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:
Motor vehicle dealer bonds in the state of New York are mandatory to operate legally as a dealer. This auto dealer bond, similar to other surety bonds, acts as an agreement between three separate parties the vehicle dealer (principal), the New York State Department of Motor Vehicles (obligee), and the surety company. This bond is to protect the consumer, state, and others financially from any fraud or illegal business activities that a dealer may commit.
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Bonding Solutions has helped clients and agents for over 20 years. Our proprietary programs have helped auto dealers receive industry-low pricing on their bonds.
The cost of your bond depends on industry experience and the applicant’s personal credit. The applicant is not required to pay the full bond amount but only a percentage based on their credit. Typically rates range from 0.5% to 8% of the full bond amount. New York vehicle dealer bonds pricing is below:
Surety bonds are required by the state to ensure buyers’ safety. In the event any fraudulent or illegal business activity takes place, a claim can be made against the dealer’s surety bond. The operating vehicle dealer in the state of New York must conduct business according to NY’s licensing statutes and applicable laws.
Obtaining a motor vehicle dealer bond can seem complicated, but Bonding Solutions makes the process simple. Start with filling out our online application or call us. After we receive your information, we will send you a quote on your requested bond. Once you pay for your bond we email and ship it to you the same day.