Jul7 10, 2012

TITLE SPONSOR OF THE
2012 CHARITY PREVIEW PARTY

IN THIS ISSUE

a DEALER NEWS & INFORMATION

Auto Industry News at a Glance

 

REGULATORY & LEGAL UPDATES

Uniform Consumer Credit Code (UCCC): Dealer Audited – Notice Regarding GAP Disclosures

 

LEGISLATIVE UPDATE

CADA Bill Tracker

 

UPCOMING SEMINARS
KPA Weekly Webinar

Upcoming Seminars


CALENDAR OF EVENTS

CADA Annual Member Golf Event

Upcoming Events


DEALER MILESTONES,
HIGHLIGHTS & TRANSITIONS

Colorado Yellow Ribbon Event

Share Your Accomplishmens

 

THE AFTERFACT

All the News That's Fit to Email!


ARCHIVES

CLICK HERE for Open Road
e-newsletter archives.

CLICK HERE for an Index of Regulatory
& Legal Articles
from the Open
Road e-newsletter.

CLICK HERE for Bulletin archives.

CLICK HERE for Colorado Auto
Outlook
archives.

CLICK HERE for Denver Auto
Outlook
archives.


ONLINE REGISTRATION

CLICK HERE to register online
for various CADA seminars & events.


MEMBERSHIP RESOURCES

CLICK HERE for details on the
Speaker and Educational
Resources
.

CLICK HERE for a list of current
Endorsed Vendors/Programs
.

CLICK HERE for a list of current
Allied Members
.

CLICK HERE for an order form for
CADA forms
.

CLICK HERE for information on all member services.



www.nada.org


www.aiada.org

CLICK HERE for NADA
Regulatory Affairs information
.


STATE GOVERNMENT RESOURCES

CLICK HERE for the Auto Industry
Division
of the Colorado Dept.
of Revenue.

CLICK HERE for the Title and
Registration section
of the
Colorado Dept. of Revenue,
Motor Vehicles Division.

CLICK HERE for the Colorado
Department of Labor &
Employment
website.




Visit us at www.coloradodealers.org.


CADA Hours of Operation
Monday to Thursday, 7 a.m. to 5 p.m.
Friday, 7 a.m. to 4 p.m.

open_sign


CADA STAFF

CLICK HERE for a CADA staff listing


If you have questions
or suggestions
regarding this
e-newsletter, please
contact Lauren Stadler at
lauren.stadler@coloradodealers.org

CLICK HERE or scroll to the bottom
of this page if you want to be
added or removed from our list.


Need Acrobat Reader
to view linked
documents?
CLICK HERE for a FREE
download from Adobe.


ENDORSED VENDOR/PROGRAMS

CLICK HERE for information about the
Endorsed Programs
.

Contact Polly Penna at CADA to request more information on any of the programs below: polly.penna@coloradodealers.org

Choosing a CADA endorsed provider supports our work for the Colorado retail vehicle industry.
________

www.afadvantage.com

Supplemental Employee Benefits
________

www.federatedinsurance.com

General Liability
________

www.incom-direct.com

Merchant Transaction Processing
________

http://www.kpaonline.com/

HR Management & Online Compliance

Environmental / Health & Safety Compliance
________

www.lbtelecom.net

Telecommunications
________

www.business.officedepot.com  

Office Supplies
________

www.reyrey.com/solutions/document
_solutions

Document Solutions / Forms
________

www.siegeloil.com

Oil, Lubricants, Service Chemicals & Reconditioning Products
________

www.unifirst.com

Uniforms / Standard Workwear
________


www.pinnacol.com

Workers Compensation


 

 


If this e-newsletter does not display correctly,
CLICK HERE
to access the web-based version.


CADA Open Road is now beginning its sixth year of service, providing uninterrupted weekly news and information for Colorado automotive professionals to better compete in our industry, since January 3, 2007.


a


 AUTO INDUSTRY NEWS AT A GLANCE

Listed here are several articles pertaining to the
auto industry in general that appeared recently in newspapers and other media outlets across the nation.



…more news articles are included at the end of this issue.




UNIFORM CONSUMER CREDIT CODE (UCCC): DEALER AUDITED - NOTICE REGARDING GAP DISCLOSURES

It was recently reported to CADA by a member dealer that an Attorney General UCCC department auditor arrived for a random compliance audit.  Previously this department did not conduct compliance audits or investigations unless there was a complaint received.  They are now doing random, proactive audits.  The dealer audited was relieved to find that the audit lasted less than two days, and for the most part, they were doing everything right with one exception.   

One key item that was highlighted by the auditor is that a copy of the required GAP ‘separate written cancellation form’ should be retained in deal jacket files.  Otherwise, there is no way to prove for certain that a particular customer was provided with a copy.  Further, audit staff recommended the copy of this form also be initialed to acknowledge receipt.  Specifically Rule 10 of the UCCC provides:

Rule 10 Records to be Maintained by Creditors
(a) A creditor must maintain and make available records for compliance examinations and investigations that enable the Administrator to determine that the creditor is in compliance with the Colorado Uniform Consumer Credit Code (“UCCC”).   . . .
See also, C.R.S. 5-3-109. Records (records need to be retained for four years)

As a re-cap, the Uniform Consumer Credit Code (UCCC) is a state law that regulates the terms and conditions of consumer credit in Colorado.  It generally applies to all retail consumer credit transactions, including automobile loans that dealers typically assist in ‘arranging’. Rule 8 of the UCCC covers GAP and provides the following:

(c) At the time the consumer provides affirmative written authorization to purchase GAP, the creditor shall provide the consumer with a separate written cancellation form. The form shall:

  1. include the name and mailing address to be used to cancel GAP;
  2. state clearly and conspicuously that the consumer has an unconditional right to cancel GAP for a full refund within thirty (30) days after it was purchased; and,
  3. state that in order to cancel GAP, the consumer must complete and return the form or send any other written notice of cancellation to the address provided postmarked no later than thirty (30) days after GAP was purchased.

Dealers should ensure this separate cancellation form is being provided.  One dealer did overlook this form for an extended period when the GAP provider changed processes and shipped it separately.  The fines and penalties were significant.

The main UCCC page is available on the Colorado Attorney General’s web site at:
www.coloradoattorneygeneral.gov/uccc

* * * * * * * *

If you have questions on any legal or regulatory topic, please contact:

Tammi McCoy, VP, tammi.mccoy@coloradodealers.org, 303.282.1449

Tim Jackson, President, tim.jackson@coloradodealers.org, 303.282.1448

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



CADA BILL TRACKER

Follow the Colorado Auto Dealers Bill Tracker HERE!


a
KPA WEEKLY WEBINAR: 
Covers an Environment & Safety or an HR topic each week

Every Thursday
 
10:00-11:00am (MST)

CLICK HERE for upcoming topics and to register!

Previously recorded webinars are also available at the above link.

aa

* * * * * * * *

aTO REGISTER ONLINE FOR ANY CADA
SEMINAR OR EVENT, PLEASE VISIT:

www.coloradodealers.org/registration
Event Description
Date/Time
Location

KPA Weekly Webinar

Covers an Environment & Safety or an HR topic each week


Every Thursday  

10:00-11:00am (MST)


CLICK HERE for upcoming topics and to register!

Previously recorded webinars are also available at the above link.

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


a

Event Description
Date/Time
Location

CADA Annual Member Golf Event



Monday, September 17, 2012

 

Colorado Golf Club
8000 Preservation Trail
Parker, CO  80134

*More Details Coming Soon*




COLORADO YELLOW RIBBON EVENT
Colorado Celebrates Her Heroes With Three-Day Statewide Event

‘Colorado Yellow Ribbon Event’ Offers Employment, Support, & Assistance

Colorado's first and only statewide event that welcomes her military troops home and honors those still serving will take place in Denver, Colo. on Aug. 10 – 11, 2012.

Hotels, businesses, military units, nonprofits and state leaders have all joined forces to offer discounts, support and other needed assistance during the event.

“We are hoping for a huge turnout,” said Paula Sarlls, CYRE Committee Chair. “This is not just a parade, this is an event that has a job fair, parade, memorial ceremony and assistance fair so that veterans can get the support they need from our state community.”

The CYRE team is hoping the entire state will support the event with job offers, discounts and other support needed by our veterans – not just current conflict veterans – all of those who have served from Colorado.

CLICK ON THE IMAGES BELOW FOR MORE INFORMATION:



* * * * * * * *

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.


THE AFTERFACT

  • Fill 'er up! States with the cheapest gas
    Life Inc., June 29
    Fiscal woes in Europe and sluggish job growth in the United States have put downward pressures on oil prices.
  • Seller's Market: Where to Find Auto Deals This Summer
    The Wall Street Journal, July 6
    Strong sales have put auto makers in the driver's seat this summer—which means consumers likely will see sparser deals than the lot-emptying clearances of previous years.
  • BMW M3 Lime Rock Park Edition set for fall
    Auto Week, July 9
    The current generation of the BMW M3 has been with us since 2007. As it nears a refresh, the company built a limited run of 200 special M3 coupe Lime Rock Park Edition cars to celebrate the racetrack in Connecticut.



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Colorado Automobile Dealers Association
290 East Speer Boulevard Denver, CO 80203
Telephone: 303.831.1722 | Facsimile: 303.831.4205
www.coloradodealers.org