Most of the time, a Surety Bond’s purpose is to protect a consumer against damages due to fraud, defaulting on a contract, or other negative and wrongful behaviors on the part of a business providing a service or product. In some cases, a business opts to get a Surety Bond to prove that they are committed to ethical behavior; however, most of the time a Bond is required by a government agency in order for a business to get a license to provide those services or products.
A motor vehicle dealer Bond, sometimes also called a DMV bond, MVD Bond, used car dealer bond, or auto dealer Bond, guarantees that the motor vehicle dealer complies with all federal laws, state laws, local laws, and tax and judgment guidelines that relate to motor vehicles.
In the State of Florida, a used car dealer Bond is required by the Florida Division of Motor Vehicles to ensure compliance with Section 320.27 of the Florida Statutes. The Surety Bond amount is $25,000. The price of the Bond can vary significantly depending on the quality of the ownership behind the dealership. This cost can range anywhere from $250 to $5,000. Red Fox Bonding has special programs in place to support individuals with a poor credit history. We can even provide access to Surety Bond financing, if necessary.
Call us at (855) 952-6633 to speak with a Surety Bond Expert
What happens after I apply online for my Surety Bond?
Step #1: A Surety Bond underwriter will immediately review your application, if it has been fully completed.
Step #2: A friendly Surety Bond expert will reach out to you to explain your quote or request additional information.
Step #3: Once you accept your quote and pay any premium due, your Surety Bond will be issued and delivered immediately.