Virginia Auto Dealer Bond$50,000 DMV Required

Virginia auto dealer bonds ($50,000 for 3 years initially) cost $500-$5,000 depending on credit. With excellent credit (750+), expect $500-$1,000 (1-2%). Good credit (680-749) costs $1,000-$2,000 (2-4%). Fair credit (620-679) ranges $2,000-$3,500 (4-7%). Lower credit may require up to $5,000 (10%). We offer competitive 3-year rates for all credit levels with same-day approval.

Virginia requires a 3-year bond term for the initial dealer license. After the first three years, the bond converts to annual renewals. This longer initial term provides stability and ensures new dealers maintain continuous coverage during their startup phase.

Virginia DMV dealer licensing typically takes 4-8 weeks from application to approval. The bond can be issued within 1 business day. Other requirements like location inspection and background checks add to the timeline. Start your bond application early to avoid delays in your licensing process.

Yes, Virginia requires both a $50,000 surety bond and garage liability insurance ($100,000 minimum). The bond protects consumers from licensing violations and dealer misconduct, while insurance covers property damage and liability claims. Both are mandatory for Virginia DMV dealer licensing.

Yes, we have specialized programs for all credit situations. We've secured Virginia 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 A-rated carriers to find the best solution for your situation.

The surety company investigates claims filed by consumers or the Virginia DMV. If valid, they pay up to $50,000. You must then reimburse the surety for amounts paid plus legal costs. Maintain compliance with all Virginia DMV regulations and consumer protection laws to avoid claims.

No, Virginia requires the same $50,000 bond for both new and used vehicle dealers. All motor vehicle dealer types need this bond for Virginia DMV licensing. The bond amount is consistent regardless of whether you sell new, used, or both types of vehicles.

After the initial 3-year term, Virginia 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 Virginia DMV.