The New Mexico Vehicle Dealer Bond is required by the State of New Mexico, Motor Vehicle Division, in the amount of $50,000. The bond states that the bondholder will comply with the provisions of Section 66–4–7, NMSA 1978 Comp, as amended, and all subsequent amendments.
The bond is to protect the public from any harm or wrongdoing by your company. If there is a claim placed on your bond and you are found at fault, the surety company will pay out. However, unlike insurance, you will have to pay the surety company back.
Who Needs a Vehicle Dealer Bond?
If you are a company or individual that sells more than 4 vehicles in a year, you will need to be licensed. For those who need a dealer license the surety bond is one of the requirements.
What are other Vehicle Dealer License Requirements?
- Business identification numbers
- Business ownership documents
- Location information
- Pre-licensing education certificate for Pre-Owned Dealers
- Franchise agreement from a manufacturer for new car dealers
- Pictures or diagrams of the business site location
- Payment of $50 for the application fee
Where can I get a New Mexico Vehicle Dealer Bond?
Surety1 has access to the best surety markets available so we will be able to get you bonded quickly at the best possible price. Just take a few minutes to complete our online application form. Our experts will contact you with a quote for the bond premium. All you need to do is pay the amount and then sign the agreement. Your New Mexico Vehicle Dealer Bond will be sent via USPS Priority Mail or overnight delivery.
Surety1 has been writing Surety Bonds since 2003. We are not only licensed in all 50 states but we also have an A+ rating from the Better Business Bureau.
How to Get Your New Mexico Vehicle Dealer Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.