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What forms do I need?
Disclaimer: The following article is meant to be a launching point for dealers to get a sense of what forms are typically used for different types of sales.
This list is NOT meant to be, by any stretch of the imagination, a comprehensive list featuring every form required for any particular deal. This list is provided for educational purposes only!
A more comprehensive list can be acquired by contacting your local IADA or local DMV.
This article will be broken down into different stages of the sales process as well as by sale type.
Some forms listed as available in Frazer are by request and may require a call to tech support at 888-963-5369.
Let’s start with forms pre-sale:
Form Name |
Is this form available in Frazer? |
Details |
Sale Types |
Buyer’s Guide |
Yes
|
-Outlines Buyer’s rights in a used car purchase -Must be displayed in every vehicle “offered” for sale -Can be printed in either English or Spanish |
All types |
Warranty Agreement |
Custom Form |
-Outlines the terms and conditions of the warranty offered as part of a vehicle purchase (Dealer Specific) -Dealer must display the form in close proximity to the vehicle sold or notify buyer that it may be examined readily upon request |
All types (if applicable) |
Window Sticker |
Yes |
-Provides additional information about the vehicle that cannot be included in the FTC’s Buyer’s Guide -Can be customized through M-1-5 |
All Types |
Test Drive Agreement |
Yes |
-Outlines the terms and conditions under which the dealer allows a potential buyer to drive the Dealership’s vehicle |
All Types |
Credit Application / Personal References |
Yes |
-Allows dealer to collect information you can use to evaluate credit history and determine buyer’s credit worthiness -Disclosures required under Equal Credit Opportunity Act |
BHPH, Outside Finance |
Risk Based Pricing Notice |
Yes |
-Informs buyer that they were offered credit under “less favorable terms” when compared with the majority of a dealer’s customers -Requires implementation of credit score proxy or tiered pricing method to determine which customers are offered “less favorable terms” -Disclosures required under Equal Credit Opportunity Act / Fair Credit Reporting Act |
BHPH, Outside Finance |
Credit Score Disclosure Notice |
Yes |
-Discloses buyer’s credit score relative to a range of scores -If form is provided for all credit customers, need for credit score proxy or tiered pricing method waived (see note above) -Disclosures required under Equal Credit Opportunity Act / Fair Credit Reporting Act |
BHPH, Outside Finance |
Adverse Action Notice |
Yes |
-Given to customers who have been denied credit -Gives specific reasons for why credit was denied -Disclosures required under Fair Credit Reporting Act |
BHPH, Outside Finance |
Forms in use at time of sale:
Forms for all sales:
Form Name |
Is this form available in Frazer? |
Details |
Bill of Sale |
Yes |
-Evidences the sale of the motor vehicle -Describes Buyer/Seller/Vehicle and gives a breakdown of the amounts owed and paid at the time of sale -Provides federal and state disclosures required at the time of sale |
Privacy Notice |
Yes |
- Informs Buyer how Dealer treats their Nonpublic Personal Information (NPI) |
As-Is – Sold Without Warranty |
Yes |
-Informs the buyer that the vehicle is not sold with any warranty and that all repairs are the buyer’s responsibility |
We Owe
We Owe / You Owe |
Yes |
-Lists promises made by the dealer (e.g. to perform repairs or improvements after the sale) or buyer (e.g. provide the title to any trade-in) |
Authorization for Payoff |
Yes |
-Buyer’s acknowledgement that their trade-in vehicle will be paid off by the dealership -Authorizes the lienholder to accept payoff from and release title to the dealership |
Power of Attorney |
Possibly* |
-Secure Power of Attorney required for titling any trade-in vehicle if title has been lost or is held by a lienholder -*White Paper Power of Attorney (not available in all states) may be used to give dealer authority to file paperwork on Buyer’s behalf |
Pick-Up Note Acknowledgment |
Yes |
-Details the pick-up note schedule |
Odometer Statement |
Yes |
- Federally required. Must be printed for every vehicle sold, bought, or received as a trade-in |
Titling Forms |
Varies by State (Generally, Yes) |
- Title Application establishes legal owner of the vehicle |
Lienholder/Provider Forms |
Varies by Company (See details box) |
- Provides disclosures and agreements between Buyer and Lienholder or Service Provider |
Deal Jacket |
Yes |
-Prints the basic identifying information for a sale |
Additional forms that may be required as part of a financing sale (Buy-here Pay-here or Outside Financing):
Form Name |
Is this form available in Frazer? |
Details |
Retail Installment Contract |
Varies by State (Generally, Yes) |
- Evidences the sale of the motor vehicle, describes Buyer/Seller/Vehicle, itemizes the amounts owed and paid at the time of sale |
Arbitration Agreement |
Yes |
- Allows Buyer and Seller to resolve disputes through arbitration (rather than in court) |
CRA Reporting Notice
|
Yes |
- Provides disclosure required under the FCRA informing the buyer that negative information may be reported -Provides additional disclosure which includes contact information if the Buyer believes inaccurate information has been reported -Only required if the dealership reports credit to a bureau |
Conditional Delivery Agreement
Spot Delivery
Bailment Agreement |
Yes, depending on state |
-Allows buyer to take possession of the vehicle while financing is finalized (Outside Financing only) |
Notice to Co-Signer |
Yes |
-Informs the Co-signer of their liability to repay the obligation if buyer is unable to |
Agreement to Provide Insurance |
Yes |
- Buyer's agreement that they will insure the vehicle against damage or loss |
Forms in use AFTER the sale:
Form Name |
Is this form available in Frazer? |
Details |
Sale Types |
Privacy Notice |
Yes |
- Dealers must send an annual Privacy Notice to each of their customers (consumers with an ongoing relationship with the Dealer) or make the Privacy Notice available electronically to all customers |
BHPH |
Goodwill Repair Acknowledgment |
Yes |
- Used when the dealer offers to repair a sold vehicle |
All Types |
Repossession Order |
Yes |
- Used when the Dealer hires a licensed repossession company to retrieve the vehicle following a buyer's default |
BHPH |
Lien Release |
Varies by State |
-Releases lien on the motor vehicle title when the credit obligation is satisfied |
BHPH |
As noted above, these lists are provided for informational purposes only. For a comprehensive list and form requirements for ALL sales, Frazer recommends contacting your local IADA or your local DMV.
Additionally, Frazer recommends that any custom forms that a dealership uses undergo a review by a licensed local attorney periodically.