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Visit us at our website:  CAPSS LLC
http://capsscolorado.com 
Changes to the FTC Buyers Guide (As-Is) are now effective - but you may still use your old forms for up to one year.  The new forms cover "non-dealer warranties".   For more information, see the below information and/or review the updated " Dealers Guide to the Used Car Rule ". 

A reminder for all dealers that finance, or arrange financing for their customers, the annual Uniform Consumer Credit Code filing is due today - January 31st.  You do not need to file if you do only cash transactions.  The filing fee is $130 and late fees will apply if you are over 30 days late.  The late fee is $5.00 per day starting on March 1st.  Dealers who have previously filed should have received a renewal notice.  If you are a first time filer, you can find out more information through the  Colorado Attorney General's Office/UCCC.

The new year is a great time to complete a risk assessment of your dealership.  Are you in compliance with state law and regulations?  Check out the below article to learn more.

CAPSS continues to offer in-person and on-line training.  

  • Pre-Licensing Seminars for new dealers and new salespersons
    • In-person classes offered every other week in Montrose (for classes in Lakewood - check out CIADA's schedule!)
    • On-line classes - If you can't attend an in-person class, you can log on and attend an on-demand class, available at any time on any pc, laptop or tablet.  For more information - see Mastery Exam Training.
  • Compliance - The Well Informed Dealer/Salesperson
    • This on-line, on-demand class is available to keep you informed of important compliance issues.  It also prepares you for an audit by the Auto Industry Division.  This class is great for dealers and salespersons, or anyone working with state investigators during an audit.
  • Getting the Car Deal Rolling
    • This on-line, on-demand class walks you through completing the sale and title paperwork necessary for completing a motor vehicle or powersport sale.  It is great for the new dealer, salesperson or title clerk. 
Thanks for your continued business!

Connie J. Hatch
CAPSS LLC
970-209-7499 
Risk Management
Have you done a risk assessment of your dealership?  Are you prepared for an audit by the State of Colorado, Auto Industry Division?  When was the last time you attended any compliance training?  If an investigator walked onto your lot, would your staff know what to do?  Do your employees understand the risk of non-compliance, or do they think it's not their problem?

Can a dealer actually go to jail, or would you just be fined if you're not in compliance?  Is your license in jeopardy?

The start of a new year is a great time to review procedures in your dealership. Dealers are liable for the actions of their staff, and yes, dealers and salespersons can be charged both administratively (Dealer Board hearing), and criminally (county, state, or federal courts) for compliance violations. Upon a conviction, a license can be revoked or suspended, and fines and imprisonment can be imposed.  

An audit at your dealership can pinpoint areas of non-compliance, and recommend actions to resolve those issues.  An audit can be customized to review specific problems within the dealership, or can be a general audit. A general audit will review state regulations, and will last three to four hours. Any areas of non-compliance will be noted, and questions answered.   A detailed written report with the results of the audit will be provided within a few weeks.  Training can be arranged after the audit to present the findings to your staff.  

Connie Hatch is available to schedule an audit of your dealership on the Western Slope.   Contact her at 970-209-7499.  (For Eastern Slope dealers, contact Todd O'Connell, CIADA,  at 303-239-8000 for more information.)  



FTC Changes to Used Car Rule (Buyers Guides)

The FTC has adopted the following changes to the Buyers Guides, effective January 27, 2017.  Dealers may use their old stock of Buyers Guides for up to one year before converting to the new forms.  Forms are available at: CIADA, phone 303-239-8000, or www.ciada.org
  • Changing the description of an "As-Is" sale
  • Placing boxes on the face of the Buyers Guide that dealers can check to indicate whether a vehicle is covered by a third-party warranty and whether a service contract may be available
  • Providing a box that dealers can check to indicate that an unexpired manufacturer's warranty applies
  • Adding air bags and catalytic converters to the Buyers Guide's list of major defects that may occur in used vehicles
  • Adding a statement that directs consumers to obtain a vehicle history report and to check for open recalls.  The statement also instructs consumers to
  • Adding a statement, in Spanish, to the English-language Buyers Guide, advising Spanish-speaking consumers to ask for the Buyers Guide in Spanish if the dealer is conducting the sale in Spanish; and
  • Providing a Spanish translation of the statement that dealers may use to obtain a consumer's acknowledgement of receipt of the Buyers Guide
For more information about the Used Car Rule, read: A Dealer's Guide to the Used Car Rule.   New Buyers Guide.
CAPSS LLC


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