What is the Nebraska Motor Vehicle Dealer Bond?
The Nebraska Motor Vehicle Dealer Bond is a requirement of the Nebraska Motor Vehicle Industry Licensing Board to all motor vehicle dealers operating within the state.
This bond is an unequivocal guarantee that will safeguard car buyers and the general public from damages as a result of second-rate work, slapdash output, needless blunders, and lapses of judgment committed by a motor vehicle dealer/dismantler.
The bond likewise represents a verifiable assurance that in the event a dealer takes part in an unfair activity or shady business practices such as selling vehicles for an incorrect price or holding back very important information, a remedy can be resorted to thru the bond to help vulnerable customers. The bond is also a tangible warranty that dealers and dismantlers will comply with all of the provisions stipulated in all state laws.
The bond is also a tangible warranty that dealers and dismantlers will comply with all of the provisions stipulated in all state laws.
Why do you need the Nebraska Motor Vehicle Dealer Bond?
You need the Nebraska Motor Vehicle Dealer Bond because you tremendously want to exhibit to your clients that you have the capacity and the competence to provide services in a decent and capable manner. Having the bond is an indispensable strategy to advance your status as a business owner and can consecutively boost your image within the industry. With the bond up in your sleeves, customers feel secure while availing of your services.
More details about the Nebraska Motor Vehicle Dealer Bond
A Motor Vehicle Dealer Bond in Nebraska expires every December 31st of the year. If the bond is to be revoked, the surety must provide 60 days’ written notice to the Nebraska Motor Vehicle Industry Licensing Board. The county the dealership is located in must be indicated on the bond form.
The bond application must be signed by the dealer and the bonding agent. Whatever is the dealer’s name(s), legal and business name, and business location is written on the bond, these must exactly match with those indicated on the dealer application, and that the seal of the bond must be original.
What is the cost of the Nebraska Motor Vehicle Dealer Bond?
The bond is for $50,000. Bond premium payments are computed based on the dealer’s financial history and credit score. Those dismantlers and dealers with robust financial credentials normally pay rates calculated 1%-4% of the bond amount. Those who have histories of felony convictions may be asked to pay higher premium rates.
How can I get the Nebraska Motor Vehicle Dealer Bond?
Procuring this bond is effortless. For faster processing and reliable outcomes, be wise in choosing a legitimate surety bond agency by researching and checking on their background and track record. With a dependable surety organization behind you, protecting your business, your clients, and your shareholders will be easy and economical.