DEALER BOND FAQ
The used car dealer bond protects customers against fraudulent or unethical actions by a dealer and ensures that the dealer is financially secure. It guarantees that funds will be returned if a dealer does not honor the transaction. A dealer bond also protects the dealer from customers avoiding payment and against other disreputable dealers. In addition to these safeguards, the DMV can make a claim against a bond, if necessary.
Other surety bond carriers require payment in full at the time of purchase; however YOUR CAR DEALER BOND established a financing program to offer California dealers the convenience of financing a dealer bond.
The OL 25 is a surety dealer bond. The original bond sent from the bond carrier will meet this requirement.
Generally, a quote is received in less than 48 hours. If a FICO score is below 650, the process may take a little longer.
Once the payment is received, it will be 7 to 10 days to receive the bond in hand. We utilize Check-by-Fax and Check-by-Email to expedite our processing time.
Once the payment is received, it will be 7 to 10 days to receive the bond in hand. We utilize Check-by-Fax and Check-by-Email to expedite our processing time.
Unfortunately, no. Once the DMV inspector accepts a bond and the dealer license is issued, the surety company will not process a refund. The $10,000 bond would have to be canceled and a $50,000 bond would need to be written without a credit or refund.
Absolutely! To provide another convenient payment option to our customers, we currently accept Visa, Mastercard, Discover, and American Express. A standard processing fee of 5% is applied.
Car Dealer Bond FAQ
RIDER Process: The need for obtaining a rider can be frustrating especially if it’s only for an incomplete or incorrect entry on your application. Riders are frequently initiated solely for the purpose of including a middle name because it was omitted on the dealer’s application. The cost of a rider is $100 and will add another 2 to 4 weeks to the licensing process. That is why we prefer to spend extra time to answer your questions and to ensure your application is completed accurately. We want to provide you with the best possible dealer bond acquisition experience.
The two most time-consuming steps of the car dealer licensing process are:
- Live Scan fingerprints normally take 45 days to be entered into the Department of Justice system. The cost of the combined fees total approximately $70.
- Forming a corporation or LLC may take 45 to 60 days, although an expedited service can be purchased for anywhere from $250 to $500, depending on the request of urgency.
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Whether you are in the market for a Dealer Bond or Dealer Insurance, discover how much stress and money we can save you. We will find the best options for your dealership!
Wondering if Flipping Cars could be Profitable for YOU?
Absolutely! But before you start flipping cars, you’ll need to purchase an auto dealer bond. Contact us to receive a great price and superior service!
Call YOUR CAR DEALER BOND @ 866-357-4405
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We take the confusion and guesswork out of the equation. Our experience in coverage options allows us to determine the perfect policy for your dealership.
YOUR CAR DEALER BOND – Leaders in the dealer bond industry!
I acquired wide-ranging knowledge and unrivaled insights from working over 20 years in the used car dealer arena.
Sharing a FAQ site is my way of giving back to my auto dealer friends.
Mike Ramos, President YOUR CAR DEALER BOND LLC
