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Pay the Lowest Rate for Your New Mexico DMV Vehicle Dealer Bond!
Bond Amount | Cost | Term | Apply Now |
|---|---|---|---|
| $50,000 | Starting as low as $500* | One Year Term | Start Application |
*For qualified applicant based on credit.
What are New Mexico DMV Vehicle Dealer Bonds?
All applicants for a dealer license are required to file a bond with the State of New Mexico, Department of Motor Vehicles -Dealer Licensing Bureu. The surety bond is used to protect the consumers from fraud and wrongful acts committed by the dealership or their employees.
DMV dealer bonds also known as auto dealer bond will also ensure the dealership will follow the state legislation and regulations.
Documents will need to send to the state for licensing are lsited below (scanned and/or attached to license application).
- Business Identificaiton numbers - NM Tax ID-CRS, Federal tax ID, Secretary of State assigned corporation or partnership number
- Business Ownership documents – Certificate and Articles of Organization (LLC) or Incorporation, Individual Owner information Driver’s License number, phone number, address, etc. Location information, Zoning Document, Business License, Property Lease- minimum of 6 months
- $50,000 Dealer Bond Documents o Pre-Licensing Education certificate for Pre-Owned dealers- contact New Mexico Independent Auto Dealers Association
- Franchise agreement from a manufacturer for new car dealers,Pictures or Diagrams, Business Site Location,Vehicle Display Area, Office Building, Inside Office Space, Office Equipment, Signage (Doing Business As Name must match the sign) Diagram of Property Layout including location of sign, Inside Office Space Layout
- $50 license application fee-credit card or e-check paid to the licensing bureu