What is a New Jersey New and Used Motor Vehicle Dealer Bond?
Know what this bond is for and how to get one fast!
The New Jersey Motor Vehicle Commission requires new and used motor vehicle dealers to furnish a surety bond after the preliminary license is approved.
The surety bond’s purpose is to guarantee that the lawful obligations of the new and used motor vehicle dealers will be met. This includes the following:
- All the required documents which include title papers will be issued in the name of the dealer
- That the dealer will be responsible for all reassignments
- That the dealer should comply with all the relevant policies or rules
- That the dealer will inform the New Jersey Motor Vehicle Commission of any changes
The surety bond will also serve as a means to financially compensate any person that will suffer damages in case the new and used motor vehicle dealers commit misconduct.
The requirement complies with Title 13, Chapter 21 of the New Jersey Administrative Code.
What is the New and Used Motor Vehicle Dealer Bond amount?
The bond amount is $10,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a New and Used Motor Vehicle Dealer Bond?
Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:
You must first apply for this type of surety bond. If you are ready to do this now, you may APPLY HERE!
Our expert surety bond agent will guide you through the entire process – from the time you have applied until the bond is issued to you.
Next, you will be asked to submit a few important information that our underwriter will need to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed before submitting.
Once the underwriting process is done, we will immediately issue your bond and send it to you right away!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of New Jersey
- The surety bond should be made payable to the State of New Jersey
- The new and used motor vehicle dealers should obey the provisions of Title 13, Chapter 21 of the New Jersey Administrative Code, as well as the rule and regulations of the New Jersey Motor Vehicle Commission
- If the new and used motor vehicle dealers commit a valid violation, the aggrieved party will be eligible to file a claim against the bond
- The bond should have a 12-month term
Ready to apply for your surety bond? START HERE!