Motor Vehicle Dealers - Used Vehicles Only

The Used Motor Vehicle Title Defect Surety Bond is a financial guarantee required by the State of Ohio for used motor vehicle dealers. This bond ensures that dealers comply with state regulations regarding proper title transfers and protects consumers from financial losses due to title defects.

Used motor vehicle dealers operating in Ohio must obtain this bond as part of their licensing and regulatory compliance requirements. The bond specifically applies to businesses that deal exclusively in used vehicles and are involved in the transfer of vehicle titles to purchasers.

This surety bond protects the State of Ohio and consumers who purchase used vehicles from bonded dealers. If a dealer fails to provide clear title or causes financial harm due to title defects, affected parties can file claims against the bond for compensation up to the full bond amount.

The bond is issued for a coverage amount of $75,000 and has a term length of one year. The bond is renewable annually, allowing dealers to maintain continuous coverage as required by state regulations. Premium rates are determined based on the applicant's creditworthiness, with preferred rates available for applicants with credit scores above 675.