What forms do I need?

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What forms do I need?

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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)
- Provides Buyer an Opt-Out when Dealer shares NPI for marketing purposes

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
- Prints the mileage of the vehicle and tells the Buyer if the mileage is actual, if there is a discrepancy, or if the odometer is in excess of its mechanical limits

Titling Forms

Varies by State (Generally, Yes)

- Title Application establishes legal owner of the vehicle
- Various state forms (e.g. Reassignment of Title, Statement of Lien, etc.) may be required for specific situations

Lienholder/Provider Forms

Varies by Company (See details box)

- Provides disclosures and agreements between Buyer and Lienholder or Service Provider
- Examples: Membership Agreements, Service Contracts, Insurance Disclosures (GAP, VSI, Credit Insurance), etc.

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
- Details the financing terms of the motor vehicle
- Details the rights and responsibilities of all parties involved in the transaction
- Provides required federal and state disclosures in a credit sale

Arbitration Agreement

Yes

- Allows Buyer and Seller to resolve disputes through arbitration (rather than in court)
- Prevents class action lawsuits

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
- Discloses that the goodwill repair does not constitute a warranty

All Types

Repossession Order

Yes

- Used when the Dealer hires a licensed repossession company to retrieve the vehicle following a buyer's default
- Outlines the agreement between the dealership and repossession company

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.