Car Dealer Bonds – Rhode Island
Rhode Island seeks to protect its’ people from unethical dealers by enforcing bonding requirements. Bonds guarantee financial restitution for loss caused by dealer fraud. Among the dealer offenses covered by the bond are misrepresentation of the vehicle, odometer fraud, and not releasing the title to the purchaser. The Let’s Roll button below takes you directly to the quick application to get your bond quote.
The bond, as well as other requirements to be a licensed dealer, is enforced by the State of Rhode Island DMV. You will need a bond if you are a dealer of new or used cars, tuckers, motorcycles, and tractor trailers.
What Will a Bond Cost in Rhode Island?
Bonds allow for full coverage for only a fraction of the price. That price is largely determined by your personal credit score and the number of years being licensed. Because the bond amount for all dealers is the same, the cost of receiving a bond will be similar across all types of licenses.
With Jet, your cost could be as low as a monthly payment of $17. We offer yearly payments starting at $200.
|Price Tier*||Used / Franchise
|Monthly | Annual|
|Preferred||$17 | $200|
|Standard||$50 | $600|
|Credit Repair||$104 | $1125|
*Pricing tiers above are not all that are available. The rates shown are subject to change at any time and are not a guarantee.
The length of the bond is connected to your license period, beginning January 1st and ending December 31st. The bond must be valid the entire license period and will need to be renewed along with license renewal.
Click Apply Now below to get started.
|Surety Bond App|
|$50,000 Auto Dealer Bond|
Do You Have Annex Locations?
Annex locations are secondary places of business that are less than two miles away from the primary location. An annex application must be submitted, following all requirements.
A bond is still needed by an annex location. You may file a separate surety bond under this location or get a rider for your current bond to include the location of the annex.
What Happens When a Complaint is Filed?
If a customer feels that a dealer has violated the standards required by law, they may file a complaint against the dealer. They will fill out a complaint form and turn it in to the Dealers’ License and Regulations Office, along with any supportive documentation. The complaint will be investigated and determined whether the dealer has actually violated the law.
If the claim is valid, the customer will be reimbursed by the bond for their fiscal loss. The bond will then not have full coverage and will need to be restored by the dealer. The dealer will pay the surety the amount that was paid out for the complaint.