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Motor vehicle sales finance company bond cost

The Delaware State Bank Commissioner requires motor vehicle sales finance companies to post $25,000 surety bonds. The price you’ll pay for your bond depends directly on a review of your personal credit report.

Applicants with strong financial credentials could qualify to pay as low as 1% of the bond amount, or just $250! Don’t let low credit stop you from getting the bond you need! Surety Bonds offers an exclusive bad credit bonding program through which we approve 99% of all applicants.

Why this bond?

By posting a Delaware motor vehicles sales finance company bond, the principal (finance company) promises to faithfully perform all duties and partake in ethical acts in accordance with the provisions of Chapter 29, Title 5 of the Delaware Code. Specifically, this bond offers compensation to the state and any consumer injured by any wrongful act, omission, default or misrepresentation committed by a licensee.

Prohibited acts under this bond include:

  • Signing a contract prior to reading it
  • Signing a contract that contains blank spaces
  • Rescinding an agreement prior to receiving the contract
  • And more

Motor vehicle sales finance bond details

Delaware motor vehicle sales finance company surety bonds remain in full force and effect until canceled by the surety or voided by the principal.

The surety can cancel the bond by giving written notice of cancellation to the principal and the Office of the State Bank Commissioner. Cancellation becomes effective 30 days after the office receives the notice.

Become a Motor vehicle sales finance company

To become a licensed auto sales finance company in Delaware, applicants must submit the following materials along with their completed license application:

  • $25,000 surety bond
  • $287.50 license fee
  • Copies of all documents that will be used to conduct business
  • And more

Licenses expire annually on December 31.

Apply for your surety bond

Get a FREE Motor Vehicle Sales Finance Company Bond Quote Today! Click here to begin

 

Additional information