For instance: a clear title is unencumbered by loans or shared ownership and is eligible for financing and immediate sale without the need for a release of lien; a bonded title is one in which the seller must put up funds equivalent to the vehicle’s value (a bond) that is good for ...
This is an option when you lack the necessary documentation to prove your ownership. Your title will be branded as “bonded” for a period of time, during which someone can make a claim on your bond by saying they are the owner of your vehicle, before you can apply for a clean title....
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A rebuilt title is what a salvage title can someday become, once a lot of work has been put into the totaled vehicle. Some mechanics may see a salvage title and try to restore the vehicle in order to sell it. Consequently, a rebuilt title indicates the totaled car was repaired and unde...
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for example, the mechanic may guarantee the security and safety of the vehicle, but will not offer such guarantees for objects left inside the vehicle. It is important to understand where the liability lies so that a bailor knows what can be done and what to do in the event of a problem...
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A loan is direct borrowing of funds, often with a set interest rate and repayment schedule, while a bond is a debt security issued by entities to raise capital, repaid at maturity.
Until the debt is paid, the landowner does not own a clear title. Originally, a mechanic's lien was almost exclusively sought out by an actual mechanic. If an owner of an automobile contracted for repair services and failed to pay the bill, the mechanic could place a lien on the car's...
Every state has different requirements for bonds and who it requires to be bonded. Often, surety bonds are required to obtain licenses or permits. Sometimes they can be used in other legal cases. One example isregistering a vehicle with a lost title. They can also ensure that businesses will...