On the instructions for obtaining a new (and we offer renewals surety bonds) license for a Rhode Island auto dealer, #3 on the list of instructions states that you are required to obtain a $50,000 surety bond.
Our agency also offers this bond for persons or businesses who want to renew their surety bond through another agency.
Applicants for the $50,000 Rhode Island motor vehicle dealer bond will need to complete a surety bond application, which we may be able to submit to you for an electronic signature, and undergo a credit inquiry.
The credit inquiry pull is a “soft pull” which does not adversely affect your credit score. Approval is almost entirely predicated on your credit score; and while our agency will work to find you the fairest surety bond pricing, the amounts can range considerably.
As an indication of pricing, someone with excellent credit may pay as little as 1%, or $500, annually. Rates may theoretically go as high as 10%. In some cases, for very high premium amounts (i.e. $2000 and north), we may be able to offer you a 4 month payment plan; however, this is not guaranteed.
Upon approval of your vehicle dealer bond and payment of the premium, our agency issues your bond to you immediately.
Upon receipt of your surety bond, you’ll sign it as Principal and mail it along with the Power of Attorney form that we’ll provide to:
State of Rhode Island And Providence Plantations
Division of Motor Vehicle
Dealers’ License And Regulations Office
600 New London Avenue
Cranston, Rhode Island 02920-3024
Your Rhode Island auto dealer bond is issued to you for a one year period and the bond, along with the premium, will renew on the anniversary of its issuance.
Your surety bond is required as a legal and financial guarantee of your continued compliance with all laws dealing with motor vehicle dealerships, especially Chapter 1499 Public Laws of 1956, as amended.
AmeriPro Surety Bonds provides auto dealership surety bonds nationwide.
Our agency is also an aggregator of license and permit, court, and probate surety bonds in all 50 states. Please call us today at:
Or, you may fill out the form below and an agent will contact you...