Car Sales Test Colorado
Study online at https://quizlet.com/_arltwo
1. The License of Advertising a salvage vehicle while identifying the vehicle as a salvage vehicle
a motor vehi-
cle salesperson
or a power sports
salesperson may
be denied re-
voked, or sus-
pended on any
of the following
grounds except:
2. The advertise Answer- Finance Charge
price of a motor
vehicle must in- Advertisement of rate of finance charge. If an advertisement states a rate of finance
clude: charge, it
shall state the rate as an "annual percentage rate," using that term. If the annual
percentage
rate may be increased after consummation, the advertisement shall state that fact.
If an
advertisement is for credit not secured by a dwelling, the advertisement shall not
state any
other rate, except that a simple annual rate or periodic rate that is applied to an
unpaid balance
may be stated in conjunction with, but not more conspicuously than, the annual
percentage
rate. If an advertisement is for credit secured by a dwelling, the advertisement
shall not
state any other rate, except that a simple annual rate that is applied to an unpaid
balance may
be stated in conjunction with, but not more conspicuously than, the annual
percentage rate.
Advertisement of terms that require additional disclosures -
, Car Sales Test Colorado
Study online at https://quizlet.com/_arltwo
Triggering terms. If any of the following terms is set forth in an advertisement, the
advertisement shall meet the requirements of paragraph (d)(2) of this section:
(i)
The amount or percentage of any downpayment.
(ii)
The number of payments or period of repayment.
(iii)
The amount of any payment.
(iv)
The amount of any finance charge.
3. Which of the a dealer shall clearly indicate on the customer contract when a vehicle is sold "as-is
following is a and without a garantee
true statement
regarding deal-
ers and buyers
4. Which of the fol- Answer- A vehicle subject to lien on the title
lowing is not
proof of owner- 2.0 Proof of Ownership Requirements
ship of a motor a. A used vehicle with a Colorado title:
vehicle for a Col- 2.1 All Colorado dealers or wholesalers must maintain the following evidence of
orado dealer ownership for each
vehicle in their possession:
61
Auto Industry DivisionStudy Guide- Miscellaneous Statutes & Regulations
2. Odometer disclosure if required.
A used vehicle with an out-of-state title:
Odometer disclosure if required; and,
Colorado Dealer's Out-of-State Vehicle Information Disclosure; and,
Colorado verification of Vehicle Identification Number.
A new vehicle assigned by MCO to a dealer or wholesaler:
,Car Sales Test Colorado
Study online at https://quizlet.com/_arltwo
MCO assigned or reassigned to a franchised dealer or wholesaler; and,
Odometer disclosure if required.
MCO reassigned to the franchised dealer or wholesaler; and,
Odometer disclosure if required; and,
Verification of vehicle identification number.
1. A Colorado title assigned to the dealer, wholesaler, or chain of ownership
evidenced by the Colorado Dealer's Bill(s) of Sale for a Motor Vehicle; and,
1. The out-of-state title assigned to the dealer, wholesaler, or out-of-state title
with proper chain of ownership; and,
3. No dealer or wholesaler shall hold a MCO unless that dealer or wholesaler is
franchised to sell that specific make of vehicle as indicated on the MCO.
d. A new vehicle assigned or re-assigned with its MCO from an out-of-state
franchised
dealer or wholesaler to a franchised Colorado dealer or wholesaler:
4. No dealer or wholesaler shall hold a MCO unless that dealer or wholesaler is
franchised to sell that specific make of vehicle as indicated on the MCO.
e. If a title or an MCO has been surrendered by the dealer or wholesaler to a bank
or
financing organization or any other person as collateral under a Floor Plan agree-
ment,
the dealer or wholesaler must have in its possession evidence acceptable to the
Department of the location of the title or the MCO. The dealer's or wholesaler's
right to
ownership shall be clear from such evidence. The title or MCO must be procured
by the
dealer or wholesaler upon the sale and delivery of the vehicle and delivered or
mailed to
the purchaser or chattel mortgage company within thirty (30) days pursuant to
42-6-
112, C.R.S.
f. Vehicles with incomplete or insufficient titles shall be marked "Not for Sale" and
withheld from any public offering.
, Car Sales Test Colorado
Study online at https://quizlet.com/_arltwo
Satisfactory Evidence of Vehicle Ownership 2.1 The Department may accept the
following documents as evidence of vehicle ownership: a. A certificate of title
issued by the State of Colorado or a Foreign Jurisdiction transferred as provided
in section 42-6-110, C.R.S.; b. A Current Registration for the vehicle listing the
applicant's name if issued by a Foreign Jurisdiction that does not issue a title
for that vehicle type; c. A bill of sale for a vehicle not previously required to be
titled or registered in the State of Colorado; d. A bill of sale for a vehicle from a
Foreign Jurisdiction if the Department verifies that the jurisdiction does not issue
a title for or register that vehicle type; e. A Current Registration issued by the
U.S. Armed Services; f. A copy of a court order describing the vehicle by year,
make, and Vehicle Identification Number (VIN), and directing the Department to
issue a Colorado certificate of title to the applicant, or a judgment for possession
obtained through a civil proceeding pursuant to section 42-6-114, C.R.S.; g. A
completed DR 2409 Statement of Assembly of Homemade Trailer and Assignment
of Trailer I.D. Number if the trailer is a homemade vehicle as defined in section
42-5- 201(4), C.R.S.; or h. Other evidence deemed by the Department to be
satisfactory evidence of vehicle ownership. 2.2 If an applicant does not have the
Colorado certificate of title and the Colorado record has been purged, any of
the following documents listing the applicant's name, submitted together with a
completed DR 2116 Motor Vehicle Bill of Sale For a Purged Colorado Record, may
be considered satisfactory evidence of proof of vehicle ownership: a. Colorado
registration; b. Colorado registration renewal card; c. Photocopy of the Colorado
certificate of title; d. A certified copy of the Colorado motor vehicle record; or e.
Other documentation deemed by the Department to be satisfactory evidence of
vehicle ownership. 2.3 Any document provided as evidence of vehicle ownership
must include the VIN, vehicle year, vehicle make, and the applicant's name listed
as the owner, buyer, or transferee. 2.4 The Department will not accept documents
that do not contain all elements required to prove authenticity (e.g., certification,
notary, acceptable transfers, assignments, etc...). 66 Auto Industry Division Study
Guide- Miscellaneous Statutes & Regulations 2.5 An applicant who cannot provide
satisfactory proof of vehicle ownership documents must satisfy all requirements
Study online at https://quizlet.com/_arltwo
1. The License of Advertising a salvage vehicle while identifying the vehicle as a salvage vehicle
a motor vehi-
cle salesperson
or a power sports
salesperson may
be denied re-
voked, or sus-
pended on any
of the following
grounds except:
2. The advertise Answer- Finance Charge
price of a motor
vehicle must in- Advertisement of rate of finance charge. If an advertisement states a rate of finance
clude: charge, it
shall state the rate as an "annual percentage rate," using that term. If the annual
percentage
rate may be increased after consummation, the advertisement shall state that fact.
If an
advertisement is for credit not secured by a dwelling, the advertisement shall not
state any
other rate, except that a simple annual rate or periodic rate that is applied to an
unpaid balance
may be stated in conjunction with, but not more conspicuously than, the annual
percentage
rate. If an advertisement is for credit secured by a dwelling, the advertisement
shall not
state any other rate, except that a simple annual rate that is applied to an unpaid
balance may
be stated in conjunction with, but not more conspicuously than, the annual
percentage rate.
Advertisement of terms that require additional disclosures -
, Car Sales Test Colorado
Study online at https://quizlet.com/_arltwo
Triggering terms. If any of the following terms is set forth in an advertisement, the
advertisement shall meet the requirements of paragraph (d)(2) of this section:
(i)
The amount or percentage of any downpayment.
(ii)
The number of payments or period of repayment.
(iii)
The amount of any payment.
(iv)
The amount of any finance charge.
3. Which of the a dealer shall clearly indicate on the customer contract when a vehicle is sold "as-is
following is a and without a garantee
true statement
regarding deal-
ers and buyers
4. Which of the fol- Answer- A vehicle subject to lien on the title
lowing is not
proof of owner- 2.0 Proof of Ownership Requirements
ship of a motor a. A used vehicle with a Colorado title:
vehicle for a Col- 2.1 All Colorado dealers or wholesalers must maintain the following evidence of
orado dealer ownership for each
vehicle in their possession:
61
Auto Industry DivisionStudy Guide- Miscellaneous Statutes & Regulations
2. Odometer disclosure if required.
A used vehicle with an out-of-state title:
Odometer disclosure if required; and,
Colorado Dealer's Out-of-State Vehicle Information Disclosure; and,
Colorado verification of Vehicle Identification Number.
A new vehicle assigned by MCO to a dealer or wholesaler:
,Car Sales Test Colorado
Study online at https://quizlet.com/_arltwo
MCO assigned or reassigned to a franchised dealer or wholesaler; and,
Odometer disclosure if required.
MCO reassigned to the franchised dealer or wholesaler; and,
Odometer disclosure if required; and,
Verification of vehicle identification number.
1. A Colorado title assigned to the dealer, wholesaler, or chain of ownership
evidenced by the Colorado Dealer's Bill(s) of Sale for a Motor Vehicle; and,
1. The out-of-state title assigned to the dealer, wholesaler, or out-of-state title
with proper chain of ownership; and,
3. No dealer or wholesaler shall hold a MCO unless that dealer or wholesaler is
franchised to sell that specific make of vehicle as indicated on the MCO.
d. A new vehicle assigned or re-assigned with its MCO from an out-of-state
franchised
dealer or wholesaler to a franchised Colorado dealer or wholesaler:
4. No dealer or wholesaler shall hold a MCO unless that dealer or wholesaler is
franchised to sell that specific make of vehicle as indicated on the MCO.
e. If a title or an MCO has been surrendered by the dealer or wholesaler to a bank
or
financing organization or any other person as collateral under a Floor Plan agree-
ment,
the dealer or wholesaler must have in its possession evidence acceptable to the
Department of the location of the title or the MCO. The dealer's or wholesaler's
right to
ownership shall be clear from such evidence. The title or MCO must be procured
by the
dealer or wholesaler upon the sale and delivery of the vehicle and delivered or
mailed to
the purchaser or chattel mortgage company within thirty (30) days pursuant to
42-6-
112, C.R.S.
f. Vehicles with incomplete or insufficient titles shall be marked "Not for Sale" and
withheld from any public offering.
, Car Sales Test Colorado
Study online at https://quizlet.com/_arltwo
Satisfactory Evidence of Vehicle Ownership 2.1 The Department may accept the
following documents as evidence of vehicle ownership: a. A certificate of title
issued by the State of Colorado or a Foreign Jurisdiction transferred as provided
in section 42-6-110, C.R.S.; b. A Current Registration for the vehicle listing the
applicant's name if issued by a Foreign Jurisdiction that does not issue a title
for that vehicle type; c. A bill of sale for a vehicle not previously required to be
titled or registered in the State of Colorado; d. A bill of sale for a vehicle from a
Foreign Jurisdiction if the Department verifies that the jurisdiction does not issue
a title for or register that vehicle type; e. A Current Registration issued by the
U.S. Armed Services; f. A copy of a court order describing the vehicle by year,
make, and Vehicle Identification Number (VIN), and directing the Department to
issue a Colorado certificate of title to the applicant, or a judgment for possession
obtained through a civil proceeding pursuant to section 42-6-114, C.R.S.; g. A
completed DR 2409 Statement of Assembly of Homemade Trailer and Assignment
of Trailer I.D. Number if the trailer is a homemade vehicle as defined in section
42-5- 201(4), C.R.S.; or h. Other evidence deemed by the Department to be
satisfactory evidence of vehicle ownership. 2.2 If an applicant does not have the
Colorado certificate of title and the Colorado record has been purged, any of
the following documents listing the applicant's name, submitted together with a
completed DR 2116 Motor Vehicle Bill of Sale For a Purged Colorado Record, may
be considered satisfactory evidence of proof of vehicle ownership: a. Colorado
registration; b. Colorado registration renewal card; c. Photocopy of the Colorado
certificate of title; d. A certified copy of the Colorado motor vehicle record; or e.
Other documentation deemed by the Department to be satisfactory evidence of
vehicle ownership. 2.3 Any document provided as evidence of vehicle ownership
must include the VIN, vehicle year, vehicle make, and the applicant's name listed
as the owner, buyer, or transferee. 2.4 The Department will not accept documents
that do not contain all elements required to prove authenticity (e.g., certification,
notary, acceptable transfers, assignments, etc...). 66 Auto Industry Division Study
Guide- Miscellaneous Statutes & Regulations 2.5 An applicant who cannot provide
satisfactory proof of vehicle ownership documents must satisfy all requirements
