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Greetings!
Welcome to our CAPSS newsletter for July. Summer is a busy time for dealers, and also the most popular time for vacations. You may not have thought of it, but it is also the best time for updating your knowledge on current laws and regulations.
We offer continuing education classes all year, but due to Colorado's terrain and weather, the easiest time to travel for training is during the summer months when daylight lasts longer and the roads are dry. CAPSS offers classes on both sides of the continental divide, and dealers are welcome to attend whichever location meets their needs. We are also willing to take classes on the road, so call us if you have specific requests (minimum number of students may be required).
We offer the following classes:
- Basic paperwork to complete a sale (Getting the Car Deal Rolling)
- Title classes (Intermediate & Refresher Title Document Training)
- State and Federal laws and regulations - including preparation for a compliance audit by the Auto Industry Division (The Well-Informed Dealer-Do You Think You Know It All?)
- Red Flags/OFAC training (OFAC/Safeguards/Red Flags)
- Pre-Licensing Certification - This class is a new Colorado requirement for used motor vehicle or used powersport dealers and wholesalers, and must be completed before the state will accept an application packet
Do you live in the CRAIG area? We will be in Craig on September 9th and are offering two classes: The Well-Informed Dealer and OFAC/Safeguards/Red Flags. Contact Connie immediately if you are interested in these classes (970-209-7499). Due to the need to order class materials, it is critical that you pre-register for these classes!
Thank you for allowing us to serve you.
Sincerely,
Mary Marvin & Connie Hatch
CAPSS LLC
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Odometers !! |
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Clear the Confusion
 Federal Odometer Law requires each title, at the time the vehicle is transferred or sold, to contain
- mileage reading at the time of sale - disclosed by the seller
- date of sale
- seller's name and current address
- purchaser's name and current address
- identity of vehicle including make, model, year, body type, and vehicle identification number (VIN)
- seller's hand printed-name and signature
- purchaser's hand-printed name and signature
In addition, the seller must certify that, to the best of his/her knowledge, that the odometer reading reflects the actual mileage (AM); or, if the seller knows that the odometer reading reflects the amount of mileage in excess of the designed mechanical odometer limit (IE); or, that a discrepancy exists between the odometer reading and the actual mileage (NA).
No person shall sign an odometer disclosure statement as both the transferor and transferee in the same transaction.
Odometer disclosures must be completed by the seller and delivered to the purchaser in all types of sales, retail or wholesale.
Federal Law requires that all dealers shall retain for five (5) years a copy of each odometer mileage statement which they issue and receive. Dealers will need to keep a copy of the front and back of the title, along with a DR 2407 (Dealer's Bill of Sale) or DR 2174 (Power of Attorney), if applicable.
Both Federal and Colorado Law allow the service, repair and replacement of an odometer. A person may service, repair, or replace an odometer of a motor vehicle if the mileage registered by the odometer remains the same as before the service, repair or replacement. If the mileage cannot remain the same, the person shall adjust the odometer to read zero; and the owner of the vehicle, or agent of the owner, shall attach a written notice to the left door frame of the vehicle specifying the mileage before the service, repair or replacement; and the date of the service, repair or replacement.
A person may not, with intent to defraud, remove or alter a notice attached to a motor vehicle as required by Federal and State Law. Simply, if an odometer is in need of replacement, the replacement odometer must be set to the mileage of the replaced odometer, or the replacement odometer must be set to zero, with a sticker placed on the driver's side door. If the vehicle traveled between time of break-down and replacement, the mileage must be disclosed as not actual (NA).
For more information concerning the Federal and State Laws governing odometer disclosures, contact us as CAPSS, or attend our "The Well Informed Dealer - Do You Think You Know It All" seminar.
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Upcoming Training Seminars |
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Getting the Car Deal Rolling: This seminar concentrates on how to complete the basic car deal paperwork involved in a sales transaction. It includes an introduction to the required sales documents for motor vehicles and power sport sales, and to title transfer documents. This seminar is uniquely formatted for the novice dealer/and or title clerk.
- September 18, 2009 9:00am - 1:00pm Montrose
Intermediate & Refresher Title Document Training: This seminar includes basic title documents for incoming and outgoing title transfer, various title forms, applications for title, how and why to do a VIN inspection, title assignments, odometer disclosures, secure and verifiable identification and more.
- August 6, 2009 9:00am - 1:00pm Golden
- August 10, 2009 9:00am - 1:00pm Montrose
The Well-Informed Dealer - Do You Think You Know It All? Are you complying with the Federal Truth-in-Mileage Act? Do you know what damage disclosure is required to be furnished to your customer? If you did not know the vehicle you sold was previously salvaged, do you have to buy the vehicle back? What charges can be added to an advertised price? This seminar covers numerous items required for compliance of industry's rules and regulations. Dealers taking this class will be prepared for a compliance inspection by the Auto Industry Division.
- July 31, 2009 9:00am-1:00pm Golden
- August 20, 2009 9:00am - 1:00pm Montrose
- September 9, 2009 9:00am - 1:00pm CRAIG
OFAC/Safeguard Training/Redflags: This seminar explains what Red Flags is all about, who must comply, how to comply, and the sanctions for non-compliance. It includes a template to help you compose your Red Flags policy. The seminar also covers OFAC, and the Gramm-Leach-Bliley Act, including Privacy Notices and Safeguard Training.
- July 30, 2009 10:00am - 12:00pm Montrose
- July 31, 2009 2:00pm - 4:00pm Golden
- August 6, 2009 2:00pm - 4:00pm Golden
- August 20, 2009 2:00pm - 4:00pm Montrose
- September 9, 2009 2:00pm - 4:00pm CRAIG
- September 18, 2009 2:00pm - 4:00pm Montrose
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Legislative Update |
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Emissions - Liens - Power sport Wholesaler - Low Powered Scooters and more....
EMISSIONS
Effective January 1, 2010, the basic emissions program area shall consist of the County of El Paso. The enhanced emissions program area shall consist of the counties of Adams, Arapahoe, Boulder, Douglas, Jefferson, Larimer and Weld, and the cities and counties of Broomfield and Denver. A portion of Adams, Arapahoe, El Paso, Larimer and Weld are excluded from their respective areas and are outlined in Colorado State Statute 42-4-304.
LIENS
Effective October 1, 2009, the duration of liens shall remain valid and enforceable for a period of ten (10) years; liens may still be extended for three (3) years upon the filing of a certification of extension of a chattel mortgage.
POWERSPORTS WHOLESALER
Effective October 1, 2009 Powersports Vehicle Licensing 12-6-502, included to its class of licenses "Wholesaler" which means a person who, for commission or with intent to make a profit or gain of money or other thing of value, sells, exchanges, or offers or attempts to negotiate a sale, lease, or exchange of an interest in a new or new and used powersports vehicle solely to powersports vehicle dealers or used powersports vehicle dealers.
LOW-POWERED SCOOTERS
Effective October 1, 2009 the Motor Vehicle Industry Law defines a motor vehicle to include, without limitation, a low-powered scooter as defined in Section 42-1-102: "Low Power Scooter" means a self-propelled vehicle designed primarily for use on the roadways with not more than three (3) wheels in contact with the ground, no manual clutch, and either of the following: a cylinder capacity not exceeding fifty cubic centimeters if powered by internal combustion, or a wattage not exceeding four thousand four hundred seventy-six (4476) if powered by electricity.
ADDITIONAL UPDATES: For more information consult your Colorado State Statutes or contact your local CAPSS representative.
C.R.S. 42-6-115 - BOND REQUIREMENTS - Vehicles 25 years and older, notarized bill of sale changed to 24 months after date of sale.
C.R.S. 39-26-105.4 - REMITTANCE OF TAX - determination of address - dealer held harmless
C.R.S. 42-1-102 - LOW-SPEED ELECTRIC VEHICLES - self propelled utilizing electricity as its primary propulsion method, has at least 3 wheels in contact with the ground, does not use handlebars to steer, 17 character VIN, roadway speed equal to or less than 35 mph, not to be used on a limited-access highway.
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QUESTIONS ?
Do you have questions regarding odometer laws, salvage vehicles, repossessions, or more? Benefits of your membership include phone consultations - so don't hesitate to pick up the phone and ask those questions.
Our newsletters will advise you of form updates by the state, legislative changes, and other items of interest, including compliance tips for your review.
We also offer continuing education to dealers and their employees. We strive to give you the best education at reasonable prices. Classes are offered on the front range (Golden) and the Western Slope (Montrose) as well as occasional classes in other parts of the state.
For more about our seminars, check out the Upcoming Training Seminars section of this newsletter, or check out web site on-line at www.capss.biz.
If you have ideas on how we can better support you, please contact us!
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HOME PAGE
EDUCATIONAL SEMINARS
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Any licensed Colorado dealer may give a retail appraisal. It must be on the dealer's letterhead, signed, dated and state the dealership's license number.
If the statement is not on the dealer's letterhead, the statement must be notarized or given under penalty of perjury, with the same information.
For title, the appraisal must be $200 or more. If the appraisal is less than $200, a Salvage Title must be applied for.
A dealership may do its own appraisal when bonding for title in their name. This appraisal may be for the Wholesale value of the vehicle.
Appraisal must be for the current condition of the vehicle at the time of titling. An appraisal over 45 days old from the date of appraisal to application acceptance date is not acceptable.
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| ABOUT US
CAPSS may be a new name, but we have been serving dealers in Colorado for over 30 years.
CAPSS is a company owned and operated by experienced former investigators of the Colorado Department of Revenue, Auto Industry Division. Connie Hatch retired as a Field Investigator, after 27 years of state service. Mary Marvin retired as a Supervisor Investigator, after 33 years of state service.
For two years, Mary and Connie contracted with CIADA to provide training for their members. Now they have moved on to better serve all dealers and wholesalers in the State of Colorado.
Contact us if we can serve you!
Front Range: Mary Marvin (303) 478-2538
Western Slope: Connie Hatch (970) 209-7499
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CARS - Cash for Clunkers Program
On July 9, 2009 the Colorado DOR clarified the taxation of vehicles bought under the federal Car Allowance Rebate System. The amount of rebate should be applied toward the purchase or lease price of a new vehicle as a partial payment, similar to a manufacturer rebate. This federal credit does not lower the purchase price or the amount subject to state and local sales tax. | |
