In the state of Michigan, those who conduct the buying, selling, brokering, leasing, negotiating a lease, or dealing of 5 or more vehicles in a 12 month period are required to obtain a Motor Vehicle Dealer Surety Bond. Dealers who have license types Class A, Class B or Class D are required to submit a $10,000 surety bond as part of their licensing requirements to the Michigan Department of State, Traffic Safety Programs Division – Business Licensing Section. All other license types do not require a bond.
Michigan dealer bonds protect any purchaser, seller, financing agency, or governmental agency for any monetary loss caused through fraud, cheating or misrepresentation by the principal (vehicle dealer) in the course of business. The bond also guarantees that the principal complies with all applicable state regulations and industry standards. The term for this bond is continuous and will remain in effect until violated or canceled by the surety.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
Surety Bond Name
Motor Vehicle Dealer Surety Bonds – Michigan
$10,000Request a Free Quote