Used Motor Vehicle Dealer Bond
$25,000 used / independent dealer surety
Independent and used motor vehicle dealers file a $25,000 surety bond or irrevocable letter of credit with FLHSMV on Form HSMV 86020 under Fla. Stat. § 320.27(10)(a).
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The Florida used motor vehicle dealer bond is the $25,000 surety independent and used dealers file with FLHSMV under Fla. Stat. § 320.27(10)(a) on Form HSMV 86020.
Amount, premium, term, and the authority that requires this filing.
Independent motor vehicle dealers under Fla. Stat. § 320.27(1)(c)2 — not franchised dealers.
FLHSMV requires the $25,000 surety on Form HSMV 86020 for independent/used dealer licenses.
You hold or are applying for an independent (VI) dealer license — not franchise (VF).
Use Apply on this page for the Florida USED Motor Vehicle Dealer Propeller class.
Submit the executed bond with your dealer license application or renewal. Independent, wholesale, and auction licenses expire April 30 (§ 320.27(4)(a)).
Fla. Stat. § 320.27(10)(a) requires $25,000 for motor vehicle dealers, including independent/used dealers.
The penal sum is the same $25,000, but independent dealers are licensed under § 320.27(1)(c)2 and use the USED Propeller class. License renewal dates also differ (April 30 vs December 31).
Form HSMV 86020.
Also need coverage?
Need more than a bond? Through the same agency desk we can discuss commercial coverage for the whole business.