Bond Amount: $50,000
Required By: Rhode Island Department of Revenue, Division of Motor Vehicles
Our rates for the $50,000 Rhode Island auto dealer bond starts at $125 for a 1 year bond. The bond expires each year on December 31, so if you apply for the bond after the beginning of the year, we'll adjust the price based on how much of the year has already passed. For example, if you apply halfway through the year, we'll charge you half the price. When the new year comes around, you can renew the bond with us at the full rate.
Generally, if you have a good credit score, you will get a lower price for the bond. Some dealers might also be eligible for discounts based on their previous work experience.
No. Unlike other states where additional bonds are needed, the $50,000 auto dealer bond listed above is the only bond you need to worry about for getting licensed as a used or new auto dealer in Rhode Island.
Yes, a SSN based credit check is required to get a quote for a Rhode Island auto dealer bond, but it won't impact your credit score. Insurance companies use a "soft" credit check to check your eligibility and determine the price for your bond. This type of credit inquiry is not harmful to your credit score.
We aim to get the bond back to our customers the same day, and we do in most cases. Unless there are complications with credit scores or bond claim history, our usual turnaround time is 2 hours. We work diligently, and on weekends, to ensure a speedy bonding process. Our work hours are Monday to Saturday everyday 9:30 am to 7 pm CST, with reduced hours of 11:30am to 7pm CST on Sunday. If you contact us early on in the day to get your bond, we will most likely be able to get it back to you within the same day.
It's important to follow the guidelines set by the state of Rhode Island to prevent bond claims. This means conducting your auto dealer business with honesty and transparency and prioritizing the customer's best interests. To be specific, you should make sure to pay all fees and taxes related to vehicle sales correctly and provide valid car titles to your customers.
Yes, in Rhode Island, the auto dealer bond expires on December 31st every year. You need to renew your bond every year before it expires. If you get your bond through us, we'll remind you when it's time to renew. Lastly, if you get the bond into the year, we will prorate your pricing according to your bond start date relative to the start of the year.
Once your bond is approved, we’ll email you a PDF copy to serve as proof that you are bonded. We also keep copies of the bond in case it’s lost. Just give us a call to request the bond and we’ll send you another copy.