A Connecticut DMV bond, also known as a Motor Vehicle Dealer bond, is a type of surety bond that is required by the Connecticut Department of Motor Vehicles (DMV) for individuals or businesses that want to obtain or renew a motor vehicle dealer license. The bond serves as a form of protection for customers against any fraudulent or unethical practices by the motor vehicle dealer. If a dealer engages in such practices, a customer may file a claim against the bond to seek compensation for any resulting damages. The bond amount required by the DMV may vary based on the type of license and the dealer's history, and the bond must be renewed periodically to maintain the dealer's license.
Connecticut Car Dealer Bonds are required by Connecticut's DMV to obtain your Dealer license. The MVD Bond amount for the sale of New and used vehicles is set at $50,000. The Auto Dealer bond ensures that the principal shall comply with the conditions of any contract made by such licensee in connection with the sale or exchange of any motor vehicle and shall not violate any of the provisions of law relating to the conduct of the business for which it is licensed.
- $50,000 New and Used Vehicle Dealer Bond
- $5,000 Motor Vehicle Repairer Bond
- $10,000 Motor Vehicle Leasing
There are 3 parts to a MVD surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the MVD Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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The required bond amount is a $50,000 bond for the MVD bond. Must have a car dealer license.