Motor Vehicle Dealer Bonds – Oklahoma
Oklahoma has a requirement for certain licensed auto dealers to carry a surety bond in order to conduct business in the state. Click the Let’s Roll button below to apply for your bond. Once the bond quote is ready it will be delivered verbally and via email. Through the link in the email the dealer is able to purchase the bond directly online.
The State of Oklahoma Used Motor Vehicle and Parts Commission is the Obligee that requires bonds for: used motor vehicle dealers, wholesale dealers, rebuilders, and auctions. See pricing for these bonds below or click Let’s Roll above to dive right into the application.
How Much Is An Auto Dealer Bond in Oklahoma?
Rates for a license bond depend heavily on the type of license and the applicants personal credit score, along with a few other factors. Check the chart below for bonding requirements for your specific license to see what rates start at.
|Price Tier*||Rebuilders||Used Dealers||Auction||Manufactured Home Dealers|
|Monthly | Annual||Monthly | Annual||Monthly | Annual||Monthly | Annual|
|Preferred||$10 | $100||$10 | $100||$17 | $200||$20 | $240|
|Standard||$14 | $165||$21 | $250||$41 | $500||$50 | $600|
|Credit Repair||$25 | $300||$41 | $500||$70 | $750||$110 | $1200|
*Oklahoma bond pricing is based on a number of factors, as stated above. The rates in the chart do not reflect all available pricing tiers. The prices in the chart are not guaranteed and are subject to change at any time.
Which Licenses Need a Bond?
Used auto licenses that must have a surety bond are: used motor vehicle dealers ($25,000), wholesale motor vehicle dealers ($25,000), used motor vehicle rebuilders ($15,000), used motor vehicle auction dealers ($50,000), and used motor vehicle crushers ($25,000).
Licensed manufactured home dealers must have their own bond registered with the state. The bond limit for this type if dealer is $30,000.
These bonds are valid all throughout the State of Oklahoma. However, used auto dealers in Oklahoma City must have their own bond registered with the city to conduct business. This bond must be $1,000 in coverage.
Apply below by clicking the bond type that corresponds to your license.
|Oklahoma Car Dealers Bond Applications|
|$15,000 Bond for Rebuilders|
|$25,000 Used / Wholesale/ Vehicle Crusher Bond|
|$30,000 Manufactured Home Dealer Bond|
|$50,000 Bond for Auctions|
Why Do Dealers Have to Be Bonded?
Bonding allows for dealers to only pay a small percentage of the bond limit while still having the full bond amount available for consumer claims. Bonding protects consumer from dealers engaging in prohibited acts. If a dealer does not handle business according to state laws, the bond will repay the consumer for any monetary loss. Dealers are responsible for paying back the surety for any claims that are paid out.
Dealer Actions That Are Prohibited.
- It is illegal for used motor vehicle dealers to ask for or offer compensation to a salesperson from another dealership for referring customers.
- Failing to complete any forms that are part of the sale is a fineable offense.
- A dealer can only display or offer a used motor vehicle at their licensed place of business. The vehicle may be taken out for a test drive or to receive inspection as part of the sale, but the transaction is only allowed at the dealer’s place of business.
- Selling or leasing a used car on a Sunday is prohibited, except for auctions of classic, antique, or special automobiles.
- A dealer cannot allow their license to be used by a salesperson or an unlicensed person for any dealer functions.
How Long Are Oklahoma Dealer Licenses and Bonds Valid For?
Almost all of Oklahoma’s licenses have the same expiration date. The license period is for two years, ending in December 31 on an odd-numbered year. If your license began after January 1, 2018, your license will still expire at the end of this licensing period on December 31, 2019.
Licenses that require bonds link up so that the license and the bond have the same expiration date. Bond renewals must take place at the same time as renewing your license.
The only exception is the used motor vehicle Crushers bond. This bond expires on the next 30th of June after the license is issued.