Motor Vehicle Dealers - New or New and Used Vehicles

The Motor Vehicle Dealer bond is a surety bond required by the State of New Hampshire for businesses engaged in selling new vehicles or both new and used vehicles. This bond serves as a financial guarantee that the dealer will operate in accordance with state laws and regulations governing motor vehicle sales.

Motor vehicle dealers who sell new vehicles or a combination of new and used vehicles must obtain this bond as part of their licensing requirements in New Hampshire. The bond ensures that dealers conduct business ethically and comply with all applicable state statutes related to vehicle sales, financing, and consumer protection.

The bond protects the State of New Hampshire and consumers from financial losses that may result from the dealer's fraudulent practices, failure to transfer titles properly, misrepresentation of vehicles, or other violations of state motor vehicle dealer regulations. If a dealer fails to fulfill their obligations, affected parties can file claims against the bond for compensation.

This bond requires a coverage amount of $25,000 and has a term length of one year. The bond is renewable annually, and dealers must maintain continuous coverage to keep their license in good standing with the state.