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How much does an auto vehicle sales finance company bond cost in Pennsylvania?
Pennsylvania car sales financing company bonds are set in the amount of $10,000 by the Department of Banking and Securities.
Due to the nature of the bond, the premium that an applicant will pay is based upon a review of the owner(s) credit by an underwriter. Applicants with excellent credit are typically approved for as little as 1-3% of the total bond amount.
Fill out our quick and easy bond request form or give us a call at 1 (800) 308-4358 to work with a specialist today!
Why do I need this bond?
Motor vehicle sales finance company bonds are required of any individuals or businesses who sell motor vehicles and offer installment payment plans in Pennsylvania. These bonds ensure that the principal (company) adheres to the stipulations of the Motor Vehicle Sales Finance Act. If the company fails to comply with these terms, a claim can be filed against the bond. If the claim is validated, the bond protects any harmed parties from financial loss.
Want more information about this bond? Call 1 (800) 308-4358 or submit a bond request to connect with a surety expert!
What’s the fine print?
Motor vehicle finance bonds are continuously effective until canceled. If the surety chooses to cancel the bond, the cancellation becomes effective 30 days after receipt of notification by the Secretary of Banking or their representatives.
This bond is conditioned so that clients and the Department alike can file claims against the principal in the case of damages. Regardless of the number of years the bond runs for, no claim can exceed the penal sum of $10,000.
How to start a motor vehicle sales finance company in Pennsylvania
When filling out your application for a sales finance company license, you must provide the following information:
- Name of corporation and D/B/A if applicable (if not corporation, name and type of business entity)
- Copy of operating agreement, by-laws, etc.
- Street address and office telephone number of business location
- Company email and web addresses
- Explanation of how sales finance business will be conducted via internet
- Name, title, SSN, date of birth, address, phone number, and email address for each officer, director, or co-owner
All applicants must also be familiar with the Motor Vehicle Sales Finance Act and be prepared to submit to a fingerprint check upon submission.
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