Check any statement that is correct (there may be more than one correct statement): When selling to another dealer:
a) Selling dealers must disclose
... [Show More] previous use as a taxi, police vehicle, etc.
b) Selling dealers must disclose damage repairs in excess of $3,000
c) Selling dealers must disclose if the vehicle has two or more adjacent panels (that are not bumper panels) that have been replaced
d) Selling dealers are not required to make disclosures in wholesale transactions - correct answer A, b and c
Are the requirements for the sale or lease of a vehicle to another dealer in the MVDA the General Regulations or the Code of Ethics Regulations? - correct answer Code of Ethics Regulations
Provide two potential facts related to a vehicles history (not including the examples given in question 1) that must be disclosed in dealer-to-dealer sales and leases. - correct answer 1. If the vehicle is a used motor vehicle, the total distance that it has been driven if the dealer can determine the distance
2. If the vehicle is a used motor vehicle and the dealer cannot determine the total distance the vehicle has been driven, but can determine the distance the vehicle has been driven as of some past date, a statement of that distance and date, together with a statement that "the total distance the vehicle has been driven is believed to be higher"
3. If the vehicle is a used vehicle and the dealer cannot determine the total distance the vehicle has been driven, nor the distance the vehicle has been driven as of some past date, a statement that "the total distance the vehicle has been driven is unknown and may be substantially higher than the reading shown on the odometer"
4. If the vehicle's odometer is broken or faulty, has been replaced, has been rolled back or is in miles
5. If any of the following is true, a statement to the effect that the vehicle was previously: a) Leased on a daily basis, unless the vehicle was subsequently owned by someone other than a dealer b) Used as a police vehicle or used to provide emergency services c) Used as a taxi or limousine
6. If the vehicle has sustained any damage caused by fire 7. If the vehicle has sustained any damage caused by immersion in liquid that has penetrated to the level of at least the interior floorboards
8. If there has been structural damage to the vehicle or any repairs, replacements or alterations to the structure of the vehicle
9. If the vehicle is equipped with an anti-lock braking system that is not operational
10. If any of the vehicle's airbags are missing or are not operational
11. If the vehicle is materially different from the original or advertised production specification
True or False: In dealer-to-dealer transactions, the following disclosure is not required as it is for retail transactions only - any fact about the vehicle that affects the structural or mechanical quality or performance of the vehicle that, if disclosed, could reasonably be expected to influence the decision of a reasonable buyer or lessee to buy or lease the vehicle. - correct answer False
When selling to another dealer, what must the selling dealer do if he/she cannot determine the distance the vehicle has been driven? - correct answer If the dealer cannot determine the total distance the vehicle has been driven, but can determine the distance the vehicle has been driven as of some past date, provide a statement of that distance and date, together with a statement that "the total distance the vehicle has been driven is believed to be higher." If the dealer cannot determine the total distance the vehicle has been driven, nor the distance the vehicle has been driven as of some past date, provide a statement that "the total distance the vehicle has been driven is unknown and may be substantially higher than the reading shown on the odometer."
. Check any statement that is correct:
A contract for sale or lease of a vehicle between dealers
: a) Must disclose specific information to comply with the Code of Ethics Regulations
b) Must disclose exactly the same information required in the sale of a vehicle to a purchaser who is a consumer
c) Must disclose a statement as to whether CAMVAP is available
d) Is subject to the provisions of the Consumer Protection Act - correct answer a) Must disclose specific information to comply with the Code of Ethics Regulations [Show Less]