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Missouri Auto Dealer Bond

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What is a Missouri Auto Dealer Bond?

New and used car dealerships in the state of Missouri are required to hold a valid license to do business. Part of the licensing process involves posting a security, either in the form of a letter of credit or a Missouri auto dealer bond. This security acts as a guarantee that you will interact with customers according to current state laws and regulations. If you fail to do so, a customer can make a claim against your Missouri auto dealer bond for compensation.

Like other surety bonds, a Missouri auto dealer bond is a contract between three different parties. You, the principal, are required to purchase a bond from a surety company. The obligee, which is the Missouri Department of Revenue, is the state authority requesting the bond.

What Does a Missouri Auto Dealer Bond Cost?

Every licensed car dealership must have a letter of credit or a Missouri auto dealer bond of at least $50,000 in order to remain compliant. You do not have to pay the full amount of the security, however. Instead, a Missouri auto dealer bond costs a fraction of the $50,000, typically ranging from 1 to 3%. In some cases, though, the price of a bond may be higher.

Auto dealer bond prices are based on a review of your personal credit history and business financials. When credit has been an issue in the past, you are likely to be a higher-risk bondholder. The surety company providing your Missouri auto dealer bond offsets this risk by requiring a higher bond premium.

How Do I Get a Missouri Auto Dealer Bond?

Even if you have bad credit, obtaining your Missouri auto dealer bond is not a complicated process. You can submit a request for a free bond quote online, and finalize your bonding as a licensed auto dealer after paying your bond premium.

Frequent Questions

What does an auto dealer bond cost?

Costs are a percentage of the auto dealer bond amount that's required of you, which is based on your personal credit. Use our bond pricing tool to get a quick ballpark estimate.

Can I get a bond with bad credit?

Yes. You can get you approved for a bond regardless of your credit situation. However, the price will increase. You can apply to get an instant approval. As the largest writer of surety bonds in the U.S., we have access to high risk markets that many other agencies do not.

How long does the application take?

It only takes minutes, as we can approve you for your bond instantly online. You can get a no obligation quote on our website at any time.

Can I get auto dealer bond insurance to protect myself?

No. An auto dealer bond does not protect you, it protects the public. However, you can protect yourself or your customers by getting fidelity bonds.

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Jennifer Henson
Our company has been with JW Surety for several years now so when we needed to obtain a bond for a new company, we immediately went to them for help. Our rep, Melissa, was extremely helpful and prompt which made the process extremely easy for me.
David Tillotson
Trying to get a local Surety Bond was like driving a car on three tires. I searched Surety Bonds and found JW Surety Bonds. I got online and filled out the information and with in 30 minutes received a response from Melissa. She was informative, friendly and helpful. One more super satisfied customer.

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