California Dealer Surety Bond

California Dealer Surety Bond

Posted in the Auto Dealers Forum

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will

Los Angeles, CA

#1 Aug 22, 2007
I just got a quote for a surety bond for California (which requires 50K) and they are asking for $2,000 to cover a full year. This is my first bond.

Is this a good deal? I'm thinking about applying elsewhere but I don't want a thousand people pulling my credit.

I have good credit so I'm wondering what you guys are paying in California or elsewhere for your bonds. Any help is appreciated!

Will
Mike

Doylestown, PA

#2 Sep 24, 2007
At $2,000 annually you are paying a 4% rate, which is a bit high. A standard market bond rate is usually 1-3%, which would be anywhere from $500-$1,500 annually.

Check out the auto dealer bond section on the surety bond forums for more at: forums.jwsuretybonds.com/motor-vehicle-dealer...
ray

Salt Lake City, UT

#3 Oct 2, 2007
hi i am trying to open a auto dealer in utah and a local company try to charge me 5.000 for a 50.000 bond and i dont think thats right so someone can tell where to go to get a good rate on a bond like that one.
thanks
Mike

Doylestown, PA

#4 Oct 15, 2007
Ray,
It sounds like you may have some credit issues or your business is not profitable.
In any case, you can obtain a free quote at: http://www.jwsuretybonds.com/apply.php
Mike

Doylestown, PA

#5 Oct 15, 2007
I almost forgot, for additional information on auto dealer bonds see: http://www.jwsuretybonds.com/auto_dealer_bond...
YOURAUTODEALERSH IP

United States

#6 Jan 22, 2008
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MVD Help

Chandler, AZ

#7 Jul 31, 2008
It has been hard to obtain MVD bonds for the state of California without collateral and a resemble price I found a company that was very easy to deal with and they were about $1,000 cheaper than every buddy else https://www.integritybonds.com/MVD_bonds.html
John

Las Vegas, NV

#8 Dec 23, 2008
Mike wrote:
Ray,
It sounds like you may have some credit issues or your business is not profitable.
In any case, you can obtain a free quote at: http://www.jwsuretybonds.com/apply.php
Hey Mike, How can ANY bsusiness be profitable if it has not started yet...?
Mike

New Hope, PA

#9 Jan 16, 2009
John,

I was referring to an established business. Obviously a surety will not be able to review business financial statements of an entity that has not begun to operate.
sammy

Chandler, AZ

#12 Feb 17, 2010
Hey guys... bond prices depend ON CREDIT! then which state, for example, my cali dealer bond for $50,000 was $1100 a year, Arizona wants a 100,000 bond and it was exactly double =$2200. Some states require less, some require more. But the percentage relays on ones credit report
hmmm

Jefferson, GA

#13 Feb 17, 2010
My credit must be good because my $35000 bond costs $300/yr.
joe

Woodland Hills, CA

#14 Mar 2, 2010
guy if my credit is not that good can i have someone co-sign my bond? without getting him involved at the tax etc..?a
jake

Chandler, AZ

#15 May 4, 2010
I talked to integritybonds.com and they helped me. I used a co-signer to get a lower price
Jacks25

Fullerton, CA

#18 Jun 22, 2010
I have someone who needs a $50K bond. He has good credit and 2+ years of established business. He is missing the RE collateral. Does anyone know of a company that will issue a bond w/o gouging him?
He does have a cosigner with the RE Collateral but not so good credit
Dee

Los Angeles, CA

#23 Jun 2, 2011
will wrote:
I just got a quote for a surety bond for California (which requires 50K) and they are asking for $2,000 to cover a full year. This is my first bond.
Is this a good deal? I'm thinking about applying elsewhere but I don't want a thousand people pulling my credit.
I have good credit so I'm wondering what you guys are paying in California or elsewhere for your bonds. Any help is appreciated!
Will
You should be able to get one as low as $1000. Unfortunately California and Florida are now considered high risk states, due to some bad dealings by other dealers. Is this your first bond? New dealers may get charged more due to lack of business history.
SuretyBondExpert

Scottsdale, AZ

#28 Dec 6, 2011
will wrote:
I just got a quote for a surety bond for California (which requires 50K) and they are asking for $2,000 to cover a full year. This is my first bond.
Is this a good deal? I'm thinking about applying elsewhere but I don't want a thousand people pulling my credit.
I have good credit so I'm wondering what you guys are paying in California or elsewhere for your bonds. Any help is appreciated!
Will
We can help you get the best rates and great service on any Auto Dealer Surety Bond. You may contact us at any time at ( http://www.performancesuretybonds.com/AgentCo... ).
Steve

Hemet, CA

#29 Jan 2, 2012
I have applied for a dealer bond for California and have been getting rates from $6500 to $7500, my credit is not good as I lost a vacation home during the crash. I guess my question is I have seen some bond companies accept co-signers, If I have a co-signer with 750 credit will this lower my rate for the bond? Also would the co-signer have to be part owner of the business?

Any assistance, would be greatly appreciated!
Mark

United States

#31 Feb 29, 2012
My friend offered me $2000 to co-sign surety bond for wholesale car dealership in Cal.
I'm wondering if a companies will insure obligants with lower credit scores? For incresed premiums?

Does he need to find a bond company that will specialize in higher risk obligants?

Wonder what my risk is as a co-signer?
Mike

Fairbanks, AK

#33 Mar 19, 2012
I purchased 3 vehicles form a dealer. it has been 60 days and I do not have the titles yet. He keeps on saying that he is busya nd will mail them. How long does he have to produce the titles before I go after his bond?
answer

Dahlonega, GA

#34 Mar 19, 2012
Most states is 30 days. Might be time to contact your secretary of state or dealer licensing department, they usually sanction dealers who don't follow the rules.
Mike wrote:
I purchased 3 vehicles form a dealer. it has been 60 days and I do not have the titles yet. He keeps on saying that he is busya nd will mail them. How long does he have to produce the titles before I go after his bond?

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