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Rocky Mountain Bank Note Retail Installment Sales Contract update
For most Colorado dealers using the Rocky Mountain Bank Note Retail Installment Sales Contract (either the 645-ARB or 649 versions), we received good news this week. In an effort to ensure ongoing compliance, CADA submits both contracts for a compliance review either every two years or when any major compliance event occurs – such as the CFPB’s Arbitration Rule, had it become effective.
You may notice that the current version of the contracts are dated July 2016. This indicates the absence of any significant regulatory events in the previous 24 months. A stable regulatory environment is generally considered good news.
Nevertheless, the contracts were provided to Hudson Cook for a biennial compliance review. At the conclusion of this review, no changes were required to maintain compliance with federal or state statutory or regulatory requirements.
Of course, compliance is an ongoing process, and we will keep you updated on any evolutions in the law. But this clean bill of health is welcomed news for the only Retail Installment Sales Contract designed specifically for Colorado dealers!
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Regulatory and Legal Updates
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NHTSA rolls out "Check to Protect" campaign
In an effort to bring consumer awareness to open recalls, the National Highway Traffic and Safety Administration (NHTSA) has created a new campaign to help remind consumers to check a vehicle’s VIN for open recalls prior to purchase.
The ‘Check to Protect’ program can be accessed from computers or mobile devices, and includes a logo with an embedded hyperlink, which leads consumers directly to NHTSA’s Recall page. Dealers have the option of adding this logo to their websites, to allow consumers to check a used vehicle for open recalls before negotiating for the purchase of a vehicle.
This information will supplement the CarFax report typically pulled during the negotiation, or Colorado’s RM-615 Damage and Liability Disclosure form that supplements the 645-ARB and 649 Rocky Mountain Bank Note Retail Installment Sales Contract.
Under Colorado law, a dealer may sell a used car that is under an open recall. In fact, the laws and regulations do not even preclude a dealer from selling a used vehicle under a manufacturer’s stop sell order. Of course, the dealer/manufacturer relationship may alter that ability. In any scenario, when a vehicle is sold with an open recall, the recall must be disclosed under the 2016 material particular regulation. 1 CCR 205-1, Regulation 12-6-118(3)(i).
This is in stark contrast to NHTSA stop drive order and new cars with open recalls. Neither of these may be sold in Colorado until the recalled issue is repaired or the stop drive order is lifted.
NADA Chairman, Wes Lutz, has volunteered his Extreme Dodge Chrysler Jeep Ram store in Jackson, Michigan to be the first dealership to post the Check to Protect link on their website.
If you have any questions or would like to learn more about how to display the Check to Protect logo on your dealership’s website, please contact Matthew Groves, at matthew.groves@colorado.auto, or 303-282-1449
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On Ford’s decision to cut sedan production
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- - CLICK BELOW FOR MORE AUTOMOTIVE NEWS - -
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CADA has a fillable bond request form for new sales people! This new, fillable PDF form makes it easier, faster and more accurate for us to turn around your salesperson bond request. Because there’s no handwriting to decipher with this form, bond turnaround can be faster than ever. Just download the form, electronically fill it out and return to Khorrie Luther (khorrie.luther@colorado.auto). Questions? Call Khorrie: 303.457.5122.
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Upcoming Events & Seminars
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UMB Economic Forecast Dinner for Dealers
Thursday, May 3, 2018
5 – 7:30 p.m.
CADA Headquarters
Details
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Sales Power Boost workshop
Wednesday, May 16 - OR -
Thursday, May 17
8 a.m. – 5 p.m.
CADA Headquarters
Details
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Mastery of Finance for Auto Dealers workshop
Tuesday, June 19
8 a.m. – 5 p.m.
CADA Headquarters
Details
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Did you miss the Military Lending Act webinar?
Good news! The webinar is available on demand from CADA, ready for you to attend at your own convenience! To get the webinar, click here.
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ENDORSED PROVIDER / PROGRAMS
For information about any of the Endorsed Provider’s products or services, contact
Polly Penna polly.penna@colorado.auto
303.457.5119 office | 303.945.6426 mobile
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Risk Management Academy
Federated Insurance is offering complimentary risk management training for auto dealers on May 8-10, 2018. Through this valuable session, you will discover methods you can use immediately to help protect profits by reducing risk at your business.
 Companies that are the most successful at controlling losses and protecting profits have integrated risk management into their overall company culture. Many have designated a key person as their risk manager. This person is supported by your company’s top management and is both responsible and accountable for identifying loss exposures and implementing risk management solutions.
This seminar’s objective is to help your risk manager learn the exposures specific to the auto dealer industry, connect with peers from across the country and apply these best practices within your business.
You can learn more by viewing a brief video about the Risk Management Academy. To reserve your spot in the upcoming session or for more information, please contact Royetta Spurgeon at rlspurgeon@fedins.com or (800)533-0472 Ext. 455-5604. Or, visit Federated's website.
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