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Many states in the U.S. require licensed auto dealers to obtain a surety bond as a part of their licensing requirements. New Mexico is one of those states. The state requires all motor vehicle dealers and dismantlers renewing or applying for a license to carry a surety bond. The bond provides protection to the state, consumers, and others from illegal actions committed by dealers and dismantlers.
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Generally, these bonds are issued at 0.5% – 1% annually. However, an underwriter will need to review your application before offering terms. Rest assured that Bonding Solutions will be able to provide you with the best rate possible.
Motor Vehicle Dealer or Dismantler Bond – $50,000
Motor Vehicle Dealer or Dismantler Bond (for motorcycles only) – $12,500
A surety bond assures the public, state, and other parties that a licensed dealer will adhere to state laws and licensing regulations. If someone is impacted by a bonded dealer/dismantler’s unethical behavior, they can claim their surety bond.
New Mexico dealer or dismantler bonds expire annually on March 31st when the license expires. The surety company can request cancelation by writing the MVD director. It must be in writing and the bond will cancel 30 days after the letter is received.