Texas Motor Vehicle Dealer Bond

Texas Motor Vehicle Dealer Bond

Hi, my name is Brad Bullerdieck, and I’m
an account executive at SuretyBonds.com. As a new business owner, it’s likely you
will have to purchase a surety bond to complete the business licensing process. Today I’m going to break down specific bond
information, application requirements, cost expectations and the logistics involved for
receiving your bond. Now let’s get started. Before a motor vehicle dealer’s license can
be issued or renewed by the Texas Department of Highway Safety and Motor Vehicles, the
dealer must purchase a surety bond from a provider authorized to work in the state.
The bond must then be filed with the DMV. Both independent and franchise motor vehicle
dealers are required to post a $25,000 surety bond with the state of Texas. These bonds
are issued on a 2-year term and must start on the first of the month. The DMV can help you determine the exact bond
type you need for your business license. Then you’re ready to apply for your bond. Our application is incredibly quick and easy.
Your personal account manager will walk you through the process step-by-step over the
phone and should only take about 5 minutes in most cases. If it’s before or after the hours you see
on your screen, you can always submit a quote request online to jumpstart the process. The
next available account manager will call you as soon as possible the following day to finalize
your application. Once your application has been submitted,
our underwriting team will review it for pricing. We generally return quotes within 1 business
day, but often times customers receive their quotes within an hour or two of their submission.
Depending largely on credit score, the lowest rates for the Texas Motor Vehicle Dealer bond
start at just 1%, or $500 for the state required 2-year term. Criteria that’s often considered includes
a review of your credit report, time in business, and years of industry experience. When you’re ready to purchase your bond,
you’ll need to sign and return the documents provided by your account manager. Once your
premium has been paid, our processing team will issue your bond and prepare it for shipping. If your paperwork and payment are submitted
before our daily cutoff, you can guarantee next-day delivery with our trackable overnight
delivery option. Fast, easy, and accurate – that’s the SuretyBonds.com way. I hope this video has made you more familiar
with this bond, the application process, and the cost expectations associated with it. If you have any questions or are ready to
apply now, call 1 800 308 4358 any time from 7 AM to 7 PM central standard time or begin
the application process anytime by submitting a quote request on our website. Thanks and have a great day!

2 Replies to “Texas Motor Vehicle Dealer Bond”

  1. I just bought a vehicle from small dealership. In the second week I took it back under warranty for mechanical issues. At this time the dealership still did not register the vehicle in my name. Weeks went by and dealership never fixed. Got a call last night from the dealership owner and he said he didn't have the car and he was closing up the business. Mind you vehicle still is not registered and he failed to comply with DMV law to transfer ownership and registration to me. Now I'm out 23k dollars and no car.
    Question is. Will his surety bond cover my financial loss and how do I need to move forward in this matter? please help!

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