The Iowa Department of Transportation (DOT) makes it very clear on its web page that first time or returning retail dealers of motor vehicles must obtain a $75,000 surety bond.
Our agency will work to have the bond issued to you the same day, depending on the time that we receive your application.
Candidates for the $75,000 Iowa motor vehicle dealer bond will complete a standard surety bond application – much of which we will pre-fill with you over the phone – before we will submit to you for completing and your signature.
A credit inquiry review is also required.
Once the application is received and completed, an underwriter will review the application along with your current credit report.
Applicants who are approved for this bond through our agency will pay a premium of $1125, annually. Our agency provides surety bonds for those applicants who have good credit, so we are able to state the single approval price of this surety bond for our customers.
Once the bond has approved and the premium paid, our agency can issue the bond to you immediately. A copy of your surety bond can be sent to you by email; however, it is the original surety bond which you should ideally file with the DOT.
You will sign the original bond and file that along with a Power of Attorney with the Department.
At $1125 premium, the Iowa auto dealer bond is issued with a standard term for one year. Thereafter the bond must be renewed.
Your surety bond is a financial guarantee that you will maintain professional compliance with all laws, regulations, and rules, and any future amendments concerning operating a motor vehicle dealership in Iowa.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Iowa. Our agency also provides surety bonds surety bonding nationwide. Please contact us today at:
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