What is an Illinois Lost Title Bond?
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.
Different parts of a bond:
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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How much does a Illinois Lost Title Bond cost?
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%
Illinois Lost Title Bond Information and Requirements
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:
§ , 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.
§ from an authorized source.
§ in an amount equal to 1 ½ times the vehicle’s value.
§ 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.
§ , 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.