GA Auto Dealer Bond

GA Auto Dealer Bond

Do I need a GA auto dealer bond?

If you sell used vehicles in the Georgia, the state’s Department of Revenue requires you to get a $35,000 used auto dealer bond when you register your business. Businesses with more than one location need a separate surety bond for each location.  Every licensed auto dealership MUST obtain a GA auto dealer bond. 

Learn more about how to get licensed as a used auto dealer in Georgia on the Absolute Surety blog!

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How much does this bond cost?

Don’t worry — you won’t be paying $35,000 for your bond. Premiums range from .375 to 5% depending on a few factors, including your credit history and the length of time you’ve been in business.  Because the GA dealer bonds expire March 31st every even year (2020, 2022 etc), if you are just starting out, chances are your bond premium will be pro-rated.  Meaning you will only pay for the months you are starting the business til the required expiration date.  For example, if you start your dealership in October 2019, your surety bond premium will be less than if you start your dealership in July 2019.  

Your two-year auto dealer bond premium could be as low as $263!  Get a free quote by clicking below.

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How does my credit score affect my bond premium?

The better your credit, the lower the premium will be for your Georgia used auto dealer bond. An excellent credit rating means you are a trustworthy borrower and pose less risk to the surety company. Is your credit less than perfect? Don’t worry, Absolute Surety can still get you the best rate! Get in touch online or call 855-689-5106 to get a quote!  More importantly, all credit pulls are “soft pulls” and will not affect your credit.

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When does the GA auto dealer bond expire?

This bond’s expiration date expires on March 31 in even years (2020, 2022, etc.).  This is the same day the used auto dealer license expires.  With a 30 day written notice to Georgia Professional Licensing Boards Division, your GA auto dealer bond can be canceled by the surety company.  When you renew your dealer bond, you must obtain a 2-year bond.  There is NO exception!

 

I just purchased my GA surety bond — now what?

Submit the original signed Georgia used auto dealer surety bond along with your application and attached power of attorney. Be sure to keep a copy of the surety bond and power of attorney for your records.  DO NOT, I repeat, DO NOT submit the emailed copy to the state.  They will simply return the bond back to you.

 

 

Resources

Georgia Secretary of State

Used auto dealer application

Surety bond form