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Auto dealer surety bonds (also called motor vehicle dealer bonds) are mandated by the Nevada Department of Motor Vehicles (DMV) as part of the licensing requirements for dealers, distributors, lessors, manufacturers, and rebuilders to conduct business in the state. The Nevada DMV sets the total bond amount based on the type of dealership license:
The surety company determines your premium rate, which is the percentage of the total bond amount you pay as the premium. Premium rates for Nevada 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 a Nevada auto dealer bond. EZSurety still offers competitive rates to individuals with low credit scores or other financial issues.
Below are the lowest premiums EZ Surety has issued for auto dealer surety bonds in the State of Nevada.
Nevada auto dealer bonds provide protection for customers, creditors, and the state government. When a Nevada motor vehicle dealer posts a surety bond, they provide a guarantee to the Nevada DMV (the bond's Obligee) that they will conduct business in compliance with the conditions listed in Chapter 482 of the Nevada Administrative Code.
If the auto dealer fails to comply with the code, 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 auto dealer license in Nevada, you must meet the Nevada DMV business licensing requirements by completing the following steps.
License applicants must pay the following fees: