New Mexico Auto Dealer Bond | AmeriPro Surety Bonds | 844-589-9732
New Mexico Auto Dealers: Jurisdiction and Definition
New Mexico auto dealers are regulated by the dealer licensing bureau .
The bureau requires persons or companies who sell 5 or more vehicles a year to be licensed by the licensing office.
Process of Getting Licensed As an Auto Dealer in New Mexico:
The following is a short summary of how to get the New Mexico auto dealer license .
AmeriPro Surety Bonds will go more in-depth on the surety bond requirement.
We will also work for you to gain the best pricing.
Applicants will to provide the New Mexico dealer licensing bureau all of the following:
* A $50.00 non-refundable application fee;
* The location of the New Mexico auto dealership along with pictures and mapping of the office;
* The type of business the auto dealership is organized as (i.e.corporation, LLC, etc.) and the business tax number, or social security number, if it is a sole proprietorship;
* If you are used or pre-owned auto dealership, you will need to provide a copy of the pre-licensing certificate ; new auto dealers will need to provide a copy of the franchise agreement.
* Finally a $50,000 surety bond which needs to be renewed annually by March 31st of each year.
New Mexico Auto Dealer Bond: The Purpose
The New Mexico auto dealer bond is required by the licensing bureau to protect consumers from any acts of fraud, malfeasance, or theft by an auto dealership, whether new or pre-owned, in the course of their business activities.
A copy of the motor vehicle bond will be uploaded to the licensing bureau along with all other required documents.
New Mexico Auto Dealer Bond: The Premium
The premium required for the bond will be determined by an applicant’s credit score.
Applicant’s with optimal credit scoring may pay under $500 annually for the $50,000 New Mexico auto dealer bond.
However, regardless of one’s credit score, AmeriPro Surety Bonds will work on your behalf to find the best pricing available.
New Mexico Auto Dealer Bond: The Term
As mentioned previously, the New Mexico auto dealer bond is issued for one year, but in any case has a renewal of March 31st.
At that time, a new premium amount will be due, again to be determined by the applicant’s credit score.
And, again, we will always work to provide you the best premium pricing available.
AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bond-only company providing New Mexico auto dealer bonds, motor club and motorcycle bonds, along with all types of license and permit, court and fiduciary bonds throughout New Mexico.
We also provide all types of surety bonds in all 50 states.