Motor Vehicle Sales Finance Companies: FAQs
Q. How do I verify that a motor vehicle sales finance company is licensed in New Mexico?
To verify if a motor vehicle sales finance company is licensed to operate in New Mexico use the licensee search function on our website. For detailed instructions on how to use the licensee search, click here.
Q. What is the application fee to obtain a Motor Vehicle Sales Finance License?
The fee is $400 for an in-state license and $500 for an out-of-state licensing.
Q. How many DBA names can a Motor Vehicle Sales Finance License hold?
A Motor Vehicle Sales Finance License is only allowed to hold one DBA name per license.
Q. Is a bond required to obtain a Motor Vehicle Sales Finance License?
No, a bond is not required to obtain a Motor Vehicle Sales Finance License.
Q. What is required for an address change for a Motor Vehicle Sales Finance License?
It is a requirement to send a letter requesting permission from the Financial Institutions Division, along with a fee in the amount of $25.
Q: What is required if I wish to surrender my license?
To surrender a Motor Vehicle Sales Finance license, a licensee must submit a letter on company letterhead to the Director of the Financial Institutions Division along with a copy of the surrendered license. The letter must provide detailed information as to the reason for license surrender and the collection of any outstanding accounts.