Wis. Admin. Code Department of Financial Institutions DFI-Bkg 78.03

Current through November 25, 2024

Section DFI-Bkg 78.03 - Determining retail value of motor vehicle

(1) A licensed lender shall use any of the following nationally recognized vehicle valuation guides to determine the retail value of a motor vehicle at the time of loan origination:

(a) Black Book.

(b) National Automobile Dealers Association.

(c) Kelley Blue Book.

(d) Other nationally recognized vehicle valuation guides as approved in writing by the division.

(2) A licensed lender shall take all of the following vehicle criteria into consideration when it determines the retail value of a motor vehicle at the time of loan origination:

(a) Location.

(b) Year, make, and model.

(c) Trim or body type.

(d) Mileage.

(e) Engine size.

(f) Transmission type.

(g) Options.

(h) Condition.

(i) Other criteria used by a nationally recognized vehicle valuation guide when determining the retail value of a motor vehicle.

Wis. Admin. Code Department of Financial Institutions DFI-Bkg 78.03

CR 12-034: CR Register May 2013 No. 689, eff. 6-1-13.

Amended by, CR 23-039: am. (2) (i) Register February 2024 No. 819, eff. 4/1/2024