Ariz. Admin. Code § 17-5-405

Current through Register Vol. 30, No. 50, December 13, 2024

Section R17-5-405 - Dealer Acquisition Contract

A. For the purposes of A.R.S. § 28-4410, a dealer shall prepare a dealer acquisition contract on a Department form with contents as prescribed under subsection (B).

B. A dealer acquisition contract shall contain the following information:

1. The heading "Dealer Acquisition Contract;"

2. The dealer's name and dealer license number;

3. The dealer's business address and telephone number;

4. The owner's name, address, telephone number; driver license number or taxpayer identification number, as applicable; and type of ownership;

5. The VIN; license plate number; licensing state; and model, make, and year of the motor vehicle that has a dealer acquisition contract;

6. If there is a lien holder, for each lien holder:

a. The lien holder's name, address, and telephone number;

b. The lien balance;

c. The prepayment penalties, if any; and

d. Other information on the terms and conditions of the lien repayment.

7. A statement by the owner that the motor vehicle is free and clear of all liens and encumbrances, except those disclosed under subsection (B)(6)(a) and the unpaid lien balance is no greater than disclosed under subsection (B)(6)(b);

8. The contracted purchase price and a recital that this amount has been either paid directly to the owner or credited to the owner against the purchase price of another motor vehicle;

9. A statement indicating that the owner is selling and transferring the described motor vehicle to the dealer;

10. An authorization by the owner permitting the dealer to obtain all information necessary to verify the accuracy of the lien balance and assure that the balance is paid and the lien is released;

11. A statement by the owner that the registration document provided to the dealer is the original and most recent registration issued for the vehicle;

12. An agreement indicating whether the owner or dealer is responsible to satisfy the lien balance;

13. An authorization by the owner permitting the dealer to obtain the original title certificate from the lien holder; endorse the owner's name on the title; and if necessary, transfer the title to the dealer;

14. A statement that if the owner receives the certificate of title, the owner shall immediately deliver the title to the dealer and provide any signature and acknowledgment necessary to complete the title transfer to the dealer;

15. The date when the dealer acquisition contract is executed by each party;

16. The dealer's signature; and

17. The owner's signature.

C. A dealer or an owner who adds to a dealer acquisition contract a provision not described in this Section shall ensure that the provision does not conflict with or alter the meaning of a provision of this Section.

D. When a dealer prepares a dealer acquisition contract as prescribed under this Section, the dealer shall give a copy to the owner and keep the original at the dealer's established place of business for three years after the date that the contract expires or terminates, or the date the motor vehicle is sold.

E. In complying with this Section, a dealer shall not interpret or claim compliance to be an approval by the state of the fairness, validity, or legality of a dealer acquisition contract. This Section furnishes only information required in a dealer acquisition contract. This Section does not detail any additional contractual requirements that may be defined under other Arizona statutes.

Ariz. Admin. Code § R17-5-405

New Section recodified from R17-4-245at 7 A.A.R. 3483, effective July 20, 2001 (Supp. 01-3). Amended by final rulemaking at 8 A.A.R. 4234, effective November 15, 2002 (Supp. 02-3). Amended by final rulemaking at 23 A.A.R. 1434, effective 7/4/2017.