I just went thru this on a car. The bonded title is just like what everyone has said with one exception. You must deposit a dollar amount equal to the purchase price of the car (which they fail to tell you when you apply and they send you the documents to fill out) and they keep your money for three years in case the previous title holder comes forward. I am going thru this now because the previous two owners on my car signed the title but never changed it over into their names.
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