Auto dealer or rebuilder bond cost
Oregon auto dealer or rebuilder bonds are required by the Oregon Department of Transportation. For motorcycle, moped, all-terrain vehicle and snowmobile dealers, the required bond amount is $2,000. Motor vehicle and recreational vehicle dealers must post a surety bond in the amount of $40,000. The cost of these bonds are subject to underwriting and based on a review of the applicant’s personal credit report.
Trying to calculate the price you’ll pay for your bond can be confusing, so let us do all of the hard work for you! Contact a surety specialist today to get a free, personalized bond quote.
Why this bond
Oregon motor vehicle dealer or rebuilder bonds ensure that principals (auto dealers or rebuilders) adhere to all of the rules and regulations stated in the Oregon Revised Statutes, Chapter 882. Some of these provisions include:
- providing proof of the necessary education
- not altering the odometer
- always practicing truthful lending practices
- never falsely advertising vehicle prices or conditions
If a principal violates any of the terms of his or her bond agreement and a consumer is harmed, the surety will pay for all damages up to the full bond amount. The principal must compensate the surety for all damages paid out.
Auto dealer or rebuilder bond details
Oregon vehicle dealer or rebuilder bonds are continuous until canceled. If the surety decides to cancel this bond, 30 days of written notice must be given to the Department of Transportation Driver and Motor Vehicle Services.
Become an auto dealer
Obtaining your motor vehicle dealer bond in Oregon is just the first step toward becoming licensed. Some of the other materials you must turn in with your application packet include:
- copies of photo IDs
- a copy of the liability insurance certificate
- a copy of your education certificate
- all required fees
Take the first step toward becoming bonded today by submitting a bond request form.
Apply for your surety bond
Get a FREE Oregon Motor Vehicle Dealer or Rebuilder Bond Quote Today! Click here to begin