Auto dealer bond cost
The required amount of Missouri car dealer bonds is $25,000. These bonds are subject to underwriting, and the price you’ll pay depends on a review of your personal credit report. Applicants with strong financial credentials could pay as low as $150!
Don’t let a low credit score stop you from getting the bond you need! We offers an exclusive bad credit bonding program through which we can approve 99% of applicants. Our team of surety experts will work hard to get you bonded for the best rate possible.
Why this bond
Missouri auto dealer bonds are put in place to ensure that principals (car, truck and boat dealers) comply with the provisions of Missouri statutes applicable to the following professionals:
- new motor vehicle franchised dealers
- used motor vehicle dealers
- power sport dealers
- trailer dealers
- wholesale motor vehicle dealers
- boat dealers
If the dealer fails to adhere to industry laws and regulations and the terms of the surety bond contract, a claim can be filed against the bond. If the claim is proven, the surety will pay damages to harmed parties up to the full bond amount. The dealer, in turn, must reimburse the surety and could face other consequences such as suspension or revocation of the dealer’s license.
Motor Vehicle Dealer Bond details
Missouri auto dealer bonds are continuous until canceled. To cancel the bond, the surety must give written notice to the principal and the Missouri Department of Revenue stating the date of cancellation. Cancellation goes into effect 30 days after the Department receives the notice of cancellation.
Become an automobile dealer
Each application for an auto vehicle dealer license must be submitted on the form prescribed by the state and include the following information:
- birth dates, social security numbers and residence addresses of all owners
- complete business name, physical address and mailing address, if applicable
- sales/plate order with fees calculated and recorded on the application
- factory franchise trade names and expiration dates
- a copy of the factory franchise agreement
- current photograph of the place of business (building, lot and sign)
- a copy of the garage liability policy (manufacturers, auctions and trailer dealers are exempt)
- and more
Apply for your surety bond
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