The NMLS test, or SAFE exam is the new standard all MLOs are judged by. You don't want it to become an obstacle for you. Pass it the first time. Albuquerque’s source for local news and live streaming video online. KRQE reports on news, weather, traffic, investigations and sports for New Mexico. Dealer's Guide to the Used Car Rule. Most dealers who sell used vehicles must comply with the Used Car Rule. In fact, car dealers who sell more than five used vehicles in a 1. Rule. Banks and financial institutions are exempt from the Rule, as are businesses that sell vehicles to their employees, and lessors who sell a leased vehicle to a lessee, an employee of the lessee, or a buyer found by the lessee. The Used Car Rule applies in all states except Maine and Wisconsin. These two states are exempt because they have similar regulations that require dealers to post disclosures on used vehicles. The Rule applies in the District of Columbia, Puerto Rico, Guam, the U. S. Virgin Islands, and American Samoa. Second Chance Program Albuquerque Nm RestaurantsThis booklet defines the Rule's requirements, explains how to prepare and display the Buyers Guide, and offers a compliance checklist. You must post a Buyers Guide before you . A vehicle is offered for sale when you display it for sale or let a customer inspect it for the purpose of buying it, even if the car is not fully prepared for delivery. This requirement also applies to used vehicles for sale on your lot through consignment, power of attorney, or other agreement. At public auctions, dealers and the auction company must comply. The Rule does not apply at auctions that are closed to consumers. Previously titled or not, any vehicle driven for purposes other than moving or test driving, is considered a used vehicle, including light- duty vans, light- duty trucks, demonstrators, and program cars that meet the following specifications: a gross vehicle weight rating (GVWR) of less than 8,5. Exceptions to the Rule are: motorcycles; any vehicle sold for scrap or parts if the dealer submits title documents to the appropriate state authority and obtains a salvage certification; andagricultural equipment. The Buyers Guide. A disclosure document that gives consumers important purchasing and warranty information, the Buyers Guide tells consumers: whether the vehicle is being sold . This means it must be in plain view and both sides must be visible. You can hang the Guide from the rear- view mirror inside the car or on a side- view mirror outside the car. You also can place it under a windshield wiper. The Guide also can be attached to a side window. A Guide in a glove compartment, trunk or under the seat is not conspicuous because it is not in plain sight. You may remove the Guide for a test drive, but you must replace it as soon as the test drive is over. Vehicle Information. At the top of the Guide, fill in the vehicle make, model, model year, and vehicle identification number (VIN). Write in a dealer stock number if you wish. Dealer Information. On the back of the Guide, fill in the name and address of your dealership. Also fill in the name (or position) and the telephone number of the person the consumer should contact with complaints. Most dealers who sell used vehicles must comply with the Used Car Rule. This publication explains how to prepare and display the Buyer's Guide and provides. The Cvent Supplier Network is a database of over 200,000 hotels, suppliers, and destinations worldwide. Planners use it to search for and compare venues and. This report is a compendium of all current recommendations for the prevention of measles, rubella, congenital rubella syndrome (CRS), and mumps. You may use a rubber stamp or preprint your Guide with this information. Optional Signature Line. You may include a signature line on the Guide and you may ask the buyer to sign to acknowledge that he or she has received the Guide. If you opt for a signature line, you must include a disclosure near it that says: . The signature line and the required disclosure must appear in the space provided for the name of the individual to be contacted in the event of complaints after the sale. Warranty Information. The Buyers Guide has two versions: One says . If state law allows it, and you choose not to offer a warranty . In states that limit or prohibit the elimination of implied warranties, you must use the . If you offer the vehicle with an express warranty, you must check the box next to the heading . Warranties required by state law must be disclosed in this section. Your state Attorney General can tell you about state warranty requirements. State Law. In some states, use of the . For example, some states may require you to eliminate implied warranties by using special language and/or a document other than the Guide. If you're not sure which version of the Buyers Guide you should use or if you have questions about state requirements, contact the FTC or your state Attorney General. Is the Warranty . Service must be rendered after notice unless the warrantor can demonstrate that it is reasonable to require consumers to do more than give notice. The length of implied warranties must not be limited. The warranty is considered . If a deductible applies to repairs made under the warranty, put an asterisk next to the number and explain the deductible in the . For How Long? There's one column to list the systems covered, and another to list the length of the warranty for each system. In the left hand column, you must specify each system that's covered by the warranty. The Rule prohibits the use of shorthand phrases such as . If all systems are covered for the same length of time, you may state the duration once. What if the Manufacturers Warranty Still Applies? If the manufacturer's warranty hasn't expired, you may disclose this fact by checking the . The manufacturer's original warranty has not expired on the vehicle. Consult the manufacturer's warranty booklet for details as to warranty coverage, service location, etc. Using phrases such as . Such coverage is considered a service contract. However, you may check the . If you provide a warranty in addition to the unexpired manufacturer's warranty, explain the terms of your warranty on the Buyers Guide. Where Should Negotiated Warranty Changes Be Included? If you and the consumer negotiate changes in the warranty, the Buyers Guide must reflect the changes. For example, if you offer to cover 5. Check with your Attorney General or state insurance commissioner to find out if your state regulates service contracts as insurance. What Do I Have to Give the Buyer At the Sale? You must give the buyer the original or a copy of the vehicle's Buyers Guide at the sale. The Guide must reflect all final changes. If you include a signature line on your Buyers Guides, make sure the buyer signs the Guide that reflects all final changes. If you offer a written warranty, or if the manufacturer's warranty still applies, you also must comply with the Magnuson- Moss Warranty Act and other FTC Rules, including the . For example, the Act prohibits you from eliminating implied warranties when you provide a written warranty. The Warranty Disclosure Rule requires that you disclose certain information about the coverage of your warranty and consumers' rights under state law. This information must be included in a single document that is clear and easy to read. Can the Buyers Guide Serve As My Written Warranty? The warranty information you provide on the Buyers Guide is not sufficient to meet the requirements of the Warranty Disclosure Rule. Therefore, your written warranty and the Buyers Guide must be two separate documents. Another federal rule . Both are available from the FTC. Call toll- free. 1- 8. FTC- HELP (3. 82- 4. Consumer Response Center, Federal Trade Commission, Washington, DC 2. You also will find the full text of these publications at www. What Disclosures Should I Make if I Offer a 5. Warranty or Another Type of Split Cost Warranty? Split cost warranties are those under which the dealer pays less than 1. This type of warranty includes 5. Another type of split cost warranty is one under which the buyer pays a deductible amount and the dealer pays the remaining cost for the repair. If you offer a split cost warranty that requires you to pay a percentage of the repair cost for covered repairs, you should include the following disclosures in your warranty document: The percentage of the total repair cost you will pay. The percentage of the total repair cost the buyer must pay. How the total cost of the repair will be determined. For example, your warranty might state: . Labor will be billed at a rate of . If the work is done by ABC Motors, the total cost of the repair will be the same price ABC Motors charges non- warranty customers for the same job. If your warranty includes this restriction, however, you should provide an estimate of the total repair cost before work is started. This will allow the buyer to decide whether to approve the repair or have the work done elsewhere. Where Can I Get Copies of the Guides? You can get Buyers Guides from business- form companies or trade associations, or you can download the Buyers Guide from the FTC's Web site. You also can generate them yourself on a computer. However, you must use the wording, type style, type sizes, and format specified in the Rule. You are not allowed to place any other wording or symbols (including logos) on the Buyers Guide. The Guides must be printed in 1. You may use colored ink to fill in the blanks. How Am I Doing? Do you complete a Buyers Guide properly for each used vehicle offered for sale? Do you post the Buyers Guide prominently and conspicuously on each used vehicle you offer for sale? If you choose to include a signature line for the buyer's signature, do you include the following required disclosure language. I hereby acknowledge receipt of the Buyers Guideat the closing of this sale. Do you put the following required disclosure in your sales contract: The information you see on the window form for this vehicleis part of this contract. Information on the window form overridesany contrary provisions in the contract of sale. Do you give the vehicle's Buyers Guide or a copy to the purchaser at the time of sale and make sure it states the final negotiated warranty coverage accurately? If a sale is conducted in Spanish, do you use the Spanish language Buyers Guide? If you offer a written warranty, do you prepare a warranty document that complies with federal law? Is the warranty document available for examination by potential buyers? What If I Don't Comply? Dealers who violate the Used Car Rule may be subject to penalties of up to $1. FTC enforcement actions. Many states have laws or regulations that are similar to the Used Car Rule.
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