Surety Bond - Motor Vehicle Dealer, Repairer/Recycler, or Leasing/Renting Company
Any person, firm, or corporation applying for a new car dealer's or used car dealer's license in Connecticut. Required when: Application for a new or used motor vehicle dealer license or biennial renewal of the license. Exemptions: The Commissioner may waive the bond requirement for a second or additional license if t…
Overview
What it is.
Any person, firm, or corporation applying for a new car dealer's or used car dealer's license in Connecticut. Required when: Application for a new or used motor vehicle dealer license or biennial renewal of the license. Exemptions: The Commissioner may waive the bond requirement for a second or additional license if t…
Who usually needs it
Any person, firm, or corporation applying for a new car dealer's or used car dealer's license in Connecticut.
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.
StateCTBond amount$60,000Term lengthContinuousObligeeConnecticut Department of Motor VehiclesRenewalLicenses are renewed biennially. The surety bond must remain continuous. Licensees must provide proof of bond renewal or replacement to the DMV on or before the expiration date of the existing bond.Bond classLicense BondCategoryMotor VehicleBondSurety Bond - Motor Vehicle Dealer, Repairer/Recycler, or Leasing/Renting CompanyStatutory referenceConn. Gen. Stat. § 14-52(b)(2)JurisdictionState
