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How much does a New Mexico auto dealer bond cost?
New Mexico auto dealer bond costs vary depending on which license you need. Your exact premium will be provided after a quick application review. Apply now to get your free New Mexico motor vehicle dealer or dismantler bond quote!
- Annual premiums for the $12,500 Motorcycle Dealer Bond start at $100.
- Annual premiums for the $50,000 Motor Vehicle Dealer or Auto Recycler Bond start at $375.
How do you get a New Mexico auto dealer bond?
You can apply for your New Mexico auto dealer bond online 24/7. Simply select which license type you need and provide the following information for Motor Vehicle Division approval.
- dealer/dealership name, including any applicable DBA
- dealer/lessor/retailer service address
- dealer license number, if available
Once your payment has been processed, you'll receive a digital copy of your surety bond by email. Your official vehicle dealer bond will be shipped to your preferred mailing address.
How fast can I get a vehicle dealer bond?
Our industry-leading technology and responsive customer service team allow us to offer free quotes and deliver your official New Mexico motor vehicle dealer bond faster than any other surety provider. The MVD requires your New Mexico auto dealer bond be physically issued and shipped to you, so choose overnight shipping during checkout if you're in a rush. Orders placed by 4 PM CST Monday-Friday are typically shipped same-day.
If you have questions about the New Mexico dealer/dismantler/recycler bond or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the bonding process so you can get back to running your business.
What is a New Mexico motor vehicle dealer or dismantler bond?
NMSA 1978 Section 66-4-7 requires applicants seeking any vehicle dealer, dismantler, wholesaler, distributor, wrecker, or title service license file a $50,000 surety bond with the state. Motorcycle dealers must file a $12,500 surety bond. The bond protects vehicle purchasers and sellers who experience losses, damages, or expenses resulting from dealer fraud or other state law noncompliance. The MVD-10175 form is officially titled the “Vehicle Dealer or Auto Recycler Bond," but it's more commonly known as an "auto dealer bond," "motor vehicle dealer bond," "MVD bond," or "dismantler bond."
What is the purpose of the New Mexico auto dealer bond?
By filing an auto dealer surety bond, a licensed dealer or dismantler agrees to operate their business according to New Mexico Motor Vehicle Code. If they fail to do so, the issuing surety company will pay valid claims up to the full bond amount, which the bonded dealer must then reimburse.
Please note this page provides information for vehicle dealer licensing. If you need to register a vehicle with a missing title, a separate New Mexico certificate of title bond is required.
Who regulates auto dealer licensing?
The New Mexico Motor Vehicle Division enforces the state's motor vehicle dealer license regulations, including the surety bond requirement. If you have questions about dealer registration or your dealer license application, you can call the MVD at 1(888)683-4636 or submit questions online.
How do I update or change my auto dealer bond form?
If the New Mexico Motor Vehicle Division requires your MVD bond documentation to be updated for any reason, contact your surety provider. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change.
The most common changes requested for these bonds include updating the:
- dealership business name
- dealership address
- dealer license number
How do you renew your New Mexico auto dealer bond?
Your New Mexico motor vehicle dealer or dismantler bond must be renewed whenever its current 1-year term expires. Once you pay your SuretyBonds.com renewal invoice, renewal instructions will be emailed to you to keep your bond active for your next license term.
How do I get a New Mexico auto dealer license?
Before beginning your licensed dealer application, review the MVD instructions for How to Apply for a New Mexico Dealer License. You'll submit all required dealer license application information and supporting documentation online.
- Complete your Application for Dealer/Dismantler License.
- Purchase a New Mexico surety bond in the amount required for your license type.
- Provide all required supporting documentation.
- Pay the $50 license fee.
After submitting your online application, the MVD will contact you by phone, email, or mail if they have any questions or need any additional documentation.