|
Join Our List
|
|
| |
"Make Deals and Roll Steel"
AUTO CREDIT TRAINING SOLUTIONS
For More Information,
Click Here
Upcoming Webinars
April 21st
MSEC AZ Offers:
Harassment Law for Managers and Supervisors
Performance Documentation Skills for Supervisors
SB1293 - Mandatory ELT
Effective May 31, 2010
Arizona will become a mandatory ELT Title State.
This means that any company/dealer financing vehicles will need to be signed up with an authorized provider.
For more information on SB1293
click here.
For information on contacting a Service Provider
click here.
RED FLAGS RULE
ENFORCEMENT
Delayed until
June 1st 2010
For more information on Red Flag Rules & Information visit
http://ftc.gov/redflagsrule
To view recent AADA Bulletins
Click Here
Log in to the secure site and access Resources for News & Bulletins.
To view recent eNewsletters
Click Here
"Recent Fraud Alerts"
visit www.aada.com Log in to access Resources and select News & Bulletins
If you have any comments or suggestions regarding this newsletter, please contact
Melinda Simpson at melinda@aada.com
Need Acrobat Reader to view linked documents?
Click Here,
for a FREE download from Adobe.
|
|
|
| Greetings!
Welcome to the latest installment of AADA's eNewsletter, containing information, announcements and reminders. |
| New Vehicle Fuel Economy Rules to Cost Consumers | | |
In response to the new model year 2012-16 automobile and light-truck fuel economy mandates, Ed Tonkin, Chairman of the National Automobile Dealers Association (NADA) released the following statement:
"These new rules are the most expensive fuel economy mandates in history. In part, this is a result of three different fuel economy standards set by three different agencies (U.S. Department of Transportation, U.S. Environmental Protection Agency and the California Air Resources Board) under three different sets of rules. This is in direct contradiction to the one national fuel economy standard established by Congress in 2007.
"America's new car and truck dealers support higher fuel economy standards, but recognize that for most Americans a car or truck is a necessity, not a luxury. Under these new mandates, the price of new cars and light trucks will rise significantly, meaning fewer Americans will be able to buy the new vehicles of their choice.
"With tight family budgets and a shaky job outlook, consumers want to maximize their transportation dollars, not pay more for redundant rules and an unnecessary bureaucracy.
"Also troubling, EPA's rule allows for lower standards for some automakers, creating an uneven playing field for some dealers selling makes that are fully regulated. These loopholes will reduce fuel savings, and needlessly distort the fragile auto market, further hurting consumers."
SOURCE National Automobile Dealers Association |
| RED FLAGS RULE MYTH BUSTERS | | |
Upcoming FTC Red Flags Rule Enforcement (which has been delayed an unprecedented four times, and which is set to begin June 1, 2010).
Myth #1: The Red Flags Rule does not apply to new car dealers.
Myth Busted: The Red Flags Rule applies to "Creditors" and their "Covered Accounts". Creditors are defined to specifically include automobile dealers, and "Covered Accounts" specifically include automobile loans. While FTC enforcement of the Red Flags Rule has been stayed until June 1, 2010, the rule is currently in effect.
Myth #2: Compliance with the Red Flags Rule by a finance company "trickles down" to the dealership-requiring no further action by the dealership to comply.
Myth Busted: The duties under the Red Flags Rule specifically apply to all entities subject to the Red Flags Rule-including dealers. You are specifically required to create and implement a comprehensive Identity Theft Prevention Plan, as are the financial institutions with which you do business. Plans created and implemented by these financial institutions do not extend to cover your dealership. Furthermore, federally-backed banks and credit unions are regulated by the FDIC and NCUA, which have not followed the FTC in delaying enforcement. Just as the Red Flags Rule requires that you ensure that auto brokers and other service providers implement policies and procedures to detect, prevent, and mitigate the risk of identity theft, these banks and credit unions will be required to ensure you do the same before doing business with you. In practical terms, banks and credit unions will contractually require your dealership to implement an identity theft prevention program as a condition of buying your contracts. |
| Title and Registration Information & Updates | | |
House Bill 2732: Transfer on Death Beneficiary
The single owner of a vehicle or mobile home may request a transfer on death beneficiary provision to be attached to his/her Certificate of Title.
On March 8, 2010 the Motor Vehicle Division revised policy 10.6.11 to include the option for the vehicle owner to now designate up to four beneficiaries for a vehicle/mobile home title transfer upon death.
To read more on the guidelines for the transfer of a Certificate of Title for a vehicle or mobile home to the beneficiary/BENEFICIARIES of a deceased person who has requested a transfer of death beneficiary provision to the title, click here. |
| Dealer Licensing Information & Updates | | | "Tips for Paperwork Submission"
When submitting forms or paperwork to the Arizona Motor Vehicle Division you cannot use "WHITE-OUT" or your transaction will be rejected. This includes Dealer Application, Dealer Plate Application, Add/Delete Forms and finger print cards, etc. If you have made an error you must complete a new form or finger print card.
When submitting paperwork to add or delete an owner from your AZ Dealer License you must submit a copy of the minutes adding or deleting the member. |
|
Thank you for your continued support.
AADA
Arizona Automobile Dealers Association |
|
|
