Idaho Car Dealer Bonds
Per the Idaho Transportation Department of the DMV, auto dealer bonds are required for each of the three dealership types; wholesale vehicle dealers, retail dealers, and dealerships that sell ATVs, UTVs, motorcycles, and snowmobiles. Jet works with the customer to deliver the lowest prices in the market. Once the bond is purchased, you will receive a copy for your records.
How Much Does the Idaho Dealer Bond Cost?
|Price Tier*||New/ Used
|Motorcycle, ATV, UTV,
|Monthly | Annual||Monthly | Annual||Monthly | Annual|
|Preferred||$10 | $100||$17 | $200||$10 | $100|
|Standard||$19 | $220||$37 | $440||$15 | $150|
|Credit Repair||$47 | $500||$84 | $900||$28 | $300|
*The cost of the bond in Idaho is based on several factors including personal credit of the dealer, type of dealership, etc. Not all price tiers are shown in the table above, and these prices are not guaranteed as underwriting approval is required.
Idaho car dealer bonds vary in the amount legally required dependent on dealership type. With Jet, you will be fully bonded at a fraction of the price.
All new and used auto dealers must hold a $20,000 bond. The annual rates are as low as $100 with the monthly rate being $10.
Wholesale-only dealers are required to carry a $40,000 bond. The price of the bond is $200 annually or $17 per month.
A $10,000 bond is required by dealers exclusively selling motorcycles, ATVs, UTVs, or snowmobiles. With Jet, your cost can be as low as $100 for one year or $10 per month.
Can the Idaho Dealer Bond Application Be Completed Online?
Yes, and it’s very simple. The application can be done in less than a minute. Click the Apply Now button below that corresponds with your dealership type. Fill out all the fields to receive a same day quote that will be available for immediate purchase online. Once the bond is purchased it will be sent to you for filing with the Idaho Transportation Department.
|Bond Applications for Idaho Dealers|
|$20,000 Retail (Used/New) Dealer Bond|
|$40,000 Wholesale Dealer Bond|
|$10,000 Motorcycle, ATV, UTV, Snowmobile Dealer Bond|
The Auto Dealer Bond and ICAR Requirement.
In the State of Idaho, the vehicle or vessel dealer bond is continuous. This means that the bond will not be cancelled until the surety company does so. Upon renewal of the bond, the surety company will renew your bond with approval and payment.
The Idaho Consumer Asset Recovery Fund (ICAR), is a fund created to assist retail dealers with the $20,000 bond that may not cover the costs needed during a claim. Dealers must pay an initial ICAR fee at the time of applying for a license and annually after that. Wholesale dealers who require the $40,000 bond are exempt from paying into the ICAR Fund.
For the first three years, retail auto dealers must have a motor vehicle bond and pay into the ICAR fund. Once a dealer has been licensed for three years and has avoided claims filed against them, they are no longer required to carry the $20,000 dealer bond. The dealer can then rely on the ICAR Fund, paying into it annually. It is the dealer’s responsibility to cancel the car dealer bond once it is not needed.
When Do Bond Claims Occur?
Dealer bonds protect the public from unethical dealer actions. Certain wrongful actions are included within the bond’s coverage and will restore monetary losses to the customer. A dealer complaint would prove valid if there is proof of:
- Fraud during the transaction
- Fraudulent representation of the vehicle or terms
- Violation of federal motor vehicle safety standards
- Odometer fraud
- Lack of a title for a vehicle bought, sold, or exchanged by the dealer
- Offering to sell a car with a modified or removed identification number