Getting a bonded title in Arkansas can be a straightforward process if you follow the necessary steps. A bonded title is a legal document that proves ownership of a vehicle when the original title is lost, stolen, or unavailable. This article will guide you on how to obtain a bonded title in the state of Arkansas.
What is a bonded title?
A bonded title, also known as a certificate of title surety bond, is a document that verifies ownership of a vehicle when the original title is not available. It is a legal document that allows the owner to register and operate the vehicle while working to resolve any title issues.
Why would I need a bonded title in Arkansas?
If you have acquired a vehicle without a title, or if the title has been lost or damaged, you will need a bonded title to prove ownership of the vehicle. A bonded title allows you to legally register and operate the vehicle in the state of Arkansas.
What are the steps to obtain a bonded title in Arkansas?
- Complete an affidavit of ownership for a vehicle.
- Obtain a surety bond in the amount of 1.5 times the appraised value of the vehicle.
- Submit the required documentation and fees to the Arkansas Department of Finance and Administration (DFA).
- Wait for the DFA to process your application and issue the bonded title.
How do I complete an affidavit of ownership for a vehicle?
The affidavit of ownership is a legal document that states your claim to ownership of the vehicle. You will need to provide detailed information about the vehicle, including the make, model, vehicle identification number (VIN), and your contact information.
Where can I obtain a surety bond for a bonded title in Arkansas?
You can obtain a surety bond from a licensed surety bond company in Arkansas. The bond amount will be 1.5 times the appraised value of the vehicle, as determined by the DFA.
What documentation and fees are required to apply for a bonded title in Arkansas?
| Documentation | Fees |
|---|---|
| Affidavit of ownership | Varies |
| Surety bond | 1.5 times appraised value |
| Application form | Varies |
How long does it take to obtain a bonded title in Arkansas?
The process of obtaining a bonded title in Arkansas can take several weeks, depending on the workload of the DFA and the completeness of your application. It is important to submit all required documentation and fees to expedite the process.
Can I sell a vehicle with a bonded title in Arkansas?
Yes, you can sell a vehicle with a bonded title in Arkansas. However, it is important to disclose to the buyer that the vehicle has a bonded title and explain the process for transferring ownership once the bonded title is resolved.
What should I do if my bonded title application is denied?
If your bonded title application is denied, you will receive a letter from the DFA explaining the reason for the denial. You may have the option to appeal the decision or provide additional documentation to support your claim to ownership of the vehicle.
In conclusion, obtaining a bonded title in Arkansas is a necessary step to prove ownership of a vehicle with title issues. By following the steps outlined in this article and providing all required documentation and fees, you can successfully obtain a bonded title and legally register and operate your vehicle in the state of Arkansas.