The Motor Vehicle Dealer bond is a contractual agreement between three parties. You are the principal. The obligee is the state Motor Vehicle Division. The surety is the third party which provides the bonding. Auto dealer bonds do not protect the principal from lawsuits, but rather it protects the consumer from fraud or misrepresentation by the car dealer.
The Motor Vehicle Dealer bond ensures that you will comply with all New Mexico Statutes (Chapter 66) as well as with all other applicable regulations (federal laws, state laws, local laws, and associated guidelines).
New Mexico Car Dealer Licenses are valid for one year and expire on March 31st of each year. To renew your new dealer license, you must submit a renewal application to the New Mexico Department of Motor Vehicles before February 28th of the year of expiration and you will need to have an active surety bond. Motorcycle dealers must file a $12,500 bond. New and used car vehicle dealers must file a $50,000 bond.
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. As we work with 15 A+ rated surety markets, we are able to offer the lowest quotes on the market.
When submitting the renewal application to the obligee, you will also need to submit an Affidavit of Dealer License Compliance. The application fee for the initial renewal license is the same as the initial license: $50. Complete the Application for Dealers License (MVD-10035) and submit it along with your bond, supporting documentation, and fee to MVD.
New Mexico Motor Vehicle Division
Joseph Montoya Building
P.O. Box 1028
1100 South St. Francis Drive
Santa Fe, NM 87504-1028
Telephone Toll Free: 888-683-4636 or 888-MVD-INFO
Click here to read our New Mexico Motor Vehicle Dealer bond page for more bond information!
Click here to be redirected to New Mexico’s MVD page for more license information!
If you already have your bond through our company, feel free to reach out directly to our renewals department at [email protected] or call us at 877-930-8127. Renewal invoices are shipped out two months prior to the expiration date.
If you are a new licensee or want a free quote today, feel free to apply here. Your bond should start on April 1st of the year and end on March 31st of the following year to match the start and end date of your license per NM state requirements.
We have been providing surety bonds in New Mexico since 2003 and Surety1 is rated A+ by the Better Business Bureau. March 31st will be here quicker than you’d expect.
Don’t delay, apply here and get your free quote today!