Cookie, it's a little more complicated than that. The process is called a "bonded title". First you apply with the VIN and wait for them to send you the forms to fill out and send in along with an appraisal, then they send you a letter stating what amount of a bond you have to buy. Send that in and wait for them to send you the papers to go to the revenue office.

I have done this twice and wonder if it is worth it each time.

Jeff
P.S. If PO shows up with good title within 3 years, you have no choice but to give the vehicle up