This bond is required for anyone who wants to sell cars in New York State. It acts as a financial guarantee that the dealer will follow state laws and treat customers fairly. If a dealer breaks the rules or cheats customers, the harmed person can file a claim against the bond to get their money back. The bond amount v…
Overview
What it is.
This bond is required for anyone who wants to sell cars in New York State. It acts as a financial guarantee that the dealer will follow state laws and treat customers fairly. If a dealer breaks the rules or cheats customers, the harmed person can file a claim against the bond to get their money back. The bond amount v…
Who usually needs it
Licensed motor vehicle dealers in New York State who are retail or wholesale dealers of new or used passenger cars, SUVs, and light trucks (excluding those solely selling trailers, motorcycles, boats, snowmobiles, vehicles over 10,000 lbs, or ATVs) must obtain this bond as part of their licensing requirements. Bond amounts vary: $50,000 for new franchised d…
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 amountVaries by license type or projectObligeeNew York Department of Motor VehiclesBond classLicense BondCategoryMotor VehicleBondNew York Motor Vehicle Dealer BondJurisdictionStatePlain descriptionThis bond is required for anyone who wants to sell cars in New York State. It acts as a financial guarantee that the dealer will follow state laws and treat customers fairly. If a dealer breaks the rules or cheats custo…Who needs this bondLicensed motor vehicle dealers in New York State who are retail or wholesale dealers of new or used passenger cars, SUVs, and light trucks (excluding those solely selling trailers, motorcycles, boats, snowmobiles, vehic…
