The Connecticut Department of Motor Vehicles, Dealers and Repairers Section requires licensed auto dealers to hold a bond. There are four main types of surety bonds for car dealers in CT: a $50,000 bond for new or used motor vehicle dealers, a $10,000 bond for motor vehicle leasing or renting companies, a $5,000 motor vehicle repairer bond, and a $5,000 motor vehicle registration issuance bond.
Click the Apply Now button above to fill out the quick application. Once your quote is prepared, you will be able to complete the purchasing process online. Both the electronic and physical copy of the original bond will be sent to you to file with your inspector.
With Jet, being fully bonded comes easily. We work with several insurance carriers to get the lowest price possible, no matter what the bond limit is.
For new or used vehicle dealers requiring a $50,000 bond, Jet offers pricing starting at an annual price of $250 or a monthly price of $21.
|Price Tier*||$50,000 New/Used Dealers|
|Monthly | Annual|
|Preferred||$21 | $250|
|Standard||$44 | $525|
|Credit Repair||$94 | $1000|
Simply click “Apply Now” below to fill out the application online. Once submitted, Jet will provide a quote as quickly as possible based on the information provided.
$50,000 New or Used Motor Vehicle Dealer Bond
Buying a car from a dealer requires a level of trust from the buyer. They trust that the dealer is providing an honest price, with no misrepresentation of the vehicle, and that the dealer is licensed to sell vehicles.
Luckily, buyers don’t have to have blind trust when purchasing a car; surety bonds guarantee that the dealer is honest, and if they’re not, the buyer will be paid restitution.
Connecticut ensures the fiscal protection of its people by instructing dealers to carry a surety bond in order to get their business license.
The State of Connecticut does not require a bond expiration date, meaning that the bonds will stay valid unless they are cancelled by the surety company. Typically, the bond are offered in one-, two-, or three-year terms, depending on which surety company will hold your bond.
A claim may be filed against your motor vehicle dealer bond if one of the following happens: selling a vehicle without a title, providing false statements related to the vehicles condition, or recording the incorrect odometer reading. These are only a few of the fraudulent activities that would cause a consumer to file a claim against a dealer’s surety bond.
If a claim is filed against your bond, and proved to be legitimate, it is important to deal with the matter immediately. Not doing so can result in a suspension of your dealer license.
The best way to avoid a claim from happening is to always act ethically while conducting business and make sure to follow all state and federal laws.