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South Carolina Auto Dealer Bond

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What is a South Carolina Auto Dealer Bond?

Auto dealers of new or used vehicles and motorcycles must have a license to operate legally in the state of South Carolina. As part of the licensing process, a South Carolina auto dealer bond is also necessary. This type of surety bond helps ensure a licensed auto dealership is acting in accordance with state rules and regulations dealing with customers. When a dealership customer experiences financial harm due to fraudulent or illegal business practices, a claim can be made against the bond for compensation.

There are three parties involved in a South Carolina auto dealer license: the principal, obligee, and surety. The licensed auto dealer is the principal, while the obligee, the authority requiring the bond, is the South Carolina Department of Motor Vehicles. The surety is the company providing the bond to the dealership, and it pays claims against the bond. However, the auto dealer is required to repay claims.

What Does a South Carolina Auto Dealer Bond Cost?

A South Carolina auto dealer bond of at least $30,000 is required for retail auto dealers. Wholesale and motorcycle dealers must have a bond of at least $15,000. However, the price you pay for a South Carolina auto dealer bond is only a fraction of this amount. You are given a rate for your bond, ranging from 1 to 10%, which is dependent upon several factors.

Surety companies rate your bond premium after evaluating your personal credit score. If you have had issues with money management in the past, such as civil judgments, liens, or missed payments, your credit score reflects this. A low credit score means you are a higher risk for potential bond claims in the future, and therefore, the rate you pay for a South Carolina auto dealer bond is higher.

How Do I Get a South Carolina Auto Dealer Bond?

Securing your South Carolina auto dealer bond takes just a few steps. You can start by submitting a request for a free quote online. You may also apply for a South Carolina auto dealer bond through a short online application form provided by a surety agency.


Frequent Questions

What does an auto dealer bond cost?

Costs are a percentage of the 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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