Current through Register Vol. 30, No. 38, September 20, 2024
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.
