New Mexico auto dealers remember your renewal. By March 31st you must file the appropriate licensing materials, fee and make sure that your New Mexico motor vehicle dealer bond is up to date. Also, remember the changes to Section 66-4-2.A NMSA 1978, which added continuing education language requiring all New Mexico independent automobile dealers to attend a continuing education classes every two (2) years in order to renew your New Mexico dealer license. This statute exempts both franchise and recreational vehicle dealers. An independent automobile dealer is one that does not have ANY franchise agreements with ANY manufacturers and sells used vehicles ONLY.
The New Mexico car dealer bond must evidence that your surety bond is paid and runs concurrent with the 2014 license, i.e., April 1st, 2014 to March 31, 2015. The bond obligation guarantees that the applicant shall comply with the provisions of Section 66 – 4 – 7, NMSA 1978 Comp, as amended, and all subsequent amendments thereto. The New Mexico auto dealer bond is continuous in form, remaining in full force and effect concurrently with the underlying license unless terminated by the surety company. Termination of the bond requires that the surety serve notice in writing upon the Director of the Motor Vehicle Division, and is then discharged from any liability occuring after termination of suretyship as of the thirtieth day after receipt by the Director of Motor Vehicles. Auto dealers must provide a$50,000 surety bond. Motorcycle dealers must provide a $12,500 surety bond.
New Mexico surety leader, Surety One, Inc. offers motor vehicle dealer bonds in all states where they are required by law. Our special programs allow us to offer bonding support regardless of your credit condition. Need to know the bond requirements for dealers in any state? Click here for our MVD bond guide. We also offer certificate of title bonds and lien release bonds which are sometimes needed in the course of your dealership operations. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email us at Underwriting@SuretyOne.com for a New Mexico motor vehicle dealer bond application or for information on any surety need.
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