Illinois Lost Title Bonds are required by the state of Illinois's DMV to obtain your title and register your vehicle, boat, RV, mobile home or trailer. The bond ensures that you are the rightful owner of the vehicle, Mobile home, trailer etc. The Illinois Lost Title Bond guarantees damages up to the bond limit for a legitimate title holder that may surface in the future with a valid claim to the vehicle, Mobile home, boat or trailer.
The bond is required when The Obligee (obligator) is the entity requiring you to get the bond. There are 3 parts to a surety bond. The Principal, The Surety Company, and the Obligee. The Principal is the business or individual applying for the Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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You can buy your Illinois Lost Title Bonds (Apply) online immediately, with no credit check for most Lost Title Bonds.
For Illinois Lost Title Bonds under $5,000 the cost of the bond is $100. For bonds over $5,000 the rate is 1.5%
Bond amount may vary based on credit score or state requirements for that specific bond.
There are several steps you must complete in order to obtain a bonded title:
§ Submit any evidence you have of your ownership of the vehicle, such as a bill of sale. If you have no evidence, create a written explanation of how you came into possession of the vehicle and get it notarized.
§ Obtain the vehicle’s current wholesale value from an authorized source.
§ Purchase an Illinois title bond in an amount equal to 1 ½ times the vehicle’s value.
§ Complete a Motor Vehicle Use Tax Return.
§ Complete the application for an Illinois bonded title and submit it, along with the rest of your paperwork, the surety bond, your Motor Vehicle Use Tax payment, and the application fee to the Illinois Secretary of State’s Office.
§ If you are informed that there is an existing lienholder, you won’t be able to get an Illinois bonded title unless you first obtain a lien release.
§ After approval of your application package, you’ll be issued a bonded title which will arrive in the mail.