What Is A Indiana Motor Vehicle Dealer Bond?
In the State of Indiana a motor vehicle dealer bond is a type of surety bond that is established as a means of guaranteeing that a dealer will comply with all of the federal and state laws applicable to the sales of vehicles, as well as the tax and decision guidelines that are relevant.
The main purpose of an IN motor vehicle dealer bond is to protect the consumer. Should the dealer act in such a way that could be considered fraudulent, unlawful, blameworthy, or unethical, the consumer can file a claim against the bond to collect damages or recuperate losses. Should such a claim be considered legitimate, the surety bond company that issued the Indiana motor vehicle dealer bond will cover the costs up to the penalty amount of the bond. The dealer will then reimburse the surety company.
While there are dealers that are required to obtain an IN bond in order to perform certain business practices, other choose to purchase one to develop a reputation of reliability and ethical behavior.
If you are in need of any type of Indiana bond, contact the professionals at Ox Bonding and get bonded.