The bond value is typically based on the state’s Standard Presumptive Value, though other estimates might place it higher. Though the purpose of the bond is to ensure that, in the event the original owner does come calling, somebody can cover the claim. They can’t necessarily take the car, but they can make a claim for the bond value, which the surety company would pay out if you were unable, and then they would go after you. While it is possible for them to deny the bond and file a civil case demanding the car itself as relief, it’s usually unlikely.
There are a few other caveats. For example if the car is over 25, the state will have to appraise it, and if the value is under $4,000, a bonded title will not be approved. You would have no recourse in this circumstance.
All of the above having been said, if you have the original title that has the old owner’s signature on it, that’s evidence of forfeiture on their part, so they wouldn’t be able to claim the bond, for example. This is a good reason to not provide the original title as proof of ownership.
An alternative to all of this would be to find the original owner and have them certify that since the title was never transferred to the people you’re buying from (ie, he still owns it) he grants the title to you. I had to do this once, we opted to have the certified statement notarized, and it made things nice and slippery at the DMV. But in that case, finding the original owner was easy enough since he had a facebook account. Your mileage may vary.
What’s the bucket in question @LukeStrickland?