Understanding MN Vehicle Title Bonds
A Minnesota Vehicle Title Bond, also known as a Certificate of Title Surety Bond, is required when an individual cannot provide sufficient evidence of vehicle ownership. This bond protects the state and any previous owners from financial loss if the bonded title is found to be fraudulent.
The bond amount is typically based on the vehicle's value and must be maintained for 3 years. After this period, if no claims are made against the bond, the title becomes clear and the bond can be canceled.
How to Obtain a MN Vehicle Title Bond
To obtain a Minnesota Vehicle Title Bond, applicants must first attempt to contact previous owners and exhaust all means of obtaining proper documentation. If unsuccessful, they can apply for a bonded title through the Minnesota Department of Public Safety.
Once approved, applicants must purchase a surety bond from a licensed provider like Single Source Surety. The bond cost is usually a small percentage of the total bond amount, depending on the applicant's credit history and the vehicle's value.
