CAPSS Compliance Pathway
Colorado Automobile/Powersport Support Services, LLC

August 2015 - 2

Greetings!

The new DR 2434 Disclosures Required as Part of a Motor Vehicle/Powersport Vehicle Sale (revised 8-7-15) is here! Be sure to review the rules in this newsletter on how to complete the form. Begin using this form immediately!

CAPSS will be closing their on-line store as of August 28th! Currently on sale (while supplies last) are:

DR 2407 Dealer Bill of Sale $20 (pack of 100)
DR 2175 Non-Secure Power of Attorney $4 (pack of 50)
We Owe-You Owe $4 (pack of 50)
Wholesale Buyers Orders $4 (pack of 50)

Visit our store to order: E-Store

And if you missed our last newsletter - CAPSS and CIADA have joined forces to offer better services to all dealers in Colorado!

What does that mean to you? Enhanced support through memberships, continued training throughout Colorado, and dealer supplies offered and shipped from a central location. Read on to see how these changes are being implemented.

CAPSS remains dedicated to serving dealerships in Colorado. And we are looking forward to a long and beneficial partnership with CIADA!

Thanks for letting us serve you!

Connie Hatch

CAPSS LLC

	DR 2434 Disclosures Required As Part of a Motor Vehicle/Powersports Vehicle Sale

	Application 1. The disclosure form is not required for sale solely between Dealers, between Wholesalers, or between a Dealer and Wholealer. 2. At the time the buyer signs a Contract, the disclosure form must be read, initialed, and signed by the buyer and the Dealer. 3. The completed and signed disclosure form is a separate document that is part of the Contract. 4. The Dealer and buyer must complete only one disclosure form at the time of the signing of a Contract. 5. At the time of the signing of a Contract, a copy of the Contract, including a completed and signed disclosure form, must be given to the buyer. 6. The disclosures in the Credit Sale section of the disclosure form do not apply when the Contract is not contingent upon financing provided by or through the Dealer. In that event, the Credit Sale section should be crossed out. 7. A Dealer must complete a disclosure form with an interest rate that the Dealer reasonably believes can be obtained based on the creditworthiness of that prospective buyer. 8. The interest rate in the disclosure form must be the same as the interest rate in any Retail Installment Sale Contract signed by the buyer for the same vehicle. Usage Fee and Mileage Charge 1. The Dealer must notify the buyer within ten (10) calendar days of the date the Contract is signed by the buyer, in the event financing cannot be arranged as originally agreed upon. 2. If the Dealer and buyer agree that the Dealer will continue to attempt to arrange financing after ten calendar days, the Dealer must remind the buyer in writing that daily usage and mileage rates, stated in the disclosure form, apply in the event financing cannot be arranged as originally agreed upon. 3. The Dealer and buyer must complete and sign a new disclosure form that reflects the new interest rate if: funding cannot be arranged at or below the interest rate set forth in the preceding disclosure form; and the Dealer and buyer agree that the Dealer will attempt to arrange financing at an interest rate different than previously agreed upon. 4. The Dealer must retain a copy of all previously executed disclosure forms. 5. The Dealer must write in "NA" for "not applicable" or "Zero" in the dollar and cents fields, if the Dealer does not charge usage and mileage fees.

Memberships

CAPSS continues to offer dealer support to our members. Once your CAPSS membership comes up for renewal, we recommend CIADA membership. Connie Hatch is available by phone to support both CAPSS and CIADA members throughout the State of Colorado.

Additional membership benefits through CIADA include surety bonds, legislative support, CIADA Insider Magazine and the Used Car Dealer national magazine. CIADA members qualify for the VIP Card valued at more than $500. The VIP card offers discounts of certain fees at the auctions.

Not a member? Sign up now at: www.ciada.org

	Training

	On-Line Classes CAPSS continues to offer on-line classes to all Colorado dealerships. Our on-line classes cost $75. You have access to the class for three days from registration. Register for these classes at our website: www.capsscolorado.com Currently on-line: Mastery Exam Seminar - this class prepares new salespersons for the state's Mastery Exam by presenting the material in an easy to understand manner. Two practice exams help fine tune your test taking skills before you take the state's exam. A licensed dealer or approved third party administrator (CAPSS or CIADA) will still need to administer the exam. Getting the Car Deal Rolling Seminar - this class walks the new dealer, salesperson, or title clerk through the basic paperwork required for a sale. A manual can be downloaded for future reference. For more information on these classes - see sections below. Soon to be on-line is a Compliance Class! Pre-Licensing Classes CAPSS continues to offer in-person, Pre-Licensing Seminars in Montrose. These classes are open to dealer applicants and salespersons. This class goes beyond just preparing for the Mastery Exam. Covered are Colorado laws and regulations, along with some Federal regulations. This class gives you a strong foundation on which to build your business and your career! The Mastery Exam is administered at the end of the class. Pre-Licensing Seminars in Montrose: CAPSS Pre-Licensing Seminars Pre-Licensing Seminars in Lakewood: CIADA Pre-Licensing Seminars Customized Training CAPSS also offers customized in-person classes for Western Slope dealers and their staff at their request. Any of the above classes can be scheduled for classes in Montrose or at your dealership. Also offered are Compliance Training, Title Training, and Audits. Contact Connie for details at 970-209-7499.

	E-Store - Dealer Supplies

	CAPSS will be closing their on-line store as of August 28th to keep from duplicating services available through CIADA. We are happy to fill your orders in August - or you can start ordering directly from CIADA through their website: www.ciada.org.

Mastery Exam Seminar

New Salesperson? CAPSS on-demand webinar guides the student through the confusing rules and regulations they must know to pass the exam. The seminar offers two practice exams which test the student's knowledge and refines their test taking skills in preparation for the State's Mastery Exam.

This Seminar can be accessed from any computer or tablet, anywhere, at any time, day or night. We provide the student with the knowledge and study tools to pass this examination!

To attend this seminar:

Go to: www.capsscolorado.com (that's CAPSS - with two SS!)
Select Mastery Exam
Select New Student Registration
Register and pay with a credit card
Start the seminar!

The student has access to the seminar for three days from their registration. After learning the material, the student may take the state's exam on-line at:

Colorado Mastery Exam

The exam must be administered by a licensed dealer or an approved third party provider (CAPSS).

Call us for questions or examination appointments.

Price: $75.00

Getting the Car Deal Rolling Seminar

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 vehicle and power sport sales, and to title transfer documents. This seminar is uniquely formatted for the novice dealer, salesperson and/or title clerk. A manual can be downloaded for future reference.

To attend this seminar: