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
- Motor Vehicle Sales Finance Company Surety Bond Form
- State of Delaware Office of the State Bank Commissioner: Motor Vehicle Sales Finance
- TITLE 5 Banking State Banking Agencies CHAPTER 1. STATE BANK COMMISSIONER Subchapter II. Powers and Duties
- TITLE 5 Banking Other Businesses Under Jurisdiction of State Banking Department CHAPTER 29. FINANCING THE SALE OF MOTOR VEHICLES
- State of Delaware Office of the State Bank Commissioner: Motor Vehicle Sales Finance Application