Oklahoma used motor vehicle dealers and wholesale motor vehicle dealers are both required to obtain a $25,000 surety bond as mandated by the Oklahoma Used Motor Vehicle and Parts Commission.
While the surety bond form used for used dealers and wholesale dealers is different, what is written here is otherwise true of both categories.
Applicants for the Oklahoma used motor vehicle or wholesale dealer surety bond will complete a standard surety bond application and undergo a credit review. Our agency can pre-fill much of the application from you over the phone; however, it will require your signature before submission.
Once the completed application has been received by our agency, it will be submitted to an underwriter.
Good credit is typically required by our agency to be approved for this bond. For a surety bond which is issued for a full term (see below), the premium will be 2% of the bond’s amount.
Once the bond has been approved and paid for, it is issued immediately. A copy of the bond can be emailed to you; however, the original bond --- which you will sign as Principal --- will be sent to you by the following business day.
It is ideally the original signed bond which should be recorded with the Commission.
Both the Oklahoma used car dealer and wholesale car dealer surety bond are issued for a term which expires bi-annually on December 31st of each odd numbered year. Surety bonds which are purchased within these periods and not for a full term are prorated as to the premium due.
The Oklahoma used motor vehicle dealer bond is written as a financial guarantee which ensures your compliance with the Oklahoma Used Motor Vehicle Dealer Laws, and any future amendments or additions to this law.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit bonds throughout all 50 states.
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