City of New York City, New York-Second Hand Dealer-Automobiles
Secondhand Dealer - Automobiles
Overview
What it is.
Secondhand Dealer - Automobiles
Who usually needs it
Licensed retail or wholesale dealers of used motor vehicles (second-hand automobiles) in New York need this bond as required under Vehicle and Traffic Law Section 415(6-b). The bond amount is $20,000 for dealers who sold 50 or fewer vehicles in the prior year, or $100,000 for dealers who sold more than 50 vehicles. The bond guarantees compliance with NY DMV…
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateNYBond amount$1,000ObligeeThe NYC Department of Consumer and Worker ProtectionBond classLicense BondCategoryOtherBondCity of New York City, New York-Second Hand Dealer-AutomobilesPlain descriptionSecondhand Dealer - AutomobilesWho needs this bondLicensed retail or wholesale dealers of used motor vehicles (second-hand automobiles) in New York need this bond as required under Vehicle and Traffic Law Section 415(6-b). The bond amount is $20,000 for dealers who sol…
