Rhode Island Motor Vehicle Dealer Surety Bond
We write $50,000 Motor Vehicle Dealer Bonds in Rhode Island.
Our GOOD CREDIT price is $500.
Rhode Island Motor Vehicle Dealer Bonds are required by the Rhode Island Dealers' License & Regulations Office. The required bond amount is $50,000. Previously, the Motor Vehicle Dealer bond was set in the amount of $100,000. Due to decreasing motor vehicle sales and the resulting ramifications for dealers, including decreasing profits and the accompanying decrease in financial liquidity, difficulty obtaining credit and declining credit availability, many motor vehicle dealers are in a perilous financial situation. Many dealerships were finding it extremely difficult to obtain this $100,000 bond.
Such a lower bond amount will still adequately protect customers by making sure that they will be financially protected and able to recover from a failed motor vehicle dealership. At the same time, the amount is not so high that it will be unattainable by a significant percentage of motor vehicle dealers or that it will threaten their ability to remain in business.
Most applicants with good credit will qualify for rate indicated. In order to receive your specific quote, we must review your qualifications to determine the lowest possible price. If you have already been declined or nonrenewed by another Surety Company, chances are you will not qualify for this preferred rate.
We have various sureties willing to write bonds for applicants with less than perfect credit, including a special program with very competitive prices for those with just a few credit blemishes.
We find the best possible price for your surety bond given your particular qualifications.
Additional information about this corporate surety bond requirement is as follows:
Obligee - Rhode Island Dealers' License & Regulations Office
Bond Amount - $50,000
Bond Premium - $500
Renewal Document - Renewal Bond required.