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Call us at 888.610.4474 info@hasslefreesuretybonds.com

Auto dealer bond cost

The Maine Secretary of State requires motor vehicle dealers to post surety bonds to legally work within the state. The required amount of the bond varies depending on the number of vehicles sold in the previous year. For new dealers, the required bond amount is $5,000.

These bonds are subject to underwriting, which means the price you’ll pay for your bond depends not only on your required amount of bond coverage, but also on a review of your personal credit report. Don’t worry if you have poor credit! We offers an exclusive bad credit bonding program through which we approve 99% of applicants for the bonds they need quickly, easily and accurately.

Contact one of our surety specialists to receive a free, personalized bond quote within 1 business day of applying. Call 888.610.4474, or click here, to begin the bonding process

 

Why this bond

Motor vehicle dealer bonds in Maine ensure that principals (auto dealers) conduct business according to the provisions of Title 29A M.R.S.A and all applicable amendments. If the auto dealer fails to conduct business ethically and lawfully, a claim can be filed against the bond. If the claim is validated, the bond protects the state and consumers from financial loss up to the full bond amount. The dealer must then reimburse the surety for damages paid out.

Maine MVD bonds run concurrently with the period of the auto dealer’s license. The bond can be continued by the issuance of a continuation certificate signed by the surety.

The surety can cancel the bond at any time by giving 30 days’ written notice of cancellation via registered or certified mail to the Secretary of State, Bureau of Motor Vehicles. Cancellation becomes effective 30 days from the receipt of the notice.

Become a motor vehicle dealer

To become a licensed auto dealer in Maine, applicants must submit a packet containing the following materials to the division to apply for licensure:

  • completed application and fees (stated on application)
  • completed and notarized questionnaire
  • notarized zoning form
  • partnership agreement
  • lease agreement
  • plot plan
  • sales tax number
  • Federal ID number or Social Security number
  • background check
  • and more

Apply for your surety bond

Get a FREE Maine Auto Dealer Bond Quote Today! Click here to begin