Illinois Auto Dealer Bond | Lance Surety Bonds

What Is an Illinois Auto Dealer Bond?

Posting an Illinois car dealer bond is an essential necessity when applying for your Illinois car trader license. The adhesiveness must remain valid during the first gear 36 months of running your franchise .
The car dealer chemical bond functions as protection, for the state of Illinois and its citizens, against deceitful activities or misdeeds that dealers might engage in. Auto dealer bonds guarantee that your franchise will follow applicable rules and behave true business .
Illinois car principal bonds are a type of hostage bonds. As such, they are a contract between three parties. Your franchise is the principal required to post the alliance, the state is the obligee, and the surety is the adhesiveness insurance company .

  • Surety Bond Name: Illinois Motor Vehicle Dealer Bond

  • Surety Bond Amount: $ 50,000 car dealer chemical bond
  • Obligee : Secretary of State
    Vehicle Services Department
    501 S. Second St., Rm. 069
    Springfield, IL 62756
  • Required Expiration Date of the Bond: December 31st of each year

If you don ’ metric ton comply with the state rules governing dealerships, a claim can be made on your bond. Learn more about how claims against car dealers bonds are handled in the Questions part below .

Questions about Auto Dealer Bond in Illinois

How much does an Illinois auto dealer bond cost?

The Vehicle Services Department of the Secretary of State ’ mho Office requires that car dealers post a $ 50,000 Illinois car dealer bond .
The surety bond amount is the maximum union that claimants can demand on prove claims against you. Your actual hostage bond cost is much lower. To get bonded, you need to pay lone a share of the bail amount, called the bond premium .
For standard marketplace applicants, this means between 1 % and 3 % of $ 50,000, or between $ 500 and $ 1,500 for your Illinois motor vehicle principal adhesiveness .

Illinois Auto Dealer Bond Cost Based on Credit Score
Surety bond name Surety bond amount Above 700 Below 650
Illinois auto dealer bond $50,000 $375-$750 $2,500-$7,500

* This board provides a approximate range estimate of likely bond costs. Bond price can fluctuate over time due to a total of factors. For exact price, please arrant an application The alliance premium that you ’ re compulsory give for your bond can be assessed only after you complete a full application. Your hostage will review your personal credit score, personal and commercial enterprise financials, equally well as your assets and liquid. On the basis of your fiscal profile, your bond price is determined based on the risk of getting you bonded. Better overall finances means you will pay less for your Illinois car trader bond .
For a wide overview of how your alliance price is set, you can consult our surety bond cost page .

Can I get an Illinois auto dealer bond with bad credit?

Lance Surety Bonds runs a Bad Credit Program, to help dealers with not-so-perfect accredit, past tax liens, civil judgments, or bankruptcies to get bonded .
The usual premiums for bad credit applicants are between 5 % and 10 %. The higher price compensates for the increased hazard, yet the program is placid an low-cost solution for dealers with baffling finances .
We are committed to getting you bonded at the best price on the market. We foster impregnable partnerships with multiple A-rated, T-listed surety companies, so we can find the right bond option for your detail event.

How do I get my Illinois auto dealer bond?

You can start your bonding serve today. Just apply online to get your free, no-obligations Illinois car dealer adhere quotation. After submitting your broad application, we will contact you in no time with your claim bail price .
Call us at (877) 514-5146 if you have any questions about your application, or security bonds . Lance Surety Bonds ’ specialists will be felicitous to assist you .
For farther information about the bond serve, check out our How to Get Bonded foliate for valuable tips .

How do I renew my Illinois auto dealer bond?

You must have an Illinois car principal shackle during the first 36 months of operation as an car dealer in the country. The bond needs to be renewed together with the license, which expires on December 31st of each year .
When you get bonded with Lance Surety Bonds, we ’ ll make indisputable you never miss a renewal deadline. You will get a renewal reminder several months before the deadline, and we will besides contact you via mail, fax, and email if needed. This guarantees that you will have adequate time to respond, and renew your Illinois car dealer bond in fourth dimension to stay in fully conformity .
Since your fiscal status can change over clock, your security bail cost can besides fluctuate. Improving your personal credit seduce and business finances can importantly decrease your bond price from class to year .

How do I get my Illinois auto dealer license?

Getting an Illinois car dealer shackle is only one of several steps that you must complete when applying for your Illinois car dealer license .
You need to submit a wide application to the Illinois Vehicle Services Department of the Secretary of State ’ s Office. early documents that you need to supply include a certificate of indemnity, proper zoning papers, and a proof of ownership or lease for your business location, among others. The license needs to be renewed per annum at the end of the class .

How are bond claims handled for auto dealer bonds?

Surety bonds function a moment like insurance in reverse. alternatively of protecting your business, their function is to safeguard the interests of your clients .
car dealers who engage in deceitful activities in their business operations can face a claim on their alliance. In the shell of Illinois, the affect parties in raise claims can be awarded a recompense of up to $ 50,000, which is the penal sum of the adhesiveness. At first, your guarantor provider will cover the costs. soon after, though, your franchise needs to reimburse it amply .
The principle of how bonds work makes claims highly undesirable. They can harm your franchise ’ randomness finances and repute, plus prevent you from getting bonded in the future .

Still Have Questions? Check Our FAQ Pages

What Our Clients Have To Say?

  • Kimberlee Ables
    Quick response times and turn around for issuing bonds. Great customer serve and identical knowing. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette !

  • Andrew Poincot
    Long floor short, these guys cut through the B.S. and get the job done. Responsiveness, excellent ! communication, excellent ! respect for their industry partners, excellent ! John, Collette, Ryan, you ‘re all-stars ! Thank you !

  • Margie Martinez
    We decided for Lance Surety Bond ‘s quote for 2 reasons ; Price and Customer Service. Our representative Ryan was just superb ! ! [ … ] I highly recommend Lance Surety Bond for all your Bonding needs ! I ‘ll decidedly come back for all of mine. : – ) Thanks Ryan !

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