Motor Vehicle Dealer Bond
Motor Vehicle Dealer Bonds are required of auto dealerships in order to obtain a license from the state to sell automobiles. It is not uncommon in the industry for a bond to have several different names, and this bond is a perfect example. The motor vehicle dealer bond is also known as a used car dealer bond, MVD bond, auto dealer bond, and DMV bond. The bond guarantees that the auto dealer with abide by the rule and regulations established by the Department of Motor Vehicles or Department of Transportation, depending on your state. These include the proper transfers of a clear title and payment of fees and taxes collected to the state. In some states, such as California, the bond guarantees the dealer will not bounce a check to an auto auction.
The premium on these bonds varies greatly depending on the dealer's credit. We represent many sureties in order to provide you with the best available rate. Some sureties offer preferred rates of less than 0.5% for those with excellent credit and financial strength, while others specialize in bonds for dealers who have had some credit problems. Regardless of your situation, we can get the bond for you! Just take two minutes to complete our online application, and we'll obtain a quick quote for you. Of course, there is never a commitment or fee to obtain a quote. We look forward to serving you!