The New Mexico Motor Vehicle Division – Dealer Licensing Bureau (MVD) regulates and licenses motor vehicle dealers and dismantlers in the State of New Mexico. A key licensing requirement is the submitting of a $50,000 Surety Bond to the MVD. If you are a motorcycle dealer, a $12,500 Surety Bond is required and the same bond form can be used.
The purpose of this bond is to guarantee that the principal (dealer/dismantler) complies with the regulations in Section 66-4-7, NMSA 1978 Comp. If the principal fails to comply with these terms, a claim can be filed against the bond. The surety will pay damages to harmed parties if the claim is found to be valid, and the principal must reimburse the surety for any damages paid out.
New Mexico motor vehicle dealer bonds are continuous in form and remain in effect until canceled. The bond runs concurrently with the dealer license which expires March 31st each year and proof of bond must be supplied to the MVD on an annual basis prior to the renewal of the dealer license.
Pacific Surety is proud to offer a variety of approvals regardless of credit. The process typically takes just a few hours for a quote, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
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Motor Vehicle Dealer Surety Bonds – New Mexico
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