The New Mexico Vehicle Dealer Surety Bond is required by the State of New Mexico, Motor Vehicle Division, in the amount of $50,000. The bond states that you will comply with the provisions of Section 66 – 4 – 7, NMSA 1978 Comp, as amended, and all subsequent amendments. The bond is set to expire each year on March 31st.
The bond is to protect your clients 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.
Surety1 has access to the best surety markets available so we will be able to get you bonded quickly at the best possible price!