Washington D.C. Motor Vehicle Repossessors Bond Guide
If you’re applying for a motor vehicle repossession license in Washington D.C., you’ll likely need this surety bond.
Bond Overview
- Purpose: To protect vehicle owners from harm due to illegal or improper repossessions
- Who Needs It: Collection agencies that repossess vehicles in D.C.
- Regulating Body: The D.C. Department of Consumer and Regulatory Affairs
- Required Coverage: $5,000
- Premium Rate: 1–15% based on credit score
Learn all about the bond requirements and process in this guide.
What Is Washington D.C. Motor Vehicle Repossessors Bond?
A Washington D.C. motor vehicle repossessors bond, also known as an auto repossession bond, protects the public from harm due to illegal repossession practices.
The Department of Consumer and Regulatory Affairs requires this bond as part of the licensing process for motor vehicle repossessors in the state.
How Much Do Motor Vehicle Repossessor Bonds Cost in D.C.?
Washington D.C. motor vehicle repossessor bonds cost a small percentage of the bond amount, typically 1–15% based on credit score.
Apply to get your exact premium quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Motor Vehicle Repossessors Bond?
The Department of Consumer and Regulatory Affairs requires this bond for collection agencies and repossession agents that perform vehicle repossessions in the district.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get an auto repossession bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your free quote in 1 business day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll mail you the bond via your preferred shipping method. Be sure to file the bond with the Department as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a D.C. Motor Vehicle Repossessors Bond Work?
As with all surety bonds, a motor vehicle repossessors bond creates a legal contract between three parties:
- Principal: You, the repossessor filing the bond
- Obligee: The D.C. Department of Consumer and Regulatory Affairs requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the Automobile Repossession Regulations of the District of Columbia.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually on May 31. To renew, simply pay your renewal invoice when prompted.
You’ll receive a continuation certificate to file with the Department of Consumer and Regulatory Affairs as proof of ongoing coverage.
