Used Car Dealer Bond - Bonding Solutions

Used Car Dealer Bond

Apply online today for a Used Car Dealer Bond. We are the #1 surety agency for used car dealer bonds nationwide. Contact our team today for fast approval and affordable rates.

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What is a Used Car Dealer Bond?

A used car dealer bond is a bond needed in most states for owners of used car dealerships. In order to operate legally and obtain a dealer license, most states require that the owner of a used car dealership also obtain a surety bond for a specific amount. Bonding Solutions can help you get the used car dealer bond required by your state. Used car dealer bonds protect the government and the general public from any fraudulent acts that may occur on behalf of the dealership. The surety bond is meant as a secondary form of insurance to protect your customers and further support the legitimacy of your business.

Bonding Solutions | Used Car Dealer Bond
Bonding Solutions | Used Car Dealer Bond
Bonding Solutions | Used Car Dealer Bond

How much will my bond cost?

Each state has its own requirements for the specific bond amount that a dealership is responsible for obtaining. The owner of the dealership will pay the premium of the bond which is usually 1-3% of the total bond amount. The surety will take into consideration a number of different financial components before deciding on what percentage the principal is responsible for paying. Bond premium rates can depend on your personal credit history, bond history, financials, and more. If you are looking to get the lowest rate possible for your used car dealer bond, contact Bonding Solutions today.

Why is this bond required?

Used car dealer bonds are required to protect the government and general public from any fraudulent acts performed by the used car dealership and/or employees. This type of surety bond is meant to protect the consumer from illegal activities that a dealership may participate in such as:

  • Protects from intentional fraud against consumers
  • Protects from wrong or inaccurate vehicle information being issued
  • Protects from deceptive financing offerings
  • Protects from tampering with the odometer
  • Protects from failure to provide warranties as agreed in the bill of sale
  • Protects from faulty service on vehicles

A used car dealer bond protects the government from:

  • Dealership’s failure to report all earnings
  • Dealership’s failure to adhere to license regulations and standards
  • Dealership’s failure to pay sales tax or applicable fees

A used car dealer bond is seen as another form of insurance and is often required in order to legally hold a license to sell vehicles.

How Long does it take to get a Used Car Dealer Bond?

Quotes for an auto dealer bond can be provided within hours of inquiry, often without running a full credit check. To obtain the actual surety bond, it is important to provide your surety agent with the correct financial information from the start to ensure a quick approval process. If all financials provided check out, we have the ability to underwrite MVD bonds on the same day as the inquiry was made. The Bonding Solutions Team has the resources to provide you with fast approval at an affordable rate. We are the leading provider for auto dealer bonds nationwide.

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How do I apply for a Used Car Dealer Bond?

The application process is simple. Contact Bonding Solutions today by calling (877) 841-6745 or fill out our quick online application for used car dealer bonds. Bonding Solutions can provide you with fast approval and affordable rates for bonds in any state. We are the number one leading surety agency nationwide for all motor vehicle dealer bonds, including used car dealer bonds. Our team can get you the bond you need in order to operate your dealership legally, all while offering low rates, and exceptional customer service.

Do you have more questions about Auto Dealer Bonds? Check out our informative Auto Dealer Bond FAQ page here!

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