I purchased my 57 Golden Hawk back in January. I went to the local DMV office to transfer the car in my name and there was an issue with the title from the previous owner. To make a long story short, DMV finally got back to me this week and they are requesting a motor vehicle bond to match the value of the vehicle. Has anyone had experience with this? In all my years of having dozens of cars, I have never come across this. I researched it online and it seems like for $100, you can get a bond online in one day. And the title when issued will be "bonded". Eventually a regular title will be issued after a few years. Am I missing anything? thank you, Nick
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They do the exact same thing in Texas. The tough part is if you try to sell in that bonded period. Not a positive thought for a potential buyer.Mike - Assistant Editor, Turning Wheels
Fort Worth, TX -
Nick,
I ran into this problem years ago with a 55 Speedster ln Arizona. After a three year period I was able to first get a regular time in my name without the bond part and then I could sell it no problem. Most people when dealing with a Halo car want a pure and clean title. I had already past the 3 year threshold so it was a snap to get a good title. Most MVD people would not a golden goose from a Golden Hawk but us collector guys can be a fussy lot
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Just curious, why do they want a bond? Not enough paperwork? Registration expired? Suspicious it may be stolen?
Rafe HollisterComment
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They want a bond because two owners ago it was an out of state title and there was an error with the title transfer then, I bought it from a California resident and he registered it but never got a title for that reason. I bought it without the title, even though there was a copy of the title, I’ve bought cars before without titles and each time I was able to register it without the bond this time I guess because of the out-of-state situation it was different. It’s definitely not stolen. I’ve known the owner from out of state for several years and also know the CA owner.Comment
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California does not require a bond for vehicles claimed with a value less than $ 5,000.mrbobincComment
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In Calif. this would all depend on What this "Issue" with the Title is.
VIN does not match, or what?
In Washington if you have No Title it is called Title/Ownership in Question, and a VIN check by the Washington Patrol for $100.00 is required, plates and sticker are issued and you wait 3 years for someone to claim your Car, after which a Title is issued.StudeRich
Second Generation Stude Driver,
Proud '54 Starliner Owner
SDC Member Since 1967Comment
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Quite often the Title issue is, that someone or several "someone's" Sold their car and the next owner never registered it, but Calif. catches them if the seller turns in the Transfer of responsibility Form to the DMV and they have a record of that transfer, then extra Fees can be required of the current honest owner, but I never heard of a Bond being required. I have dealt with many Calif. Transfers of ownership.
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Another case of buyer beware. I suppose the traffic in stolen classic cars require the licensing folks to be careful in registering a vehicle with a questionable title. There has been a lot of cases on this forum with title problems. Hindsight is 20/20 but you probably should have made the seller provide a clear and transferable title or held back purchase money until he did. Glad you brought it up because your experience makes the rest of us a lot more careful.Comment
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Nick,
1. What is the value the California is placing on your car? Is anyone aware what your asking price is on your car since you attempted to sell it and it did not make selling price?
2. How much is the price of the bond you need to post based on the value the state placed on you car?Comment
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Bob,
I have two 57 Golden Hawks . The one I am selling has a clean title with no issues. I bought my second Hawk in January of this year, which is the one I am having to get a bond for. The guy I bought the recent Hawk from couldn't produce a title but it was registered in his name. He never received a title from DMV, due to some previous errors with the guy he bought it from(who had the title from Maryland). I probably should have hesitated on buying it, but it was a good deal and I have dealt with no title issues in the past, plus I know both previous owners. The price of the bond is only $100, whether the car is worth $1000 or $10,000. I've already purchased the bond online and it's on its way to me. Value wise, when I buy a car from a private party, usually I just say I paid $1000 on it to save on the almost 9% use tax. Every time I have bought a car or sold a car both owner and seller agree to to a lowered value than the actual purchase price. The bond company doesn't care what the value is. As long as it matches what I told DMV I paid for it. I have no intention of selling the new Hawk(at least for now). After 3 years, I will get a clear title. I can still sell it but a prospective buyer may balk at a bonded title.Comment
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Gee, in our wonderful province of British Columbia, our government insurance company (ICBC) gets to place their own value on your car regardless of what you paid for it.
I wonder what they would value a 1957 Golden hawk at?
BillComment
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