Viking provides Auto Dealer Surety Bonds nationwide. Viking provides competitive terms and quick service. Getting the bonding process started with Viking is easy. There are several ways to get started on your bond request with Viking:
An Auto Dealer Bond is a type of commercial license surety bond. The bond is typically required by departments in state governments that handle vehicle licensing such as the Arizona Department of transportation.
Each state has a set of laws and statutes regarding the operation of auto dealers within that states boundary. The Auto Dealer Bond serves to protect the state by providing a form of guarantee that the licensee, the dealer, will adhere to these state laws.
In an instance where the auto dealer does not adhere to the state laws, a claim may be made on the bond up to the bond penalty, bond amount. In the case of a claim, the Surety, the company providing the guarantee behind the bond, is typically required to pay the penalty amount to the state within a certain time frame if the dealer has not already done so. The Surety will then attempt to collect the paid amount from the dealer. The auto dealer is ultimately financially responsible for any amount paid on the Bond.
Rates for Auto Dealer Bonds vary widely. The rates are determined based on various factors which include credit standing and may include financial standing as well. Typically, the poorer the credit, the higher the quotes are for auto dealer bonds.
The best way to get a truly accurate quote for an auto dealer bond is to apply for the bond and let the underwriter review the request and put a quote together.
Viking Bond Service, Inc. will always attempt to get the best rate for any surety bond request. In instances where the rate is high to start due to challenged credit, our renewal department can remarket the bond, at time of renewal, if there has been an improvement in credit and/or financial standing.
There is some information that is specific to each type of bond for each state. In most cases, our agents either already have the necessary information, or can assist with getting it.
(See Also: Auto Dealer Bonds By State)
Quotes are available for clients with low credit. In many cases, a bond is not out of reach simply due to bad credit.
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