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How much does an auto dealer bond cost in Washington, D.C.?
The Washington Department of Consumer and Regulatory Affairs and the Department of Motor Vehicles require that individuals who buy, sell, exchange, or otherwise deal in motor vehicles post $25,000 surety bonds.
These bonds run concurrently with the two-year dealer license term, so premiums are calculated for two years of coverage. Pricing is subject to underwriting consideration, which means your premium will be based on a review of your personal credit report. Don’t let less-than-stellar credit stop you from applying! SuretyBonds.com offers an exclusive Bad Credit Bonding Program that can approve 99% of applicants. Request your approval today!
We can provide your free, no-obligation bond quote within 1 business day of submitting your application. Call 1 (800) 308-4358, or click here to connect with an auto dealer bond expert now!
Why do I need this bond?
By posting a District of Columbia motor vehicle dealer surety bond, principals (motor vehicle dealers) pledge to work according to the statutes outlined on the bond form. These bonds protect consumers harmed by a dealer’s unlawful business practices. If a valid claim is made against the bond, the surety will pay reparations up to the bond amount. The principal must always reimburse the surety for any damages paid out.
For more information about auto dealer bonds in Washington, D.C., contact a surety expert online now.
What’s the fine print?
Washington, D.C. motor vehicle dealer bonds are biennial bonds and must be renewed to remain valid. The names of all owners, officers and/or partners must be listed on the bond form.
Your bond term should run concurrently with your motor vehicle dealer license term.
How to become a motor vehicle dealer in Washington DC
Posting your D.C. auto dealer bond is the first step toward becoming a licensed motor vehicle dealer. To be eligible for licensure, applicants must submit an application packet to the department along with the following items:
- Corporate registration
- Corporate resident agents
- Trade name(s)
- Basic business application
- Clean hands self-certification
- Registered tax number
- Certificate of occupancy