The North Dakota Motor Vehicle Dealer Bond starts at $250 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The North Dakota Trailer Dealer Bond starts at $100 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 North Dakota Department of Transportation Motor Vehicle Division as part of the licensing requirements for dealerships to conduct business in the state. The Motor Vehicle Division sets the total bond amount at $25,000.
The surety company determines your premium rate, which is the percentage of the total bond amount you pay as the premium. Premium rates for North Dakota 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 North Dakota auto dealer bond. EZSurety still offers competitive rates to individuals with low credit scores or other financial issues.
North Dakota auto dealer bonds provide protection for customers, creditors, and the state government. When a North Dakota motor vehicle dealer posts a surety bond, they provide a guarantee to the bond’s Obligee (the MVD) that they will conduct business in compliance with the conditions listed in Title 39 of the North Dakota Century Code.
If the auto dealer fails to comply with the code, 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.
To obtain your auto dealer license in North Dakota, you must meet the North Dakota Department of Transportation licensing requirements by completing the following steps:
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.