co signer/ partnership

[bernierxx]

A few questions.
Auto dealer license bond 50k for CA

Ive been told that I will have to pay up to 13 percent for this anual bond.

Is this payment all at once or can it be made in monthly payments?
So I will be paying up to 8k for a 50k anual bond? Not much of a risk for the bond company.
It also reads "this premium is fully earned." What does that mean?

I have bad credit but my partner has great credit.
Would it be better to both be on the bond or should I have my partner co sign for just me or does it not matter?

I tried using just my partners credit on the "apply now" form and no estimate comes up. Is this just a catch to get my partner to call in because I notice ALL the bad risk programs come up with the SAME estimate even with different answers to the questions.

[bernierxx]

anyone? No replies?

[PT]

Originally Posted by bernierxx

A few questions.
Auto dealer license bond 50k for CA

Ive been told that I will have to pay up to 13 percent for this anual bond.

Is this payment all at once or can it be made in monthly payments?
So I will be paying up to 8k for a 50k anual bond? Not much of a risk for the bond company.
It also reads "this premium is fully earned." What does that mean?

I have bad credit but my partner has great credit.
Would it be better to both be on the bond or should I have my partner co sign for just me or does it not matter?

I tried using just my partners credit on the "apply now" form and no estimate comes up. Is this just a catch to get my partner to call in because I notice ALL the bad risk programs come up with the SAME estimate even with different answers to the questions.

I'll try to answer your questions but it might be better for you to call the office at 215-766-1990 and speak to a representative.

1. Yes - payment is all at once - annually. "This premium is fully earned" means that the Surety Company will not refund any of the first years premium should you decide to cancel the bond within the first year of coverage.

2. Both partners would be required to be on the bond. If one has good credit and one has bad credit, then you would fall under the High Risk Program. Unless you can show proof that there is only one partner and he has good credit, you're probably going to fall under high risk.

3. When someone with good credit applies, the system will not supply a quote because there are a number of programs available. The application would be reviewed and then submitted to the Surety company or companies that we feel can provide the best quote. There are only a couple of high risk programs so it's easier for the system to quote bonds under high risk because they are all pretty much the same.

Please don't hesitate to call and someone will be happy to discuss this further.

[bernierxx]

Great. Thanks.