What is a Missouri Motor Vehicle Dealer Bond?
Which motor vehicle dealer are you?
- Boat dealers
- Franchised new motor vehicle dealers
- Used motor vehicle dealers
- Wholesale motor vehicle dealers
- Recreational motor vehicle dealers
- Historic motor vehicle dealers
- Classic motor vehicle dealers
- Powersports dealers
If you belong to any of the categories above, you need to submit a surety bond along with your license application.
A Missouri Motor Vehicle Dealer Bond is one of the most important licensure requirements for motor vehicle dealers in Missouri.
One of the surety bond’s conditions is to ensure the compliance of the licensed motor vehicle dealer to the laws and rules that govern motor vehicle dealers in Missouri.
The surety bond will also serve as a financial protection tool for the licensed motor vehicle dealer’s clients. If the licensed motor vehicle dealer suddenly defaults on his duties, the client will be rightfully compensated through the surety bond.
The prerequisite is in line with Section 301.560 of the Missouri Revised Statutes.
What is the Motor Vehicle Dealer Bond amount?
The bond amount is $25,000.
Those who have excellent credit scores will be eligible to pay for a very low bond premium or just 1% of the bond’s amount!
If you want to find out what you need to pay, GET YOUR FREE QUOTE HERE today!
How can I get a Motor Vehicle Dealer Bond?
To secure this type of bond, the license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What are the bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Missouri
- The licensed motor vehicle dealer is required to comply with the provisions of Sections 301.550 to 301.560 of the Missouri Revised Statutes, the rules and regulations of the Missouri Department of Revenue, and all the other applicable rules
- If the licensed motor vehicle dealer commits a valid violation, the aggrieved party will be eligible to file a claim on the surety bond
- The surety bond should run concurrently with the license
Ready to start? APPLY NOW!