WHAT IS AN ALABAMA MOTOR VEHICLE WHOLESALER SURETY BOND?
Individuals applying for a motor vehicle wholesaler license in Alabama are required by the Alabama Department of Revenue (ADR) to submit and maintain a surety bond in the amount of $25,000. By posting this bond, the principal (vehicle dealer) agrees to comply with sections 40-12-390 through 40-12–400 of the Code of Alabama 1975. This bond provides protection to consumers against financial loss in the event that the principal engages in unethical or unlawful business practices. If any person suffers a loss due to fraud, fraudulent representation or violation of these statutes, a claim can be filed against the bond. If the claim is validated, the surety will pay damages up to the penal sum of the bond to resolve the claim. The principal is then responsible to reimburse the surety of any monies paid out, including all attorneys’ fees incurred.
WHAT ARE THE TERMS OF AN ALABAMA MOTOR VEHICLE WHOLESALER SURETY BOND?
Alabama Motor Vehicle Wholesaler Surety Bonds have a continuous term and remain in effect until canceled. The surety can cancel the bond at any time by providing written notice to the ADR 60 days prior to the effective cancelation date.
HOW MUCH DOES A ALABAMA MOTOR VEHICLE WHOLESALER SURETY BOND COST?
Pacific Surety is proud to offer a variety of approvals, regardless of credit, with rates as low at $250 annually and discounted two-year pricing at $438 for qualifying applicants.
It typically takes just a few hours from quote to issuance of the bond, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
CAN I GET AN ALABAMA MOTOR VEHICLE WHOLESALER SURETY BOND WITH BAD CREDIT?
Pacific Surety offers a wide-range of approvals, regardless of credit, for Alabama Motor Vehicle Wholesaler Surety Bonds. Our strong surety relationships help get your price down as low as possible each year. There is no need to shop your rate – we do that for you! If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
Surety Bond Name
Motor Vehicle Wholesaler Surety Bonds – Alabama
$25,000Request a Free Quote