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by
SNewberry
23. November 2011 07:13
An Auto Dealer Bond is required by most states. Also called an MVD Bond, it ensures that all motor vehicle dealers operate according to the guidelines set forth by the state in which they operate. It protects the public from any wrongful actions on the part of a dealer. This auto sales bond specifically guarantees compliance with state law, payment of taxes, and in some cases, payment of judgments. The fund amount varies by state and can have a range of different requirements. Motor vehicle dealer bonds are also required for dealers of other types of vehicles, including mobile homes, recreational vehicles, and motorcycle dealers.
We have special bond programs available for car dealers, including those with bad credit. Apply for an Auto Dealer Bond online now.
by
SNewberry
21. November 2011 04:15
To become a licensed Motor Vehicle Dealer in the state of Florida, you need to do the following:
- Complete a Florida vehicle dealer license application.
- Apply for a $25,000 Florida Vehicle Dealer Surety Bond. Apply Here.
- Obtain the necessary insurance.
- Have proof of ownership of your Florida dealership.
- Proof that you have the necessary Florida vehicle dealer training.
- Provide fingerprints.
- Submit other necessary documents required by the Florida DMV.
You may get a better rate working with a surety agent versus an insurance agent because they specialize in underwriting surety bonds. If you have bad credit, finding a surety agency that works with a large group of sureties may help you get approved. If you need a bond quickly, find a surety agency that has in-house authority. This means that they can approve your bond without sending it to a surety to review and approve. The Surety Group has in-house underwriting authority and works with dozens of sureties.
We can take your application by phone at 800-486-8211. You will speak directly to a bond agent. In many cases, we can approve a bond in minutes.
by
SNewberry
21. November 2011 04:01
The first step in applying for a mortgage broker bond is understanding the licensing requirements of the state in which you will operate.
- Most states require yearly continuing education and charge a licensing fee.
- Some states require a mortgage broker bond to be posted in order for a broker to qualify for a license.
- The surety posting the bond must be licensed in that specific state.
You may get a better rate working with a surety agent versus an insurance agent because they specialize in underwriting surety bonds. If you have bad credit, finding a surety agency that works with a large group of sureties may help you get approved. If you need a bond quickly, find a surety agency that has in-house authority. This means that they can approve your bond without sending it to a surety to review and approve. The Surety Group has in-house underwriting authority and works with dozens of sureties.
by
SNewberry
28. June 2011 11:40
1. What is a surety bond?
A surety bond is a three party agreement between the principal (the contractors), the obligee (municipality or
owner) and the surety, which guarantees the principal will complete a project as specified in the contract
documents.
2. How do I know if I need a surety bond?
Check your contract. The contract documents will usually state whether or not you need one. When in doubt, check with the obligee (municipality or owner).
3. What is the difference between a payment bond and a performance bond?
Usually a payment bond and a performance bond will be issued together. A payment bond guarantees that the
contractor will pay specified suppliers and subcontractors for work performed on a project. A performance bond
guarantees the principal will perform all work specified within the scope of project.
4. What is a bid bond?
A bid bond guarantees to the obligee that the bid will be submitted in good faith and the contractor will enter into
the contract at the bid price should they be awarded the job. It also guarantees the principal will obtain the
required payment and performance bonds within the allotted time.
5. How much does a surety bond cost?
While each surety may differ, The Surety Group, Inc. bases the bond premium on contract price. Premium usually
ranges from 1% to 4% of the total contract price depending on the financial strength of the company, the size and
scope of the project and the experience of the contractor.
6. Why do I need a CPA prepared financial statement in order to obtain a surety bond?
In essence, a surety bond is a credit relationship. Because of this, applying for a bond is similar to applying for a
bank loan. As with any credit relationship, it is important for the surety to have an accurate and complete picture
of your company’s financial standing prepared by an outside independent third party source.
7. What kind of financial statement do I need?
Most sureties prefer, at a minimum, a reviewed statement for larger jobs, but may accept a compilation depending
on the size of the project. An audited statement provides verification of both internal and external accounting
principals while a review presents a thorough review of accounting methods used. A compilation provides little or
no guarantee of accurate accounting methods. Most sureties only accept financial statements prepared using the
percentage of completion method.
8. Why do I have to provide personal financial information to obtain a surety bond?
While a surety company does not enter into a bond expecting a loss, they must have an accurate financial picture
of the contractor, as well as all individual parties with ownership, in the event of a loss.
9. How do I begin the bonding process?
Contact The Surety Group--our knowledgeable staff can assist you in all aspects of the bonding process. Please
call Kelly McLeod or Sam Newberry at 404-352-8211 or 800-486-8211 or Kelly@suretygroup.com for all
surety bond inquiries. Also, check out our web site Contract Surety Bonds page for more information. We look forward
to working with you.
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