Oklahoma Auto Dealer Bond

Oklahoma Auto Dealer Bond

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!

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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.

What Is the Lowest Price for the Oklahoma Dealer 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 TypeBond LimitMonthly2-Year Term
Used Motor Vehicle Dealer$25,000$10$175
Wholesale Dealer$25,000$10$175
Rebuilder$15,000$12$210
Crusher$25,000$20$350
Auction$50,000$20$350
Oklahoma Auto Dealer Bond Prices

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.

Why Are Dealer Bonds Required in Oklahoma?

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.

The Surety Bond Process With Jet

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.

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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.

Other Related Surety Bonds

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.

Read More About Dealer Bond Claims and Bond Handling With Jet

How to Renew My Bond

See the in and outs surrounding renewing with Jet—it’s quick.

How to Cancel My Bond

Looking to cancel? This article has all the details you need.

Bond Claim Process

Read more about claim causes and the claim process for dealers.

Oklahoma Used Motor Vehicle Dealer’s Surety Bond Form Example

Oklahoma Motor Vehicle Dealer Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: