05 Jun Can I Use my Car as Collateral for a Bail Bond?
The larger the bail bond you need, the more likely we’ll require collateral. We require collateral even though we only charge a 10% fee because we want to provide you with the incentive needed to attend all of your court dates.
One of the first questions we often get when the issue of collateral arises is whether you use your car. The answer is a firm maybe.
The truth is that, yes, you can use a car as collateral, but only if a few requirements are met.
The first is that you must be the owner of the car. You can’t put up an aunt’s or friend’s car. You can only use your own for collateral. The one possible exception to this is if that person is serving as a co-signer on the bail bond.
There can’t be a loan on the vehicle. Under no circumstances can you be making any payments on the car. If a bank still has a loan on the vehicle, we can’t accept it as collateral.
The value of the vehicle must match the bail bond. For example, if you are asking for a $50,000 bail bond, you can’t expect to use the thirty-year-old Buick that doesn’t run that you have sitting in your backyard as collateral. The car’s value must match the bail bond, or you’ll have to combine the vehicle with another form of collateral.
The vehicle has to run. We can’t accept a car that doesn’t work correctly as collateral. In addition to actually running, the car also must be well-maintained.
We can only accept a car as collateral if it’s local. You can’t use a car that’s currently out of state.
When you decide to use a car as collateral for a bail bond, you will provide the vehicle’s title to us. We’ll hold onto the title until your case has been resolved. If you cannot give the title, we won’t be able to use the vehicle to help you secure your bail bond.