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How much does a $25,000 used motor vehicle dealer bond cost in Massachusetts?
A Massachusetts used auto dealer bond is required for used car dealers to legally operate in the state. The cost of this bond is subject to underwriting, but applicants with strong financial credentials could qualify to pay as little as $250!
If you’re ready to get bonded, give us a call at 1 (800) 308-4358 or fill out our online bond request form. Our experts will walk you through each step of our fast and easy bonding process.
Why do I need a Massachusetts used auto dealer bond?
Massachusetts used car dealer surety bonds protect all people who suffer damages, as defined by Chapter 140, Section 58 of the General Laws and amended by Chapter 422 of the Acts of 2002, as a result of unlawful behavior from the principal (used car dealer). By posting the bond, the principal pledges to comply with the terms listed in the legislation above.
If you need a surety bond to title a vehicle, visit our Massachusetts certificate of title page to find out why these bonds are required and how much they will cost.
Getting a surety bond is easy when you choose SuretyBonds.com! Submit an online bond request to get a free quote.
Considerations for Massachusetts used auto dealer bonds
Massachusetts used auto dealer bonds are continuous until canceled. The surety can cancel the bond at any time by giving written notice to the state 60 days prior to the effective date of termination.
How to obtain a Massachusetts used auto dealer license
The Massachusetts Registry of Motor Vehicles does not license automobile dealers. Instead, Massachusetts General Law grants licensing authority to individual cities and towns throughout the state. Applicants should contact the licensing board of the city or town where they wish to conduct business for more information.
Required documents, in many cases, include:
- Zoning application form
- Articles of organization
- Franchise agreements (for a Class I dealer license)
- Purchase and sale agreement
- Lease agreement, if applicable
- Worker's compensation insurance verification
- Affidavit (for a Class II wholesale license)
Take the first step toward getting licensed by getting the used auto dealer surety bond you need. Our experts do the hard work for you so you can focus on what matters most: running your business.