New Jersey Motor Vehicle Dealer and Leasing Company Bonds
New Jersey Motor Vehicle Dealer or Leasing Company Bond Information
The New Jersey Motor Vehicle Commission (MVC) requires that dealers of motor vehicles dealers and leasing companies in the state provide a surety bond in the amount of $10,000 in favor of the State of New Jersey. All used motor vehicle dealer bonds expire on March 31st annually.
How Much Does a Motor Vehicle Dealer Bond Cost in New Jersey?
What does a Motor Vehicle Dealer 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.
Getting Your New Jersey Business License or Registration
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.