Can I Use My Car or Guitar as Bail Bonds Collateral?
This article will give you a very good idea of how bail bond companies work, what bail collateral is, and the types of collateral that can be used.
In order to make sure a person that has been arrested or charged with a crime appears in court, a bail payment is required. Bail bond companies can help people get out of jail really quick. Most companies will require a down payment of 10% from the bail amount, but a 100% collateral is required.
Here is an example: Person “A” made some bad decisions and is in jail. The judge asks for a $10,000 bail fee. The family or friends of person “A” can go to a Bail Bonds company and ask for help to bail person “A” out. The bail bonds company will ask for $1,000 (10%) cash, and a collateral of $10,000 until the case is closed.
So here comes the question, can I use my vehicle, or even my guitar as bail bonds collateral? The answer is yes!
While the more common forms of collateral include cars, motorcycles, four wheelers, jet skis, and other types of vehicles (and/or their titles), items like gold, jewelry, diamonds, guns, and any other pawnable item such as instruments, sporting goods, television, sound systems, etc., can also be used as collateral! Properties can also be used as collateral, as well as your land and house. In these cases, a lien is given to the court, and properties can be foreclosed if person “A” doesn’t show up in court. Another option is cash. It may sound a little weird at first, but this is a common collateral option.
When cash is given to the court, it may take about 2 years to see that money again. When you use a bail bonds company, you can get your “collateral cash” back very shortly after the case is closed.
Some companies even accept checks or credit cards. As already mentioned, person “A” gets their collateral back once they show up to all court appearances and the case is closed. If you are looking for bail bonds in Utah . . . Sportsmans Bail Bonds is your company!
Sportsmans Bail Bonds
Helping people get bailed out of jail all throughout the Utah Valley. From Salt Lake City Metro Jail to Utah County Jail and more.