Besides licensing, Ohio used car dealers are required to purchase a $25,000 surety bond as required by the Ohio Attorney General Consumer Protection Section.
By statute, the requirement comes under the Ohio Administrative Code, 4501: 1-3-11.
AmeriPro Surety Bonds offers this motor vehicle dealer bond as a first time or renewal surety bond.
According to the Ohio Bureau of Motor Vehicles, the sole purpose of your $25,000 Ohio motor vehicle dealer bond is to replenish money that has been paid from the Title Defect Recission Fund (TDR).
The bond’s purpose, therefore, is to refund losses caused and paid from the TDR in cases where:
Therefore, the bond indirectly protects the consumer; it is not, however, an insurance policy for your auto dealership.
Since it is not insurance, any claims which are paid from your auto dealership bond become your legal and financial liability to reimburse the surety in full.
The premium is the dollar amount that you will be required to pay for the Ohio motor vehicle dealer bond. It is nowhere near the bond’s $25,000 total value.
The amount that you will pay will be determined by an application provided by you, along with a standard credit check.
Typically, an applicant with good credit may pay as little as approximately $375 annually for an Ohio motor vehicle dealer bond; however, the amount that you will pay will vary depending on your application and your credit score.
For applicants with lower credit, AmeriPro Surety Bonds will provide your application to a number of associated carriers to provide you with the best surety bond rate.
Once issued, the bond is active for one year and renews annually.
The Ohio motor vehicle dealer bond must always be kept both current and active as a continued condition of good standing and licensing by the Bureau of Motor Vehicles.
After the bond has been purchased and paid for, our agency can immediately provide you with a copy of the bond by email.
The original surety bond will follow by email either the same or by the next business day.
For an additional fee, you have the option to have your bond mailed overnight.
Only the original bond can be filed with the BMV (which you, as principal, also must sign).
Once signed, you mail the original bond to:
Ohio Attorney General
Consumer Protection Section
Attn: TDRF Unit Surety Bond
30 E. Broad Street, 14th Floor
Columbus, OH 43215
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court and fiduciary bonds throughout Ohio.
What this means for you is that your surety bond is our sole focus!
We understand that you have choices for surety bonds and we are honored that you have chosen our agency.
Please call AmeriPro Surety Bonds today at:
You may also complete the form below and we will contact you.