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Auto dealer surety bonds (also called motor vehicle dealer bonds) are mandated by the New Hampshire Department of Safety Director of the Division of Motor Vehicles (DMV) as part of the licensing requirements for dealerships to conduct business in the state. The DMV sets the total bond amount at $25,000.
The surety company determines your premium rate, which is the percentage of the total bond amount you pay as the premium. Premium rates for New Hampshire auto dealer bonds typically cost between 1% and 3% of the total bond amount.
During the application process, the surety company evaluates your personal credit, financial statements, industry experience, and licensing history. Applicants with good credit generally receive the lowest rates, however, bad credit will not prevent you from securing an auto dealer bond in New Hampshire. EZSurety still offers competitive rates to individuals with low credit scores or other financial issues.
New Hampshire auto dealer bonds provide protection for customers, creditors, and the state government. When an Arkansas motor vehicle dealer posts a surety bond, they provide a guarantee to the bond's Obligee (the New Hampshire DMV) that they will conduct business in compliance with the conditions listed in the New Hampshire Revised Statutes.
If the car dealer fails to comply with the statutes, the surety company will pay out financial losses to damaged parties up to the full bond amount. The auto dealer is liable to reimburse the surety for any damages paid under the bond.
To obtain your motor vehicle dealer license in New Hampshire, you must meet the New Hampshire DMV licensing requirements by completing the following steps:
New Hampshire motor vehicle dealer licenses are valid for a maximum period of one year and expire annually on March 31st.