|
|
Greetings!
Christmas Blessings! As this year winds down, we wish you a wonderful holiday filled with fun, family, and friends. It has been our pleasure to serve you in 2012, and we look forward to 2013. Even though the year is almost over, both state and federal regulators are still at work to ensure compliance at your dealership. We have included a few reminder articles to keep your dealership out of the regulatory spotlight. Thank you for your continued support of CAPSS!
Mary Marvin & Connie Hatch
CAPSS LLC
|
 |
Late Fees (Delinquency Charges) | |
If a dealer assesses a late fee/delinquency charge, the parties must contract for such late fee/delinquency charge.
A dealer may assess a late fee/delinquency charge on any installment payment not paid in full within 10 days after its scheduled due date, in an amount not to exceed $15.00 for a transaction not secured by an interest in land. A delinquency charge may be collected only once on an installment payment however long it remains in default. No delinquency charge may be collected on an installment payment that is paid in full within ten days after its scheduled installment due date, even though an earlier maturing installment minimum payment, or a delinquency charge on an earlier installment payment may not have been paid in full. A dealer that has imposed a delinquency charge shall notify the customer in writing of the amount of the delinquency charged, assessed as follows:
- Before the due date of the next scheduled payment
- If the creditor provides the consumer with a periodic statement for each installment, on or with the next periodic statement provided to the consumer after the delinquency charge has been assessed.
A creditor shall not assess a delinquency charge unless the delinquency charge is assessed within thirty (30) days after the scheduled due date of any installment not paid in full. No finance charge may be assessed on any delinquent charge. |
|
|
Maximum Finance Charges | | |
Consumer Loans
Colorado State Statute (CRS 5-2-201) states the following with respect to Finance Charges:
With respect to a supervised loan or a consumer credit sale, except for a loan or sale pursuant to a revolving account, a supervised lender or seller may contract for and receive a finance charge, calculated according to the actuarial method, not exceeding the equivalent of the greater of either of the following:
a) The total of:
(1) Thirty-six percent per year on that part of the unpaid balances of the amount financed that is one thousand dollars or less;
(2) Twenty-one percent per year on that part of the unpaid balances of the amount financed that is more than one thousand dollars but does not exceed three thousand dollars; and
(3) Fifteen percent per year on that part of the unpaid balances of the amount financed that is more than three thousand dollars; or
b) Twenty-one percent per year on the unpaid balances of the amount financed.
Except as provided in paragraph (b) of this subsection, the finance charge for a supervised loan or consumer credit sale pursuant to a revolving credit account, calculated according to the actuarial method, may not exceed twenty-one percent per year on the unpaid balance of the amount financed.
|
| |
Counerfeit Airbags | | |
NHTSA alert!
The National Highway Traffic Safety Administration (NHTSA) put out an alert regarding counterfeit air bags that look identical to original parts. These parts bear the branding of major automakers. Testing of these air bags produced disturbing results, from non-deployment to explulsion of metal shrapnel during deployment. The agency said it is not aware of any deaths or injuries connected to counterfeit air bags.
While the full scope and scale of the problem of counterfeit air bags is uncertain from currently available data, the NHTSA has identified certain vehicle makes and models for which these air bags may be available. It said that it believes the issue will affect less than 0.1 percent of the U.S. vehicle fleet, adding that only vehicles which have had an air bag replaced within the past three years by a repair shop that is not part of a new car dealership may be at risk.
The investigation into these counterfeit air bags is on-going by several federal agencies including NHTSA, U.S. Immigration and Customs Enforcement (ICE), U.S. Customs, and the Department of Justice.
For more information, go to NHTSA or www.SaferCar.gov.
|
|
Upcoming Training Seminars | |
 Mastery Exam Seminar:This seminar is an on-line class that can be taken from your own computer at any time. We guide you through the confusing rules and regulations that you must know to pass the state's exam. We also offer practice exams, which test your content knowledge and refine your test taking skills in preparation for the exam. To attend this seminar on-line, click this link: capsstraining.webex.com Do you want us to both train your employee and administer the Mastery Exam the same day in either Lakewood or Montrose? Contact us with your feedback! info@capss.biz 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. - Feb 12, 2013 9:00am - 12:00pm Lakewood
- Mar 15, 2013 8:30am - 12:00pm Montrose
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. - Jan 17, 2013 9:00am - 1:00pm Lakewood
- Feb 1, 2013 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, including OFAC, Red Flags, and FTC Privacy Notices. Dealers taking this class will be prepared for a compliance inspection by the Auto Industry Division. - Jan 29, 2013 9:00am - 1:00pm Lakewood
- Mar 15, 2013 1:00pm - 5:00pm Montrose
To register for any of these seminars, go to www.capsscolorado.com. To schedule a class at your dealership, call Mary Marvin (Front Range) 303-478-2538; or Connie Hatch (Western Slope) 970-209-7499. |
|
Titles & Registrations
Form Changes/Updates | | |
Code Updates:
Beginning August 13, 2012, Colorado will begin using 4-Digit Vehicle Make Abbreviations.
It has been discovered that there are vehicles that do not have a 4-digit Vehicle Make code assigned by NCIC (National Crime Information Center). NCIC has provided an unlisted vehicle make for trailers (TRLR) and trucks (TRUK). There is no unlisted code for any other vehicle. Colorado will be using these codes until a make is assigned for the specific vehicle.
As a reminder, the make abbreviations for motorhomes and motorized vehicles will be found on the vehicle make abbreviation list, and non-motorzied vehicles such as manufactured homes and trailers will be on the trailer make list.
Manufactured Homes and SMM are exempt from the four character make requirement. New vehicles continue to be added to these lists,
For questions, contact the Colorado State Title Section: 303-205-5608 or Colorado State Registration Section: 303-205-5607
|
|
|
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. Not a member? Call now to join, only $125 a year!
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 (Lakewood) 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.capsscolorado.com.
And give us a call for all your form and supply needs!
If you have ideas on how we can better support you, please contact us!
|
|
|
 |
Unlicensed Sales!
Another reminder to all dealers - Check your sales person's licenses monthly to ensure all your sales people are properly licensed and that the licenses are current and valid.
Numerous dealers have been brought to the Motor Vehicle Dealer Board for an administrative hearing against the dealer's license for conducting business with an unlicensed salesperson, only because the license had expired and the dealership was not diligent in assuring all the licenses were current and renewed timely. The charges not only include "employing an unlicensed salesperson" but also C.R.S. 12-6-109 "it shall be a violation for a person to exercise any of the privileges granted under a license that such person does not hold, or for a licensee to knowingly allow such an exercise of privileges". Each offense is subject to a $10,000 fine.
Also, your licenses are required to be posted in a conspicuous area at the dealership. Assign someone within the dealership to audit those licensed at least monthly. |
|
ABOUT US
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 32 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
| | |
|
