Ohio Auto Dealer Bond$20,000 BMV Requirement

Ohio auto dealer bonds ($20,000) cost $200-$2,000 annually depending on credit. With excellent credit (750+), expect $200-$400 (1-2%). Good credit (680-749) costs $400-$800 (2-4%). Fair credit (620-679) ranges $800-$1,400 (4-7%). Lower credit may require up to $2,000 (10%). We offer competitive rates for all credit levels with same-day approval.

The Ohio Bureau of Motor Vehicles requires all auto dealers to maintain a $20,000 surety bond as part of the licensing process. This bond protects consumers from dealer fraud, unpaid fees, or violations of motor vehicle laws. The bond must remain active throughout the licensing period.

Ohio BMV dealer licensing typically takes 4-6 weeks from application to approval. The bond can be issued within 1 business day. Other requirements like facility inspection and background checks add to the timeline. Start your bond application early to avoid delays in your licensing process.

Yes, Ohio requires both a $20,000 surety bond and garage liability insurance ($100,000 minimum). The bond protects consumers from licensing violations, while insurance covers property damage and liability claims. Both are mandatory for BMV dealer licensing.

Yes, we have specialized programs for all credit situations. We've secured Ohio dealer bonds for applicants with credit scores as low as 500. Rates vary based on credit, but approval is often possible. Our underwriters work with multiple carriers to find the best solution.

The surety company investigates claims filed by consumers or the BMV. If valid, they pay up to $20,000. You must then reimburse the surety for amounts paid plus legal costs. Maintain compliance with all BMV regulations and consumer protection laws to avoid claims.

No, Ohio requires the same $20,000 bond for both new and used vehicle dealers. All dealer types - franchised, independent, wholesale, or auction - need this bond for BMV licensing, regardless of vehicle type sold.

Ohio dealer bonds renew annually. We send renewal reminders 60 days before expiration. Most renewals are approved within 1 business day with updated pricing based on current credit. Never let your bond lapse - it results in immediate license suspension by the BMV.