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New Jersey Used Motor Vehicle Dealer Bond

New Jersey Used Motor Vehicle Dealer Bond

www.suretybondsdirect.com/surety-bond/motor-vehicle-dealer-bond/nj

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Who Requires the Used Motor Vehicle Dealer Bond and Why Is It Needed?

Salesman. Motor Vehicle Dealer Bond for auto dealers or others who buy, sell, auction, or repair cars or other motor vehicles.

The New Jersey Motor Vehicle Commission requires that used car dealers operating in the state provide a surety bond in the amount of $10,000 in favor of the State of New Jersey.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your New Jersey Used Motor Vehicle Dealer Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What Does the Bond Protect Against?

The surety bond protects third parties who sustain financial damages as a result of a vehicle dealer’s fraudulent or other unlawful business practices that constitutes a violation of the rules and regulations in N.J.S.A. 56:8-1 et seq. The motor vehicle dealer bonds remain in force until a specified expiration date or until canceled by the surety company through 30 days advance written notice to the Commission.

What is Needed to Obtain My License?

The following is an overview of used motor vehicle dealer licensing requirements in New Jersey.

  • Completed application
  • Original $10,000 Surety Bond
  • License application municipal approval
  • Supplemental applications as required
  • Child support certifications
  • Copy of the driver licenses
  • Passport size color photograph
  • Copy of Incorporation/Formation Papers
  • Copy of Alternate/Fictitious Name Filing Certificate (if applicable)
  • Copy of property deed or lease.
  • Copy of Federal EIN Registration Certificate
  • Copy of NJ Certificate of Authority for Sales Tax
  • Original Certificate of Liability Insurance
  • Listing of authorized signatories
  • Photographs/plans clearly depicting the complete premises and signage which the dealer intends to conduct business.
  • Certification that verifies that those listed as authorized signatories have not been convicted of fraud or misrepresentation.
  • Copy of the phone bill or installation order for the business.
  • License and Registration fee
  • Additional items may be needed and exact requirements may vary based on applicant, license type or obligee discretion. Please see obligee and state links in the Other Helpful Information and Links section below or contact the obligee directly for more information.




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