Florida Dealer Surety Bonds Renew 04/30/2019
The State of Florida requires all used car dealers licensed to sell vehicles in the state to renew their surety bonds before April 30 or a fee will be imposed.
How do I renew my surety bond?
This is very simple. If you are currently with us, we will be sending out invoices around January 15th and continue up to April.
If you are not currently with us, you can complete a simple surety bond application online.
How much is it to renew my surety bond?
Each year, dealer surety bond prices are determined by the personal credit of all owners as well as the industry market as a whole. Currently the market is in favor of dealer premiums, so those with great credit are looking to pay around $150-$190 per year on their $25,000 surety bond. Those with less than great credit can look to pay anywhere from about $500-$2,000 per year. Everyone’s credit is like a finger print so no 2 are identical. Just because your neighbor pays $150 or $2,000, it does not mean you will pay the same.
How can I lower my bond premium?
The best way to lower your premium is to work on your credit. Pay down your credit cards, keep your mortgage and car payments current and don’t use all your credit limit on credit cards.
This can take a while to correct so in the mean time, you can opt for a 2 year bond premium that will discount the price by 25% for the second year. If you are going to be in business for another year, I highly suggest this.