The Massachusetts Motor Vehicle Glass Repair Shop Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The Massachusetts Second Hand Motor Vehicle Dealer Bond starts at $250 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The Massachusetts Motor Vehicle Repair Shop Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The Massachusetts License Plate Manufacturer Bond starts at $1000 plus shipping costs and fees. Fill out the form to buy your bond instantly!
Auto dealer surety bonds (also called motor vehicle dealer bonds) are mandated by the Massachusetts Registry of Motor Vehicles as part of the licensing requirements for used car dealerships and repair shops to conduct business in the state. The total bond amount is based on the type of business:
The surety company determines your premium rate, which is the percentage of the total bond amount you pay as the premium. Premium rates for Massachusetts auto dealer bonds typically cost between 1% and 3% of the total bond amount.
During the application process, the surety company evaluates your personal credit, financial statements, industry experience, and licensing history. Applicants with good credit generally receive the lowest rates, however, bad credit will not prevent you from securing a Massachusetts auto dealer bond. EZSurety still offers competitive rates to individuals with low credit scores or other financial issues.
Below are the lowest premiums EZ Surety has issued for auto dealer surety bonds in the State of Massachusetts.
Massachusetts auto dealer bonds provide protection for customers, creditors, and the state government. When a Massachusetts motor vehicle dealer posts a surety bond, they provide a guarantee to the Massachusetts Registry of Motor Vehicles that they will conduct business in compliance with the conditions listed in Chapter 140, Section 58 of the Massachusetts General Laws.
If the auto dealer fails to comply with the statutes, the surety company will pay out financial losses to damaged parties up to the full bond amount. The auto dealer is liable to reimburse the surety for any damages paid under the bond.
Unlike most states, Massachusetts auto dealer licenses are issued by local city and town jurisdictions instead of a statewide government agency. Auto dealers conducting business in several municipal jurisdictions must obtain a separate dealer license and surety bond for each city or town in which they have a place of business. Auto dealer applicants should contact their local government office for more information on the specific licensing requirements.
You’ll know if you need a surety bond because some entity will have required you to obtain one. They must also inform you of which specific bond type you’ll need. There are thousands of bonds across the country, all of which vary by state and industry.
Visit EZSuretyBonds.com to browse hundreds of bonds by state, type, or industry.