Maryland Used Motor Vehicle Dealer | Used Motor Vehicle Dealer Surety Bond

Also known as: used motor vehicle dealer bond

Type of Bond

A used motor vehicle dealer bond, also known as an auto dealer bond, is a type of surety bond that is required for individuals or businesses engaged in the sale of used vehicles. The bond serves as a financial guarantee that the bonded party will comply with applicable laws, regulations, and licensing requirements in their auto dealership activities. The purpose of the bond is to protect consumers and ensure the ethical and lawful operation of used car dealerships. It provides assurance that the bonded party will engage in fair and honest business practices, accurately represent the vehicles being sold, handle funds and documents properly, and fulfill their contractual obligations to customers. By obtaining the bond, the used car dealer agrees to abide by the regulations and guidelines set forth by the licensing authority or regulatory body overseeing the motor vehicle industry. This may include obtaining the necessary licenses and permits, maintaining a physical place of business, maintaining proper records, and adhering to advertising and disclosure requirements. If the bonded used car dealer fails to fulfill their obligations or violates the terms of the bond agreement, a claim can be filed against the bond. This allows affected parties or regulatory bodies to seek financial compensation for any damages, losses, or non-compliance issues resulting from the actions of the bonded used car dealer. The bond amount for a used motor vehicle dealer bond is typically determined based on the specific requirements set by the licensing authority or regulatory body. It may vary depending on factors such as the number of vehicles sold, the value of the vehicles, and the specific bond requirements in the jurisdiction. Used car dealers should consult with the licensing authority or a surety bond provider to understand the specific bond requirements applicable to their operations and to obtain the necessary bond coverage.


Program

The price you'll pay for your Used Motor Vehicle Dealer Bond is generally based on your personal credit score. Start a free online quote by just completing a simple app or by calling 888-518-8011. Our experts will walk you through a very simple process. Compare our quote as the very lowest price, and then you're good to go! It's that simple!

We provide all types of Used Motor Vehicle Dealer Bonds. Worldwide Insurance Specialists, Inc. has "in house" underwriting authority with the largest and best Surety (Insurance) companies in the world including, Great American, Liberty Mutual, Philadelphia, Travelers, and CNA Surety. All of these surety bond companies are A-rated under the AM Best credit rating system, and T-listed with the U.S. Department of Treasury. This guarantees that by getting bonded through us, you will be provided the backing of these highly trustworthy and reliable companies.


Application

The application process for a Used Motor Vehicle Dealer Bonds is easy! Many Bonds are INSTANT ISSUE! Easy Application, no underwriting, no credit check, no GIA required. Our NEW Desktop underwriting program provides you with a rapid approval process used to determine the degree of risk that you (the Principle) complete a project or obligation. Non-INSTANT ISSUE quotes can also get instantly approved. Submissions require very little information from you. Once you file and sign an indemnity agreement, we issue the Bond. It's that simple! We quote and issue Surety Bonds of every type and will help you through the entire process. These applications only require basic information about your business, bond type, and ownership structure. Once the application is complete, we submit to the insurance company (Surety) who will then issue your bond. Don't pay too much! Get your Bond Fast, and Easy with the best price! Click here to start the Used Motor Vehicle Dealer Bond Application process.

Obligee Information

An obligee is the entity that is requiring you to have the Used Motor Vehicle Dealer bond.

Obligee: Motor Vehicle Administration
Street: 6601 Richie Hwy Ne
State: Maryland
Zip: 21062