I am curious as to how many people here have had to purchase an indemnity bond.
After my paperwork was sent in to support my title application for the GTM, I received a letter from the NC-DMV stating that I need to have two current appraisals done on my car to determine it's value. I am then to use the highest value of those appraisals and purchase an indemnity bond to cover 150% of the appraised value.
I have my appraisals, and the highest came in at $125,000.00. Therefore my indemnity bond would need to be set at $185,000.00.
I already have one for 45,000 that I purchased in 2011. So I think I'll only need to meet the balance of 140,000.00.
When I sent the initial application, I got an e-mail back asking whether or not the 185K was correct. If so, then I would have to fill out a personal financial statement, send my social security number, and have the amount underwritten...
All I am trying to do is get my car titled for crying out loud.
Has anyone else here had a similar experience?
Thank you,
Mike