The New York New Rochelle New York New Rochelle Secondhand Motor Vehicle Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The New York Automobile Brokers Bond starts at $1000 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The New York New Motor Vehicle Dealer Bond starts at $200 plus shipping costs and fees. Fill out the form to buy your bond instantly!
The New York New or Used Motor Vehicle Dealer Bond starts at $200 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 New York State Department of Motor Vehicles (DMV) as part of the licensing requirements for dealerships to conduct business in the state. The DMV sets the total bond amount based on the type of dealership license and the dealer’s annual number of vehicle sales:
The surety company determines your premium rate, which is the percentage of the total bond amount you pay as the premium. Premium rates for New York 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 New York 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 New York.
New York auto dealer bonds provide protection for customers, creditors, and the state government. When a New York motor vehicle dealer posts a surety bond, they provide a guarantee to the New York DMV that they will conduct business in compliance with the conditions listed in the New York Vehicle and Traffic Law.
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.
To obtain your auto dealer license in New York, you must submit the original facility application (Form VS-1) to the Department of Motor Vehicles along with the following documents:
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.