Used car dealer bond cost
The New Jersey Motor Vehicle Commission requires used car dealers to post a surety bond in the amount of $10,000. The price you’ll pay for your used auto dealer bond will depend on a review of your credit report.
Don’t let a less-than-stellar credit report stop you from getting the surety bond you need. Surety Bonds offers an exclusive bad credit bonding program through which we can get 99% of all applicants bonded quickly, easily and accurately.
Why this bond
Used motor dealer bonds ensure that the principal (used motor vehicle dealer) complies with all laws concerning the sale of used vehicles. Principals must also adhere to all rules and regulations promulgated in N.J.S.A. 56:8-1 et seq. If a principal violates the terms of the bond agreement and consumers suffer financial losses, the surety will compensate the harmed parties up to the full bond amount. The principal is ultimately responsible for reimbursing the surety.
Used car dealer bond details
New Jersey used vehicle dealer bonds are required by the State of New Jersey Motor Vehicle Commission. If the surety wishes to cancel this bond before its March 31st expiration date, written notice must be given to the Director of the Motor Vehicle Commission at least 30 days prior to the date of cancellation.
Used motor vehicle dealer
The following items must be submitted along with your dealer license application:
- Registration fees
- $100 license fee
- Fingerprint request notification form
- Copies of the owner’s and all officer’s, member’s, and partner’s driver licenses
- Copy of incorporation/formation papers
- Schedule of business hours
All licensed dealers must have a certificate of insurance covering $100,000-$250,000 for bodily injury and $25,000 of property damage coverage for all fleet and company-owned vehicles.
Apply for your surety bond
Get a FREE Used Motor Vehicle Dealer Bond Quote Today! Click here to begin
- New Jersey Motor Vehicle Commission: Applications & Supplemental Forms for Dealer Licensing
- New Jersey Motor Vehicle Commission: New and Used Car Dealerships and Leasing Licenses
- State of New Jersey Motor Vehicle Commission
- New Jersey Administrative Code 13:21-15 (New Jersey Licensed Motor Vehicle Dealers)