How much does an auto dealer bond cost in Maine?
The Maine Secretary of State requires motor vehicle dealers to post surety bonds to legally work within the state. The required amount of the bond varies depending on the number of vehicles sold in the previous year. For new dealers, the required bond amount is $5,000.
These bonds are subject to underwriting, which means the price you’ll pay for your bond depends not only on your required amount of bond coverage, but also on a review of your personal credit report. Don’t worry if you have poor credit! SuretyBonds.com offers an exclusive bad credit bonding program through which we approve 99% of applicants for the bonds they need quickly, easily and accurately. Request a free surety bond quote now!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Motor Vehicle Dealer Bond Less than 50 vehicles sold||$5,000||Starts at $100||$100-500||$500+||Apply Now|
|Motor Vehicle Dealer Bond 51 to 100 vehicles sold||$10,000||Starts at $100||$100-1,000||$1,000+||Apply Now|
|Motor Vehicle Dealer Bond 101 to 150 vehicles sold||$15,000||Starts at $150||$150-1,500||$1,000+||Apply Now|
|Motor Vehicle Dealer Bond 151 to 200 vehicles sold||$20,000||Starts at $200||$200-2,000||$1,750+||Apply Now|
|Motor Vehicle Dealer Bond More than 200 vehicles sold||$25,000||Starts at $250||$250-2,500||$2,000+||Apply Now|
Call 1 (800) 308-4358, or submit a bond request now. A member of our team will contact you right away to walk you through our easy bonding process.
Why do I need this bond?
Motor vehicle dealer bonds in Maine ensure that principals (auto dealers) conduct business according to the provisions of Title 29A M.R.S.A and all applicable amendments. If the auto dealer fails to conduct business ethically and lawfully, a claim can be filed against the bond. If the claim is validated, the bond protects the state and consumers from financial loss up to the full bond amount. The dealer must then reimburse the surety for damages paid out.
Ready to start getting bonded? Click here to apply for a free, personalized quote on a Maine motor vehicle dealer bond.
What’s the fine print?
Maine MVD bonds run concurrently with the period of the auto dealer’s license. The bond can be continued by the issuance of a continuation certificate signed by the surety.
The surety can cancel the bond at any time by giving 30 days’ written notice of cancellation via registered or certified mail to the Secretary of State, Bureau of Motor Vehicles. Cancellation becomes effective 30 days from the receipt of the notice.
How to become a motor vehicle dealer in Maine
To become a licensed auto dealer in Maine, applicants must submit a packet containing the following materials to the division to apply for licensure:
- completed application and fees (stated on application)
- completed and notarized questionnaire
- notarized zoning form
- partnership agreement
- lease agreement
- plot plan
- sales tax number
- Federal ID number or Social Security number
- background check
- and more
Take the first step toward becoming a licensed motor vehicle dealer in Maine by submitting a bond request today! We can typically provide you with a personalized bond quote within just 1 business day of receiving your application.
Ready to get started?