A New Mexico certificate of title bond is allowed for clearing a chain of title when in the opinion of the Department of Motor Vehicles (DMV) there exists an, "absence of the regularly required supporting evidence of ownership". Title bonding may be accomplished for motor vehicles and for marine vessels (boats) that must be titled under the provisions of the Boat Act. Pursuant to DMV instructions, the title bond must be executed in an amount double (200%) of the value of the boat or motor vehicle. The surety bond must protect the Department and all officers and employees of the same, as well any subsequent purchaser of the boat or motor vehicle, any person holding or acquiring a security interest on the motor vehicle or vesselagainst any loss or damage on account of any defect in or undisclosed claim upon the boat or vehicle. The New Mexico title bond must name the true owner or the lien holder as obligee and must remain in full force and effect for a period of three years from the date of execution.
So, how does an applicant determine the motor vehicle value needed to calculate the New Mexico title bond? The DMV provides helpful guidance! For title bonding purposes the NADA values below must be used for the calculation.:
An applicant for a New Mexico bonded title must submit to the Motor Vehicle Division (MVD) Dealer Licensing Bureau (DLB) an application packet that includes Completed Application for General Surety Indemnity or Certificate of Title Bond Form (MVD-10070), supporting Documentation, if applicable (bill of sale, title with cross outs, etc.), tax release (for mobile homes), the Certificate of Title Bond and proof of New Mexico residency. Questions about the New Mexico title bond process can be emailed to Surety.Bond@state.nm.us. The application packet should be delivered as follows:
Motor Vehicle Division-Dealer Licensing Bureau
Attn: Surety Bonds
505 Marquette NW Suite 1501
Albuquerque NM 87102
As part of the certificate of title bond underwriting process we must request some evidence that the applicant legally possesses the motor vehicle. Examples of "ownership evidence" can be a bill of sale, power of attorney, receipt, canceled check or money order, temporary registration/maker, affidavit of legal possession or endorsed copy of at title. Need a bill of sale format? See "What We Need From You" on this page for a template.
New Mexico surety bond leader, Surety One, Inc. is a specialist in the bonding needs of motor vehicle dealers and private parties that wish to access the bonded title process. We offer same-day issue of motor vehicle title bonds in ALL states that require them. Questions about this or another surety bond? Call us at (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for live chat about your New Mexico certificate of title bond requirement.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.