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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