Motor vehicle dealers doing business in New Jersey are required to file a $10,000 surety bond with the Motor Vehicle Commission. This includes new and used vehicle dealers and leasing companies. The bond provides a means of restitution to those financially harmed by the actions of a licensed dealer.
Your Auto Dealer Bond will be ready in minutes—click the button to get started:
No need to worry about added fees. As the surety company, Jet cuts out the middlemen (the ones who work for commissions) to work directly with its customers, allowing for lower rates and a quicker process.
You can pay as low as $6 per month, $60 for one year, or take care of two years upfront for $105. Prices are the same for the Leasing Company Bond, New and Used Car Dealer Bond, and Used Car Dealer Bond.
The rate you’re approved for is dependent on your personal credit and years of experience. The soft credit check is standard in the surety industry for Auto Dealer Bonds to assess risk, but it won’t affect your credit score.
Just like the other 49 states, New Jersey utilizes surety bonds for auto dealers to protect the state and its people from fraud and negligence. Surety bonds give the public a way to be reimbursed should they incur monetary loss after purchasing a vehicle from a dealership. If a dealer refuses or fails to address the issue in a timely manner, a bond claim can be filed.
Valid claims will be paid out by the surety company (Jet) to the claimant. Because surety bonds can only provide payment for intentional or reckless acts, the licensee is liable to restore the bond to its full limit by paying back the surety company.
The New Jersey Motor Vehicle Commission enforces the surety bond, among several other requirements, for dealers and leasing companies to be licensed. Failure to comply with regulations can result in a bond claim, license suspension/revocation, and/or fines or fees. Title 13, Chapter 21, Subchapter 15 lays out the laws for New Jersey motor vehicle dealers.
Good news: you can complete the entire bond process from start to finish in three minutes.
The application collects information including your business name, address, phone number, email, and social security number (for the soft credit check). Once you get through the necessary steps, monthly, annual, and multi-year pricing will be shown on the screen. Simply select your preferred bond term and put in your credit card information. A successful payment will return an electronic copy of the bond and your receipt.
When applicable, Jet will file the bond for you. If you need to file the bond yourself, you can do so at the following address:
New Jersey Motor Vehicle Commission
Business Licensing Services Bureau
PO Box 170
225 East State Street
Trenton, NJ 08666