The Oklahoma Used Motor Vehicle, Dismantler, and Manufactured Housing Commission, previously known as the Used Motor Vehicle and Parts Commission, requires used and wholesale motor vehicle dealers to hold a surety bond to be licensed. The surety bond is mandatory as consumer protection coverage from unlawful and fraudulent actions of dealers.
Auto dealers can get this surety bond in a couple of minutes. Start now!
Vehicle crushers, rebuilders, wholesale dealers, and auctions also need a surety bond to be licensed. Those selling brand-new vehicles (franchise dealers) are not included in this requirement and do not need a surety bond.
That depends on which bond you need, but for the $25,000 used auto dealer bond, rates start at $10 a month or $175 for the two-year term. Additional license types and their starting rates can be found in the chart below.
|Bond Type||Bond Limit||Monthly||2-Year Term|
|Used Motor Vehicle Dealer||$25,000||$10||$175|
Jet’s direct distribution model cuts out middlemen, along with the unnecessary fees and commissions, while providing you with convenient monthly rates and discounted two-year rates. The monthly option creates a great way for new dealers to purchase the bond and avoid unnecessary costs other insurance carriers implement when not getting a bond in December of odd years (how often is that?). Other carriers apply minimum premiums meaning you have to pay over $100 or more even if you need the bond for a short period of time.
Used vehicle dealers, crushers, rebuilders, wholesale dealers, and auctions all present some risk to the public, just like any other business that works with people. And just like all businesses, there are specific regulations in place to protect the public, such as surety bonds. Surety bonds address risks associated with fraud, negligence and unlawful actions of dealers that cause financial damages.
Surety bonds for motor vehicle businesses offer a means of restitution to individuals who are financially harmed by a business's actions. For example, if a dealer rolls back the odometer on a vehicle to sell it at a lower price, the customer can file a claim on the dealer license bond to recover damages as the car is worth less than they paid as the mileage was actually hire than advertised.
Several other laws are in place to protect Oklahoma’s citizens when working with the various motor vehicle business types, which are laid out in Oklahoma Statues Citationized, Title 47, Chapter 62A.
Whether you need an Auction Bond, Dealer Bond, Rebuilder Bond, or Crusher Bond, the process only takes a few minutes. Once you’ve submitted the necessary information and completed payment, your bond will be available for download, along with your receipt.
The Oklahoma Used Motor Vehicle, Dismantler, and Manufactured Housing Commission accepts digital bond forms, and Jet will take care of this for you!
If anything needs to be mailed to the Commission, do so at the following address:
Oklahoma Used Motor Vehicle, Dismantler, and Manufactured Housing Commission
421 NW 13th, Suite 330
Oklahoma City, OK 73103
The Oklahoma Auto Dealer Bond has a common expiration date of December 31st on odd years. The Commission apparently only wants to process this requirement once every two years. This means you will need to renew you bond prior to that date on the proper year. Jet will send plenty of notice to you prior to that date.
If you are a manufactured home dealer, manufactured home park dealer, or manufactured home manufacturer, you’ll need a surety bond. Call Jet at (405) 324-5495 to get a quote. More information can be found on the Manufactured Home Forms webpage.