How much will my Hawaii motor vehicle dealer bond cost?
The Motor Vehicle Industry Licensing Board of Hawaii requires all motor vehicle dealers to post a bond prior to engaging in business. This bond has a varying amount. Bond amounts are determined by:
- the type of vehicles sold
- the amount of vehicles sold
Bond amounts for new vehicle dealers:
- $200,000 - if you annually sell 10 or more new vehicle units per month
- $50,000 - if you annually sell less than 10 new vehicle units per month
Bond amounts for used motor dealers:
- $100,000 - if you annually sell 60 or more motor units per month
- $25,000 - if you annually sell 60 or more motor units per month
Motorcycle and motor scooter dealers must attain a bond in the amount of $10,000.
This specific bonds type is subject to underwriting. This means that bond premiums are based on the applicants personal credit report. Bad credit? No problem! We offer a bad credit program specifically for you! Contact an agent for more information.
| Bond Type | Bond Amount | Cost by Credit Score* | |||
|---|---|---|---|---|---|
| 680 and up | 679 - 600 | 599 or lower | |||
| Motor Vehicle Dealer Bond sell 10+ new vehicle units a month | $200,000 | Starts at $2,000 | $8,000-16,000 | $20,000+ | Apply Now |
| Motor Vehicle Dealer Bond sell less than 10 new vehicle units a month | $50,000 | Starts at $500 | $2,000-4,000 | $5,000+ | Apply Now |
| Motor Vehicle Dealer Bond sell 60+ used vehicle units a month | $100,000 | Starts at $1,000 | $4,000-8,000 | $10,000+ | Apply Now |
| Motor Vehicle Dealer Bond sell less than 60 used vehicle units a month | $25,000 | Starts at $250 | $1,000-2,000 | $2,500+ | Apply Now |
| Motor Vehicle Dealer Bond motor scooter and motorcycle dealers | $10,000 | Starts at $100 | $400-800 | $1,000+ | Apply Now |
No matter your credit score, our surety specialists will find you the lowest rates available for your specific needs. Fill out a bond request to receive your quote within one business day.
Why do I need this bond?
HI motor dealer bonds exist to protect customers from fraud in connection with the purchasing, negotiating and selling of motor vehicles. By posting a bond, motor vehicle dealers agree to abide by all rules and provisions of Chapter 437 of the Hawaii Revised Statutes.
Obtain your personalized quote by sending a bond request.
What’s the fine print?
Bonds may be canceled by the surety if a cancellation notice is submitted in writing to the State of Hawaii and the principal 30 days prior to the given cancellation date.
How to become a motor vehicle dealer in Hawaii
Dealers must be licensed prior to conducting business. Applications must be accompanied by the following documents:
- self-inspection report
- photographs of your buildings display
- rental or lease agreement
- surety bond
- financial statement
- appropriate fees
- and more
All licenses are subject to a biennial renewal. Licenses must be renewed by June 30 of even-numbered years.
Don’t wait to sell motor vehicles! Apply for your bond today! To connect with a surety expert, click here.
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Additional Resources
Motor Vehicle Dealer or Auction Applicant Requirement Table
Bond Form - Motor Vehicle Dealer License
Motor Vehicle Dealer’s Financial Statement
Chapter 437 Motor Vehicle Industry Licensing Act
Department of Commerce and Consumer Affair Professional & Vocational Licensing
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