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Rhode Island Auto Dealer Bond

How much does an auto dealer bond cost in Rhode Island?

The Rhode Island Dealers’ License and Regulations Office requires auto dealers to post $50,000 surety bonds prior to conducting business.

These bonds are subject to underwriting, so the price you’ll pay depends on a review of your personal credit report. Bad credit? No problem! SuretyBonds.com offers and exclusive bad credit bonding program through which we get 99% of all applicants the bonds they need quickly, easily and accurately. Request your free bond quote now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Auto Dealer's License Bond $50,000 Starts at $500 $500-4,000 $4,000+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

We can provide your free, no-obligation bond quote within 1 business day of submitting your application! Call 1 (800) 308-4358 or submit a bond request to get started!

Why do I need this bond?

Rhode Island car dealer bonds ensure that principals (auto dealers) comply with the provisions of Chapter 1499 Public Laws of 1956. Prohibited acts under this bond include:

  • failing to have an established place of business for sales
  • willfully defrauding any retail buyer
  • employing fraudulent devices, methods or practices
  • using unfair methods of competition
  • knowingly advertising any statement of fact which is untrue, misleading or deceptive
  • not displaying the appropriate license at the designated principal place of business at all times
  • and more

These bonds are put in place to protect the state and consumers from financial loss that occurs if the principal conducts unlawful or unethical business. The bond covers damages up to the full bond amount, and the principal must reimburse the surety up to the full bond amount.

Ready to get bonded quickly, easily and accurately? Apply now!

What’s the fine print?

Motor vehicle dealer bonds in Rhode Island remain in full force and effect until canceled or violated. These bonds expire on December 31, so your bond premium could be prorated depending on when you buy it. Our team of surety experts works hard to get you bonded according to your specific needs.

The surety can cancel this bond by giving written notice of cancellation to the principal and the Rhode Island Dealers’ License and Regulations Office at least 60 days prior to the effective termination date.

A notary’s signature must be present on the bond form.

How to become an auto dealer in Rhode Island

It is illegal for a person to act as an auto dealer in Rhode Island without being legally licensed to do so. To obtain a license, the applicant must complete the following steps in the licensing process:

  • have the Rhode Island Dealers’ License and Hearing Board approve the name of the dealership
  • submit a completed and notarized application form
  • post a surety bond in the amount of $50,000
  • submit a Bureau of Criminal Identification Authorization Form for each individual owner, partner or corporate officer
  • furnish the dealership’s lease agreement (including square feet dimensions)
  • supply a copy of the city/town license, if applicable
  • provide zoning approval for the city/town
  • provide 4 pictures of the business establishment
  • pay all required application and licensing fees
  • and more

Our team of experts is dedicated to getting you bonded quickly and for the lowest rate available, regardless of you credit situation. Apply for your free, personalized bond quote now!

Ready to get started?

Get a FREE Auto Dealer Bond Quote Today!

Application for Dealers License

Instructions for Application for New Dealership

State of Rhode Island Division of Motor Vehicles - Department of Revenue

Chapter 31-5 Rhode Island’s General Laws: Dealers’, Manufacturers’, and Rental Licenses

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