How much does an auto dealer bond cost in Nebraska?
The Nebraska Motor Vehicle Industry Licensing Board requires auto dealers in the state to post a $50,000 surety bond. These bonds are subject to underwriting, which means the amount a client will pay for this bond is contingent on their personal credit report. With a strong credit report, clients can expect to pay just 1-3% of the $50,000 bond amount.
Don’t worry if you have a lower credit score, because our surety specialists can still help. When you work with SuretyBonds.com, you know you’re getting the best rate available. Contact a surety bond expert now by calling 1 (800) 308-4358, or apply for a free bond quote online!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Motor Vehicle Dealer Bond||$50,000||starts at $500||$500-5,000||$5,000+||Apply Now|
SuretyBonds.com is dedicated to getting you bonded quickly for the best rate available. Request your free surety bond quote online now, or speak with a surety bond expert by calling 1 (800) 308-4358.
Why do I need this bond?
By posting this bond, the principal (auto dealer) agrees to adhere to the rules and regulations outlined in the Nebraska Revised Statutes. The bond form specifically requires dealers to repay customers or other dealers for losses that result from:
- substituting a vehicle or trailer after one has already been selected by a purchaser
- failing to provide the purchaser with a clear and marketable title
- misappropriating funds that belong to the purchaser
- deceiving the purchaser as to the year or model of a vehicle or trailer
- representing a vehicle or trailer in a false, fraudulent or deceitful manner
What’s the fine print?
Motor vehicle dealer bonds in Nebraska expire annually on December 31st. If the the bond is to be canceled, the surety must provide 60 days written notice to the Nebraska Motor Vehicle Industry Licensing Board.
The county the dealership is located in must be listed on the bond form.
How to become a motor vehicle dealer in Nebraska
Posting a surety bond is just the first step in becoming a licensed motor vehicle dealer in Nebraska. Individuals must also provide the following to the Nebraska Motor Vehicle Industry Licensing Board when applying for their license:
- legal dealership name
- business location with verified zoning
- photograph of business sign and location
- telephone number
- business hours
- proof of all required insurance
Licenses expire December 31st of the year they’re issued. Additional licensing information can be found in the “Additional Resources” section of this page.
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