Indiana Motor Vehicle Dealer Bond

Written by JoAnn Smith on May 25th, 2017. Posted in Motor Vehicle Bonds, Surety Bond Blog

So you want to become a Motor Vehicle Dealer in Indiana and you need to get an Indiana Motor Vehicle Dealer Bond?  If you are applying for a bond for the first time it can be confusing and a downright daunting task. We understand that and are here to help.

Here are the absolutes:

  1. Must be a US Citizen
  2. Must not have past due child support
  3. No open tax liens
  4. Must not have open judgments
  5. No large amount of past dues on credit report.
A surety bond is a 3 party agreement between you (the principal), the obligee (the state) and the surety company.   The Indiana Motor Vehicle Dealer Bond is a compliance type bond.  You will have rules and regulations to follow to remain compliant with your license.  The bond guarantees that you will be compliant and if not the surety will pay the claim.  You, the principal, are the indemnitor. This means if there is a claim paid on the bond, you will be responsible to repay the surety company.  Having a bond claim paid out may result in cancellation of your bond. Surety companies review the credit of the owner(s) to determine the rate.  The better the credit the lower the rate.  It is important to know that once you are bonded your credit will be reviewed at every renewal period so keeping your credit in good shape or improving it each year will benefit you greatly.  Credit review is a review only and will not affect the credit score in any way. To apply for the Indiana Motor Vehicle Dealer Bond you may click here BuySurety.com.

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Arizona Motor Vehicle Dealer Bond

Written by JoAnn Smith on May 24th, 2017. Posted in Motor Vehicle Bonds, Surety Bond Blog

So you want to become a Motor Vehicle Dealer in Arizona and you need to get the Arizona Motor Vehicle Dealer Bond?  If you are applying for a bond for the first time it can be confusing and a downright daunting task. We understand that and are here to help.

Here are the absolutes:

  1. Must be a US Citizen
  2. Must not have past due child support
  3. No open tax liens
  4. Must not have open judgments
  5. No large amount of past dues on credit report.
A surety bond is a 3 party agreement between you (the principal), the obligee (the state) and the surety company.   The Arizona Motor Vehicle Dealer Bond is a compliance type bond.  You will have rules and regulations to follow to remain compliant with your license.  The bond guarantees that you will be compliant and if not the surety will pay the claim.  You, the principal, are the indemnitor. This means if there is a claim paid on the bond, you will be responsible to repay the surety company.  Having a bond claim paid out may result in cancellation of your bond. Surety companies review the credit of the owner(s) to determine the rate.  The better the credit the lower the rate.  It is important to know that once you are bonded your credit will be reviewed at every renewal period so keeping your credit in good shape or improving it each year will benefit you greatly.  Credit review is a review only and will not affect the credit score in any way. To apply for the Arizona Motor Vehicle Dealer Bond you may click here BuySurety.com.

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California Motor Vehicle Dealer Bond

Written by JoAnn Smith on May 23rd, 2017. Posted in California, Motor Vehicle Bonds, Surety Bond Blog

So you want to become a Motor Vehicle Dealer in California and you need to get a California Motor Vehicle Dealer Bond?  If you are applying for a bond for the first time it can be confusing and a downright daunting task. We understand that and are here to help.

Here are the absolutes:

  1. Must be a US Citizen
  2. Must not have past due child support
  3. No open tax liens
  4. Must not have open judgments
  5. No large amount of past dues on credit report.
A surety bond is a 3 party agreement between you (the principal), the obligee (the state) and the surety company.   The California Motor Vehicle Dealer Bond is a compliance type bond.  You will have rules and regulations to follow to remain compliant with your license.  The bond guarantees that you will be compliant and if not the surety will pay the claim.  You, the principal, are the indemnitor. This means if there is a claim paid on the bond, you will be responsible to repay the surety company.  Having a bond claim paid out may result in cancellation of your bond. Surety companies review the credit of the owner(s) to determine the rate.  The better the credit the lower the rate.  It is important to know that once you are bonded your credit will be reviewed at every renewal period so keeping your credit in good shape or improving it each year will benefit you greatly.  Credit review is a review only and will not affect the credit score in any way. To apply for the California Motor Vehicle Dealer Bond you may click here BuySurety.com.

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Texas Motor Vehicle Dealer Bond

Written by JoAnn Smith on May 22nd, 2017. Posted in Motor Vehicle Bonds, Surety Bond Blog, Texas

So you want to become a Motor Vehicle Dealer in Texas and you need to get a Texas Motor Vehicle Dealer Bond?  If you are applying for a bond for the first time it can be confusing and a downright daunting task. We understand that and are here to help.

Here are the absolutes:

  1. Must be a US Citizen
  2. Must not have past due child support
  3. No open tax liens
  4. Must not have open judgments
  5. No large amount of past dues on credit report.
A surety bond is a 3 party agreement between you (the principal), the obligee (the state) and the surety company.   The Texas Motor Vehicle Dealer Bond is a compliance type bond.  You will have rules and regulations to follow to remain compliant with your license.  The bond guarantees that you will be compliant and if not the surety will pay the claim.  You, the principal, are the indemnitor. This means if there is a claim paid on the bond, you will be responsible to repay the surety company.  Having a bond claim paid out may result in cancellation of your bond. Surety companies review the credit of the owner(s) to determine the rate.  The better the credit the lower the rate.  It is important to know that once you are bonded your credit will be reviewed at every renewal period so keeping your credit in good shape or improving it each year will benefit you greatly.  Credit review is a review only and will not affect the credit score in any way.   To apply for the Texas Motor Vehicle Dealer Bond you may click here BuySurety.com.          

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Surety On The Rocks

Written by JoAnn Smith on November 6th, 2015. Posted in Commercial Bonds, License and Permit Bonds, Motor Vehicle Bonds, On The Rocks, Surety Bond Blog

SURETY 101   If you are a first time bond purchaser, you may be asking yourself many questions?  If you are lucky, the person telling you to buy one will also give you a phone number or website information for a reputable bonding company.  That’s where we come in.  At BuySurety.com we will walk you through all of the steps and answer all of your questions.   A common question is “What is a Surety bond?”  A surety bond is a legal contract between yourself (the principal), a second party (the obligee), typically a government office or court depending on the type of surety bond needed, and a third party (the bonding company that issues the bond).   Another question is “What does a surety bond do?”  A Surety bond guarantees payment, the maximum payment is the bond amount, to the obligee for any damage or loss caused by the principal.   There are numerous types of surety bonds out there and we will work with you to find the exact type of bond you need.  Questions we may ask you are “Who is the obligee?”, “What is this bond guaranteeing?”,  “What do you need this bond to do?”,  “What is the amount you need to be bonded for?”, or “Do you have a bond form?”.  These questions help us identify your needs and make the process run smoothly.   Most surety bonds can be applied for and purchased within 24 hours.Apply Here
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