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– Automotive News at a Glance – Let Us Help You Send Roses To Your Honey On Valentine's Day!
– Reminder: 10-Day Notice Requirement If Financing Cannot Be Obtained
– Dealer Rights Bill Hearing Today – Dealer Briefing at the Capitol - Friday!
– Dealer Briefing at the Capitol – NADA Convention and Exposition – CADA Legislative Policy Committee Meeting – CADA 2010 Annual Golf Tournament
–All the News That's Fit to Email! CLICK HERE for an Index of Regulatory CLICK HERE for Bulletin archives.
CLICK HERE for a list of current CLICK HERE for a list of current CLICK HERE for an order form for CLICK HERE for information on all member services. CLICK HERE for NADA CLICK HERE for the Title and CLICK HERE for the Colorado
CLICK HERE for a CADA staff listing If you have questions CLICK HERE or scroll to the bottom Need Acrobat Reader
CLICK HERE for information about the
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Listed here are several articles pertaining to the
…more news articles are included at the end of this issue. COLORADO DEALER BREAKFAST - NADA CONVENTION 2010 * * * * * * * * LET US HELP YOU SEND ROSES TO YOUR HONEY ON VALENTINE'S DAY! * * * * * * * *
After the end of the year, we tend to receive many inquiries about how long various types of files and documents must be kept on file. CLICK HERE for an overall Record Retention Checklist covering dealership files. See also this prior article: * * * * * * * * REMINDER: 10-DAY NOTICE REQUIREMENT IF FINANCING CANNOT BE OBTAINED A reminder to all dealerships that an affirmative duty exists to notify consumers within 10 calendar days if financing cannot be obtained. Colorado Revised Statutes (C.R.S.) provide that this notice be required within a “reasonable time period” and regulations promulgated by the Motor Vehicle Dealer Board (M.V.D.B.) define that reasonable timeframe to be 10 days. It is also important to note this requirement is calendar days; not business days. C.R.S. 12-6-118(3)(v) Failure to give notice to a prospective buyer of the acceptance or rejection of a motor vehicle purchase order agreement within a reasonable time period, as determined by the Board, when the licensee is working with the prospective buyer on a finance sale or a consignment sale (effective March 9, 2004). REGULATION 12-6-118(3)(v). A dealer shall give notice of rejection of financing to the prospective buyer within ten (10) calendar days from the date of the purchase order or agreement on a finance or consignment sale (effective Dec.1, 2004). As most dealerships may be aware, the following disclosure (which is required by statute) allows the dealership to disclose upfront and collect charges for the consumer’s use of the car if financing is still pending at the time of sale and does fall through: REGULATION 12-6-104 (3)(k). Disclosures Required As Part Of A Motor Vehicle Contract: SECTION E: E. You and the dealer have agreed that the vehicle will be delivered to you prior to the purchase price being paid in full. If financing cannot be arranged at the terms stated in the contract, and the contract is canceled, you agree to pay the dealer $___ dollars per day and ___ cents per mile for your use of the vehicle from the date of delivery until the vehicle is returned to the dealer. If the contract is canceled, it may require you to immediately return the vehicle to the dealer and to pay the cost of repair for any damage occurring to the vehicle while it is in your possession along with the agreed upon daily and mileage charges. The contract may also give the dealer the right to take the vehicle from you 24 hours after cancellation and demand for the vehicle’s return. You may also be required by the contract to pay any costs the dealer may have to pay in regaining possession of the vehicle. If you owe any money from daily and mileage charges, damage repair costs or repossession costs to the dealer when the vehicle is returned, the dealer may keep your deposit(s) up to the amount owed. Otherwise, the deposit must be returned unless you ____ have agreed that it is nonrefundable. * * * * * * * * If you have questions on any legal or regulatory topic, please contact:
DISCLAIMER: CADA is not authorized to dispense legal advice.The information contained in this weekly email is intended to provide important updates and reminders regarding statutes, litigation, and regulations. CADA always advises that dealers should consult legal counsel on the specifics of any laws or regulations to ensure proper compliance
DEALER RIGHTS BILL HEARING TODAY HB 1049, CADA's comprehensive bill to help terminated dealers retain a right of first refusal on their market area is being heard today* by the House Business Affairs and Labor committee. If passed, the bill will move to the floor of the House of Representatives for full debate by the entire chamber. Coincidentally, it appears HB 1049, if passed through committee will be heard on the House floor on Friday, January 29th, which is also the same day as CADA's Dealer Briefing at the Capitol. If you have not yet RSVP'd for the Dealer Briefing at the Capitol this Friday, please e-mail Lauren Stadler immediately at lauren.stadler@coloradodealers.org. To view HB 1049, please click here. *HB 1049 is currently in committee at the time of this Open Road publication. * * * * * * * * GOVERNOR RITTER'S TAX CREDIT REPEAL BILLS SMACK BUSINESS COMMUNITY Seven of Governor Ritter's 13 tax credit repeal bills were introduced late Friday afternoon. Among them, two are most pertinent and potentially harmful to dealers. HB 1192 sponsored by Rep. Pommer (D-Boulder) and Sen. Heath (D-Boulder) would impose an immediate tax on all software purchases in Colorado. Currently software purchases are exempt from taxation. The second, HB 1199 by Rep. Ferrandino (D-Denver) and Sen. Heath (D-Boulder) would impose a cap of $250,000 on the amount of carry forward losses any Colorado business can claim in one year. This cap would operate for the next 3 years. Most disturbingly, these two bills are part of a package of bills that have an implementation date of March 1, 2010, instead of the July 1, 2010 date previously intended. Governor Ritter's office believes they will save $18M by repealing these tax exemptions 4 months earlier. Both bills are scheduled to be heard tomorrow by the House Appropriations on Wednesday. If you would like to testify on either of these tax bills, please contact Melissa Kuipers or Tim Jackson immediately. * * * * * * * * MILITARY APPRECIATION DAY AT THE COLORADO CAPITOL
* * * * * * * * DEALER BRIEFING AT THE CAPITOL - FRIDAY! * * * * * * * * MARK YOUR CALENDARS - NEXT LPC MEETING IS 2/17/10 For the most up-to-date dealer-related legislative information, please attend CADA’s next Legislative Policy Committee meeting on Wednesday, February 17th at 7:30 a.m. at CADA. The LPC is an open forum, round-table style discussion group that meets once a month to discuss the current state of politics in Colorado and how it affects you and your dealership. During the legislative session, your involvement in the LPC is especially critical. Political activism is one of the many benefits you receive from your CADA membership and you can and should have a say in what we do at the Capitol. Especially in light of the historic termination of dealers in 2009, we need you to be a part of our political dialogue. We hope to see you soon! * * * * * * * * Questions or Comments? Please contact:
If you have a particular area of interest or would like to suggest a training seminar topic, please contact Lauren Stadler at 303.457.5123 or lauren.stadler@coloradodealers.org
LET US KNOW ABOUT YOUR ACCOMPLISHMENTS! Have you or anyone else at your dealership won an award recently? Have you or your dealership provided any outstanding community service? We want to recognize such accomplishments. Please send us a brief write-up of the award or event along with any other information to milestones@coloradodealers.org. Also include your contact information for further follow-up.
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DEALER NEWS & INFORMATION
