A car rental company in Vermont is a person or business that offers pleasure cars for rent on a short-term basis, with “short-term” meaning less than one year.
Vermont’s Department of Motor Vehicles requires short-term vehicle rental companies to obtain a license. This includes rentals of trailer coaches and trucks weighing 26,000 pounds or less, and trailers and semi-trailers weighing 3,000 pounds or less.
If a rental company’s yearly tax liability is greater than $5,000, then they must also submit a surety bond along with their license application. The amount is determined by using the total of the two highest months of liability in the preceding year, but it will not exceed $400,000. New rental companies must submit a $1,000 bond with their application. The amount for the bond is renewed annually, and the Commissioner may raise the amount to whatever it deems necessary to protect the revenues of the state.
A letter of credit will be accepted in lieu of a bond, and must be submitted with a current financial statement.
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