We are a surety only agency that thrives on creating an unbeatable client experience! Our industry leading bond volume allows us to create programs that can be tailored to each individual client, getting them their bond faster at the cheapest cost! Below are a few reasons our clients love to work with us:
In Maine, as in most U.S. states, a Motor Vehicle Dealer Bond is a compulsory requirement for all operational vehicle dealers. This bond plays a crucial role in safeguarding consumers from potential harm that may arise due to illegal or unethical practices by auto dealers. By mandating this bond, Maine ensures that its auto dealers are held to a high standard of conduct, consistent with the state’s statutes and laws. The bond acts as a form of insurance for consumers, providing them with a recourse in case a dealer violates legal or ethical business practices. This includes situations such as fraudulent activities, misrepresentation of vehicle conditions, or failure to honor warranties.
This surety bond establishes a three-party contract among the auto dealer, the state of Maine, and the surety company. When a dealer commits an infraction, affected consumers can file claims against this bond. The surety company, after validating the claim, is responsible for compensating the harmed parties up to the bond’s limit. Subsequently, the dealer is required to reimburse the surety for these payouts. The requirement of a Maine Motor Vehicle Dealer Bond thus underscores the dealer’s commitment to maintaining professional integrity and customer trust.
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The required bond amount of dealer surety bonds in Maine differ based on the number of vehicles sold, as noted below. The cost of the bond depends on the applicant’s credit and other industry qualifications. Maine motor vehicle dealer bonds require different amounts as stated below:
The auto dealer doesn’t pay the bond amount listed above, but rather only pays a percentage based on credit. With excellent credit, we offer rates as low as 0.5%!
That being said, regardless of your credit, Bonding Solutions helps motor vehicle dealers receive the industries lowest rates on their surety bonds. Get your quote today. 877.841.6745
Surety bonds are enforced by the state to ensure the public’s safety, this allows any consumer that is a victim of the vehicle dealers illegal business activity to make a claim against the bond. The state of Maine requires this surety bond to be posted to make sure the vehicle dealers conduct business in compliance with Title 29A M.R.S.A and state statutes.
Bonding Solutions has been helping direct clients and agents for over 20 years. We make getting a bond simple. Start by taking our two-minute online application or call. After we review your credit score and application information, we will send you a quote for your bond. Once you pay for your surety bond, we will email and send you the bond the same day.
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