How much does a $10,000 used car dealer bond cost in New Jersey?
The New Jersey Motor Vehicle Commission requires used car dealers to post a surety bond in order to do business within the state. Qualified applicants pay as low as $100 for their used car dealer surety bond. This amount is determined in a process called underwriting.
Contact a surety expert today for a free, personalized bond quote.
Questions? Call us at 1 (800) 308-4358 to speak with a licensed professional who can help you with the process.
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Used Motor Vehicle Dealer Bond||$10,000||Starts at $100||$100-800||$800+||Apply Now|
We’re dedicated to getting you bonded for the lowest rate possible. Apply for a free bond quote online or give us a call at 1 (800) 308-4358. We’ll get you your free, personalized bond quote within 1 business day of submitting an application.
Why do I need this bond?
Used motor dealer bonds ensure that the principal (used motor vehicle dealer) complies with all laws concerning the sale of used vehicles. Principals must also adhere to all rules and regulations promulgated in N.J.S.A. 56:8-1 et seq. If a principal violates the terms of the bond agreement and consumers suffer financial losses, the surety will compensate the harmed parties up to the full bond amount. The principal is ultimately responsible for reimbursing the surety.
Fill out our online bond request form to get bonded! Our team of auto dealer bond experts is here to help you get the bond you need quickly, easily and accurately.
What’s the fine print?
New Jersey used vehicle dealer bonds are required by the State of New Jersey Motor Vehicle Commission. If the surety wishes to cancel this bond before its March 31st expiration date, written notice must be given to the Director of the Motor Vehicle Commission at least 30 days prior to the date of cancellation.
How to become a used motor vehicle dealer in New Jersey
The following items must be submitted along with your dealer license application:
- registration fees
- $100 license fee
- fingerprint request notification form
- copies of the owner’s and all officer’s, member’s, and partner’s driver licenses
- copy of incorporation/formation papers
- schedule of business hours
All licensed dealers must have a certificate of insurance covering $100,000-$250,000 for bodily injury and $25,000 of property damage coverage for all fleet and company-owned vehicles.
Ready for your free bond quote? Apply now!
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