Frequently Asked Questions
Courtesy of the NC DOT website www.ncdot.org
What Are the Requirements for obtaining your title through a bond?
The requirements for obtaining your title through a bond are:
- An Title Application (MVR-1) completed in full and signed in the presence of a notary. The name on
Form MVR-1 must be identical to the name listed on the Indemnity Bond.
- An Affidavit of Facts (Form-92H) must be completed in full detail. Any omissions or incomplete answer
could result in a delay or denial in the issuance of a title by bond. This form must be signed in the
presence of a notary.
- The vehicle must be inspected by a DMV License and Theft Bureau Agent. The agent will provide a
report of inspection (LT-270). The vehicle must be in operating condition before bonding.
- An Indemnity Bond written by an insurance company licensed to write Surety Bonds in North Carolina.
The bond must be for one and one-half times the value of the vehicle as shown in the Value Schedule
provide by the Division and must be for a minimum of $100.00. The bond must remain on file with the
Division for a period of three years.
- The value of motor vehicles is determined from the current Value Schedule. For mobile homes and
vehicles not listed in the Value Schedule, two appraisals from North Carolina dealers will be required.
The appraisals must be on the dealer's letterhead. The bond must be for one and one-half time the
highest appraisal.
- Highway us tax in the amount of 3% of the value of the vehicle as determined by the Value Schedule.
- Owner has to have the vehicle inspected by a licensed safety or emission’s station in North Carolina
prior to a license plate being issued.
When Are Bonds Not Acceptable in North Carolina?
Bonds are not acceptable for the following:
- On abandoned vehicles.
- Mechanics and Storage liens.
- When there is an outstanding lien for which a lien cancellation cannot be furnished.
- When litigation is pending.
- When the vehicle is not domiciled in North Carolina.
- When the applicant is a non-resident and the vehicle is not registered in North Carolina.
What is the number for the NC DMV?
Call 919-715-7000.
|
