West Virginia motor vehicle dealer bonds will expire on June 30, 2012.
What is a motor vehicle dealer bond?
In most states, individuals who want to get their motor vehicle dealer license usually have to purchase a motor vehicle dealer surety bond. This bond guarantees that the auto dealer will provide his or her services ethically and in accordance with the law.
Also known as auto dealer bonds, DMV bonds and used car dealer bonds, motor vehicle dealer bonds protect customers from fraud and other unethical actions done by car dealers, including:
- the misrepresentation of merchandise
- the use of unethical practices to sell vehicles
- the failure to deliver a valid certificate of title
- the failure to pay necessary motor vehicle fees
- the failure to forward sales tax payments to the state
In legal terms, you — the auto dealer — become the principal party when you purchase a surety bond, which pledges to the state — the obligee — that you’ll uphold the practices of lawful and ethical business.
How do you get a bond?
The required bond amount for auto dealers in the state of West Virginia is $25,000. When you’re ready to purchase or renew your bond, call SuretyBonds.com at 1 (800) 308-4358 to speak with an expert surety specialist. After assessing your credit score and performing a financial check, the surety specialist will walk you through each step of the bonding process. In many cases, SuretyBonds.com can underwrite an auto dealer bond for as little as $250 for qualifying applicants. SuretyBonds.com also works with markets that specialize in writing bonds for West Virginia auto dealers who have bad credit.
Don’t get caught with an expired surety bond. Contact SuretyBonds.com today to ensure that your West Virginia motor vehicle dealer bond is renewed and valid by June 30, 2012.