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Pennsylvania Auto Dealer Bond

Pennsylvania Auto Dealer Bond

Auto dealers in Pennsylvania have to have an auto dealer bond in order to conduct business within the state lines. Pennsylvania auto dealer surety bonds are used as a way for the state to look after consumers and make sure that auto dealers are operating fairly.

Auto dealer bonds are used to provide citizens with a path for recourse in situations where an auto dealer does not adhere to the laws, rules and regulations as set in Pennsylvania state legal statutes. This is why motor vehicle dealer bonds are included as a part of the auto dealer licensing process.

About Pennsylvania Auto Dealer Bonds

In Pennsylvania, the required Motor Vehicle Dealer bond amount is as follows:

Pennsylvania, Motor Vehicle Dealer / Full Agent bond requirement - $20,000 Surety Bond

You should always check with the Pennsylvania Department of Transportation Bureau of Motor Vehicles, or requesting agency, for the most current required Pennsylvania Motor Vehicle Dealer bond amount as well as the required bond forms.

How to Get an Auto Dealer Bond in Pennsylvania

Viking Bond Service, Inc. writes Pennsylvania Motor Vehicle Dealer bonds. We can assist both clients with good credit, and clients with bad credit. Typically, the worse the credit, the higher the surety bond premium will be. In either case, we always work to get the best quote for you. Viking has partnered with markets that welcome Pennsylvania Motor Vehicle Dealer bond applications and provide competitive quotes for them.

Let's take a look at the three parties involved in a Pennsylvania auto dealer surety bond in order to better understand how they operate:

  • The obligee, in this case the state of Pennsylvania, is the entity, agency or individual that requires the surety bond.
  • The surety serves as the underwriter of the bond. Viking Bond Service provides for this role.
  • The principal is the individual or business looking to acquire an auto dealer bond as part of the licensing process.

How Much Does a Pennsylvania Auto Dealer Bond Cost?

Bond premiums are calculated as a percentage of the bond amount. There is no fixed amount for an auto dealer bond premium in Pennsylvania, as this fee is calculated using a number of factors such as credit history and the likelihood of a claim being made. Viking Bond Service, Inc. is committed to providing those with mixed credit histories a poor credit surety bond program that can help those who have had financial setbacks get the surety they need. The typical range quoted for these bonds is 1% to 5% of the requested bond amount. Quotes do come in both lower and higher than the usual range depending on the specifics of the application.

(See Also: Cost Expectations for Auto Dealer Bonds)

What Sets Viking Bond Service Apart

Viking Bond Service, Inc. provides surety solutions for auto dealers of all sizes. Whether you're new to getting licensed or an experienced auto dealer, we know the local Pennsylvania rules and regulations that may apply to your situation. Reach out to one of our Pennsylvania auto dealer bond experts by giving us a call at 1-888-278-7389 or request a quote online today!

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