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West Virginia Auto Dealer Bond

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What Is a West Virginia Auto Dealer Bond?

A motor vehicle dealer in the state of West Virginia must have a business license to sell vehicles legally. One part of the licensing process involves posting a West Virginia auto dealer bond.

As a type of surety bond, a West Virginia auto dealer bond helps auto dealers comply with state rules and regulations surrounding the sale or exchange of vehicles.

The requirement to have a West Virginia auto dealer bond provides some peace of mind to consumers that conduct business with licensed auto dealers. If an auto dealer fails to comply with current laws or operates fraudulently, then a claim can be made against the bond to cover financial losses.

How Does a West Virginia Auto Dealer Bond Work?

A West Virginia auto dealer bond is a legal contract that involves three specific parties.

The Obligee

The first party is the state licensing department responsible for managing auto dealer requirements. This party is known as the obligee of the bond.

The Principal

The second party is the auto dealer required to secure a bond. This party is known as the bond's principal.

The Surety

The third party is the surety company issuing the bond to the auto dealer. The surety company pays claims against the bond and the principal repays the surety.

West Virginia Auto Dealer Bond Obligee Details

In West Virginia, an auto dealer bond obligee is as follows:

West Virginia Division of Motor Vehicles

Dealer Services

PO Box 17100

Charleston, West Virginia 25317

Phone: 304-926-0705

Who Needs a West Virginia Auto Dealer Bond?

Auto dealers in West Virginia are defined as individuals or businesses that sell vehicles for a profit. A license and a corresponding West Virginia auto dealer bond is necessary if your business engages in these activities.

How Do You Get a West Virginia Auto Dealer Bond?

Getting a West Virginia auto dealer bond is a straightforward process. It begins with submitting an application online and providing information about the bond amount, the type of bond, and the financial details needed to determine pricing.

Once the surety company reviews these details, a bond quote is provided. The surety company then requires payment for the bond and provides instructions on how to finalize the bonding process.

How Much Does a West Virginia Auto Dealer Bond Cost?

Auto dealers in West Virginia must post a surety bond of at least $25,000 to comply with current laws. The total amount of the bond required is not the price an auto dealer pays out of pocket. The surety company issuing a bond calculates a bond premium, ranging from one to 10 percent of the bond total for most auto dealers.

The surety company initially covers claims made against a West Virginia auto dealer bond, which means they provide an extended credit to the auto dealer. Because of the risk involved, a check of personal credit and financial stability of the dealership is necessary.

Can I Get a West Virginia Auto Dealer Bond with Bad Credit?

West Virginia auto dealers who have a strong credit history typically pay a lower bond premium than those who have had credit issues in the recent past. Having bad credit won’t disqualify you from obtaining an auto dealer bond, but you should expect to pay a higher premium.

How Do I Renew My West Virginia Auto Dealer Bond?

West Virginia auto dealer bonds must be renewed each year by June 30 to remain compliant with state regulations. You should receive a renewal notice each year before the June 30 deadline. It is important not to miss this deadline so that your bond stays valid.

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 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.
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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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About JW Surety Bonds
We are a family owned and operated agency established in 2003. We started with just two people, and grew to become the largest volume bond producer in the nation with 50+ employees. Since day one, our team focus has been on providing real-time online quotes, an easy process, and the best in claims defense. Learn more about our company.