond, submit all of your documents and any state title fees to the DMV in your county. They will process your application and return to you a bonded title in your name.
After 3 years of having BONDED stamped on your vehicle title, the bonded title brand will dissipate and you will have a clean New Mexico title in your name.
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CarTitles.com takes the hassle out of applying for a title for your vehicle. Their team of title experts can help prepare your paperwork for your New Mexico bonded title or any other title recovery method provided.