Georgia Dealer Bond Renewal: How to Do it Right
With the busy holiday season over, it is time for Georgia auto dealers to think about this year’s bond renewal. Georgia’s State Board of Registration requires all dealer licenses and therefore Georgia auto dealer bonds to be renewed before March 31st of even years.
You have probably gone through the whole process before, but a better knowledge of Georgia auto dealer bonds can make the process easier, more straightforward and even save you some money. So let’s answer the most common questions about this year’s bond renewal.
Who needs to renew their Georgia auto dealer bond?
Some states require that all auto dealers post a dealer bond but Georgia is not one of them. New car dealers are exempt from this requirement, but all used car dealers, even if they are just selling used car parts, need to have an active dealer bond for as long as they maintain their Georgia license.
What is the deadline for the bond renewal?
As mentioned in the beginning the dealer bond expires on March 31st of even years, which means that it needs to be renewed and submitted before that date. Even if you do everything else about your license renewal but your dealer bond is not in place, your license will be considered invalid.
How does the bond renewal work?
To renew your Georgia auto dealer bond you can contact the surety agency that you worked with last time around. They will send you a bond quote and a bond form to fill out if the quote suits you.
Of course, there is still some time left, so don’t be afraid to try a different bond agency, as this is one of the ways you can save money on your premiums. Try getting a FREE bond quote from us to see how we compare with the competition.
How much does bond renewal cost?
Considering you haven’t had any major credit issues compared to last year, you are likely to pay the same amount. We remind you that bond premiums are a percentage of the total bond amount required by each state. For Georgia the bond amount vary by type of dealership.
Used car dealers need to post a $35,000 bond while everybody else (used part dealers, recreational vehicle dealers and recreational vehicle manufacturers, distributors and importers) pays for a $10,000 one.
Can I save on my Georgia dealer bond?
Yes, you can. The best thing you can do is to take steps to improve your credit score as this is what underwriters consider most important. Additional factors such as demonstrating industry experience or strong financial statements can also play well in your favor.
Get bonded with Lance Surety Bonds
We already mentioned that the agency you choose can also have an effect on your premiums. The explanation for that is simple. Some agencies work only with a few bond underwriters while others, such as Lance Surety Bonds have a much larger network. When you submit your bond renewal application, the agency can contact all of them until they find the one that offers the lowest premium for your particular application.
Need more reasons why you should choose Lance Surety Bonds? Our agents will be there for you throughout the whole application process, making sure you have the best possible experience. Since we only work with the most reputed sureties in the U.S. we can confidently say that the state of Georgia will accept your dealer bond or you’ll get your money back.
Ready to start your online application? If you encounter any issue or have any questions about the renewal of your Georgia auto dealer bond, do not hesitate to give us a call at 877.514.5146. We are looking forward to your call!
Latest posts by Victor J. Lance, President/Owner (see all)
- Your Arizona Contractor License Guide - July 6, 2020
- Your Quick Guide to Becoming a Licensed Contractor in New Jersey - July 5, 2020
- How To Become a Contractor: 2020 Survival Guide - June 17, 2020