Bank Account

[Bond Magician]

I am applying for a motor vehicle dealer bond and my credit is less than perfect. What if my average bank account balance is high? Will that help me get a better rate?

[Mother Bond]

Originally Posted by Bond Magician

I am applying for a motor vehicle dealer bond and my credit is less than perfect. What if my average bank account balance is high? Will that help me get a better rate?

With less than perfect credit, you would not qualify for standard market rates. However, your strong financials would be taken into consideration when determining the rate through our high-risk program.

Feel free to apply for a free quote online at JW Surety Bonds - Commercial Bond Applications

[Bond Magician]

Originally Posted by Mother Bond

With less than perfect credit, you would not qualify for standard market rates. However, your strong financials would be taken into consideration when determining the rate through our high-risk program.

Feel free to apply for a free quote online at JW Surety Bonds - Commercial Bond Applications

If I decide to proceed and obtain the bond now, will I be able to qualify for a standard rate come renewal time (if I pay off all of my collections between now and then)?

[Mother Bond]

Originally Posted by Bond Magician

If I decide to proceed and obtain the bond now, will I be able to qualify for a standard rate come renewal time (if I pay off all of my collections between now and then)?

If your credit has improved, come renewal time, we can look into getting your bond re-written through our standard markets. As the renewal approaches, simply contact your agent and request they review your file to see if you qualify for a lower rate.

[Surety Wizard]

When you say "standard markets" what exactly do you mean? What should I be shooting for to be in a "standard market"?

[h2o]

Originally Posted by Surety Wizard

When you say "standard markets" what exactly do you mean? What should I be shooting for to be in a "standard market"?

"Standard Markets" are surety companies that are going to be able to offer lower rates, but this is because they have stringent underwriting guidelines. They only write bonds that they expect little to no risk or loss from. To qualify through standard markets, you must have good credit and strong financials. They may also take a look at your past experience - that is why you may be asked to submit a resume. Another thing to keep in mind is that while some applicants might be very strong, the bond they need is considered too risky... so it is also possible to be turned down by certain surety companies simply because they aren't willing to write that particular type of bond.

[Bond Magician]

Originally Posted by h2o

"Standard Markets" are surety companies that are going to be able to offer lower rates, but this is because they have stringent underwriting guidelines. They only write bonds that they expect little to no risk or loss from. To qualify through standard markets, you must have good credit and strong financials. They may also take a look at your past experience - that is why you may be asked to submit a resume. Another thing to keep in mind is that while some applicants might be very strong, the bond they need is considered too risky... so it is also possible to be turned down by certain surety companies simply because they aren't willing to write that particular type of bond.

When I submit a resume, do I only indicate my experience with selling used cars? Or should I indicate all of my past experience, even if it is not related to car sales? Will this potentially help me get a better rate if my resume is more detailed?

[h2o]

Originally Posted by Bond Magician

When I submit a resume, do I only indicate my experience with selling used cars? Or should I indicate all of my past experience, even if it is not related to car sales? Will this potentially help me get a better rate if my resume is more detailed?

I always encourage people to include all past experience, even if it's not relevent to car sales. Certain skills, though directly unrelated, may prove beneficial in your ability to operate a dealership - for example, prior management, customer service, auto repair. Obviously the more relevent experience your experience the better, but it doesn't hurt to include your entire employment history. It's also a good idea to list other skills or hobbies at the bottom of your resume that have anything to do with the auto industry.