Auto dealer bond cost
The state of Illinois mandates that all vehicle dealers post a surety bond in the amount of $20,000 for the protection of their clients. The amount that you will pay for this bond is based on a review of your credit report. With excellent credit, this bond can be purchased for as low as $164!
Why this bond
This bond applies to any person who sells or deals at least 5 vehicles during a calendar year. The bond is in place to make sure that the principal (auto dealer) abides by all the rules and regulations outlined in the Illinois Vehicle Code. These rules are in place to protect consumers from all instances of fraud, misinformation and any other practices that might result in financial loss.
Auto dealer bond details
This bond runs concurrently with the term of the license and expires no sooner than December 31st of the year for which the license was issued or renewed. Your bond premium could be prorated depending on when you buy your Illinois car dealer bond. Our team of surety experts works hard to get you bonded according to your specific needs.
Become a motor vehicle dealer
All motor vehicle dealers in Illinois must be licensed to lawfully operate. The following are some of the licensing requirements that must be included on the application:
- A list of the corporation’s officers, directors and shareholders with a 10% or greater ownership
- The make of all new vehicles offered to be sold
- The name of each manufacturer or distributor
- A statement of approval for registration from the Illinois Department of Revenue
Apply for your surety bond
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