New Mexico Administrative Code
Title 3 - TAXATION
Chapter 11 - MOTOR VEHICLE TAXES AND FEES
Part 4 - SALE OR TRANSFER OF VEHICLES
Section 3.11.4.8 - VEHICLES SOLD UNDER CERTAIN AGREEMENTS ARE NOT TRADE-INS
Universal Citation: 3 NM Admin Code 3.11.4.8
Current through Register Vol. 35, No. 18, September 24, 2024
A "factory repurchase agreement" is an agreement under which a person who maintains a fleet of vehicles purchased through one or more dealers sells used vehicles from its fleet directly to the manufacturer. Because two separate transactions with different parties are occurring, the value of the vehicles sold by the fleet owner to the manufacturer under a factory repurchase agreement may not be deducted for purposes of the motor vehicle excise tax as an allowance for vehicles traded in when the fleet owner purchases new vehicles from a dealer.
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