What is the New Mexico Motor Vehicle Dealer/Dismantler Bond?
The New Mexico Motor Vehicle Dealer/Dismantler Bond is a requirement of the New Mexico Motor Vehicle Division to all motor vehicle dealers and dismantlers operating within the state.
This bond is an explicit guarantee that will safeguard car buyers and the general public from damages as a result of shoddy 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 unlawful activity or shady business practices such as selling vehicles for an incorrect price or holding back relevant 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 Sec. 66-4-7, NMSA 1978 and to all amendments to it.
Why do you need the New Mexico Motor Vehicle Dealer/Dismantler Bond?
You need the New Mexico Motor Vehicle Dealer/Dismantler 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 essential 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 New Mexico Motor Vehicle Dealer/Dismantler Bond
Prior to obtaining the New Mexico Motor Vehicle Dealer/Dismantler Bond, a dealer/dismantler must have a 1) filled up Original Application for Three Year Vehicle Dealer Certificate as a Dealer or Rebuilder of Vehicles, 2) a liability insurance certification, and the 3) education certificate from an authorized provider or DMV’s Education Requirements Certificate of Exemption Form and the fee payments.
The bond application must be signed by the dealer/dismantler and the bonding agent. Whatever is the dealer’s name(s), legal and business name and business location written on the bond, these must exactly match with what is placed on the dealer application and that the seal of the bond must be original.
What is the cost of the New Mexico Motor Vehicle Dealer/Dismantler 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 typically 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 New Mexico Motor Vehicle Dealer/Dismantler 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.