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Thanksgiving Greetings!
We wish you a great Thanksgiving and time spent with family and friends.

The State Motor Vehicle Division has announced several forms changes which  must be utilized as of November 19th.  We have included a list of those forms, and links to print them. To order packages of the forms, contact our partner, CIADA, at www.ciada.org.

Do you sell GAP insurance?  Santander Consumer USA had a lawsuit filed against them on August 31st of this year, alleging violations of the federal Truth in Lending Act and the Illinois Motor Vehicle Retail Installment Sales Act.  Read our article to learn what happened that led to the lawsuit.

Join us for the 2nd Annual CIADA Used Car Dealers Charity - December 5, 2015, at the Radisson Hotel in Denver.  Details below!

CAPSS continues to improve and expand our on-line classes for all Colorado dealerships.  Visit our new website to see the tools available to you. www.capsscolorado.com.

Thanks for letting us serve you!

Connie Hatch
CAPSS LLC 
Colorado Motor Vehicle Form Updates!

Begin using the following updated forms immediately.

DR 2098 - Repair Shop Registration

DR 2116 - Motor Vehicle Bill of Sale for Purged Colorado Title

DR 2183 - Low-Power Scooter Monthly Report and Request for Decals/Forms

DR 2228 - Low-Power Scooter Registration Agent Application

DR 2394 - Bond Statement Guide, Older Vehicle in Lieu of Bond Affidavit, Statement of Fact

DR 2408 - Colorado Assigned Vehicle Identification Number Application

DR 2410 - Application for Salvage Title or Nonrepairable Title

DR 2415 - State of Colorado Title Established by Salvage Title

DR 2421 - Colorado Statement of One and the Same

DR 2438 - Mechanic & Storage Lien Bond Statement Guide

DR 2462 - In Lieu of Bond for Motor Vehicles 25 Years Old or Older

DR 2579 - Low-Power Scooter Registration Agent Temporary Registration

DR 2593 - Application for Title or Salvage Title, Unrecovered Theft Only

DR 2697 - Certificate of Equipment Compliance for Trailers 2000 Pounds or Less

DR 2686 - Certificate of Equipment Compliance for Motorcycles

DR 2701 - Low-Power Scooter Registration Application

DR 2709 - Assigned Vehicle Identification Number Checklist

DR 2841 - Secure and Verifiable Identification Information

DR 2922 - State of Colorado Title or Salvage Title Established by Surety Bond

For more information, contact the Title and Registration Section at 303-205-5608.

Forms can be found at  Motor Vehicle Forms 
GAP Insurance

Recently a woman filed suit against Santander Consumer USA stating she was duped into buying a "void and worthless" GAP policy on a used vehicle.  Joyce Pettye filed the class action suit on August 31st, alleging violations of the federal Truth in Lending Act and the Illinois Motor Vehicle Retail Installment Sales Act.  Pettye alleged she was presented with a stack of documents related to her purchase, and instructed by the dealership to sign on the lines marked with an "X".  Pettye alleges she was not told she was making an additional purchase of GAP coverage, although one of the documents was a contract for GAP coverage, price $895.  The GAP coverage was limited to purchases with a maximum APR of 24%.  Pettye's contract had an APR of 27.06%, rendering the GAP policy void and worthless.  Pettye also alleged she was not given disclosures required by the Truth in Lending Act, in a form she could keep. 

This case has not yet went to trial.  Review your procedures when offering GAP policies.  Ensure the customer is informed that GAP coverage is a non-required purchase, and that the terms of coverage are applicable to the customer's purchase.  Also remember that when a customer provides written authorization to purchase, GAP, the creditor shall provide the consumer with a separate cancellation form.  The form shall:
  • include the name and mailing address to be used to cancel GAP
  • 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
  • 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.
Have the customer initial to acknowledge receipt of the cancellation form, and keep a copy in your files for four (4) years.
CIADA Gala!
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CIADA 2nd Annual Charity Gala
Dinner - Entertainment - Live Auction
Tickets $100 per person
December 5, 2015     5:30 pm
Raddison Hotel - Denver SE

Contact CIADA at 303-239-8000 or www.ciada.org for information!
  
Partners with CIADA to better serve Colorado Dealers!

Contact us if we can serve you.  Thanks again for your continued support.

Sincerely,
                                                                                                                                                                         
Connie J. Hatch
CAPSS LLC

970-209-7499