What are Business Partner Automation Bonds?
Business Partner Automation Surety Bonds are a license and permit bond that ensures the principal (automated business partner) will correctly and efficiently file all transactions in accordance with all applicable laws and regulations. The transactions and related documents include but are not limited to validated registration cards, registered owner transfers, vehicle sales reports and duplicate titles. The bond also guarantees the principal will pay any associated fees that are collected on behalf of their customers.
If the principal violates the terms of the bond, a claim can be filed by the harmed party. If the claim is found to be valid, the surety company will pay out up to the penal sum of the bond to resolve the claim. Any monies paid out by the surety, including attorney’s fees, must be reimbursed by the principal.
Who needs a Business Partner Automation Surety Bond?
Business Partner Automation Surety Bonds are required by the Department of Motor Vehicles (DMV) to ensure that proper documentation and records are filed by automobile dealers.
An automated business partner refers to a company who has been tasked by an auto dealer with automatically filing vehicle registration and title information through the DMV.
How much are Business Partner Automation Surety Bonds written for?
The penalty amount for a Business Partner Automation bond will vary by the license type being applied for. Pacific Surety is proud to offer this bond in the following states:
Please contact your local authority for information about Business Partner Automation Bond requirements in your state.
How much does a Business Partner Automation Surety Bond cost?
Pricing for Business Partner Automation Surety Bonds will vary, and your premium will be based on a number of different factors, including the following:
- License type applied for
- Amount of the bond
- Term length of the bond
- Personal credit of the applicant
Individuals with good credit can expect to pay 1%-5% of the bond amount. This means qualified applicants could pay as little as $100 annually for a $10,000 Business Partner Automation Surety Bond. To find out how much your Business Partner Automation Surety Bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Business Partner Automation Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Business Partner Automation Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants regardless of how bad their credit is, and our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 7%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
Can the premium for Business Partner Automation Bonds be financed?
Yes! Pacific Surety has an industry-leading premium finance program that gives our clients the ability to purchase a bond when the upfront costs might be prohibitive to them. Applicants who choose this option will pay a percentage of their premium as a down payment and the balance of the premium will be paid in 4 monthly installments. Please contact our staff for additional information regarding our finance program.
What is the process for obtaining this Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.