Motor vehicle dealers are required to post a New Jersey Motor Vehicle Dealer Bond as part of the process to license the dealership. This is a type of surety bond and is just one requirement to obtain a license to sell cars in the state of New Jersey. Read our Car Dealer License Guide to learn more about how to get your dealership licensed and bonded.
- Required by: New Jersey Motor Vehicle Commission
- Minimum Bond Amount: $10,000
- Maximum Bond Amount: Varies
- Surety Bond is required in your business name and address with an expiration date coinciding with the licensing year.
This bond guarantees the principal will abide by all New Jersey state laws and regulations along with the laws outlined in N.J.S.A. 56:8-1 et seq. The price for the bond, also known as the bond premium, is only a small fraction of the bond amount and it renews annually.
Surety1 is not directly involved with the licensing process, but we’ve compiled this information which may helpful for you. State licensing fees and requirements:
- New Jersey Motor Vehicle Dealer Bond
- License application
- Supporting application documents
- $100 license fee
- Proof of insurance
- Fingerprint request notification form
- Business hours schedule
- Copy of incorporation/ formation documents
- Driver license copy for each owner, officer, member, and partner
All licensing fees are required by the obligee, not the surety company.
For additional licensing information, visit New Jersey’s official site.
How to obtain a New Jersey Motor Vehicle Dealer Bond
At Surety1.com we make it easy to obtain your surety bond with a simple 3 step process:
- Complete our easy to navigate and secure online application.
- Review your free, no obligation quote, usually within one business day from one of our surety bond professional agents.
- Sign some paperwork and make payment
Once these steps have been completed, the New Jersey Motor Vehicle Dealer Bond will be sent to you for signature prior to submitting to the New Jersey Motor Vehicle Commission. An original $10,000.00 Surety Bond (Copies not acceptable) must be submitted.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.