State Statues
Temporary license plates:
Should be destroyed after expiration or when permanent plates are issued.
When a thirty-day tag is issued to a customer who does not have insurance and is going to register the vehicle in Virginia, the dealer:
Must handle the titling, registering and payment of fees directly with DMV.
Must collect the uninsured motor vehicle fee.
On extended service contracts, for both parts and labor, the dealer must collect:
Retail sales tax on one half of the retail cost of the service contract.
The IRS definition of "cash" does not include:
Personal checks.
Payments to individuals by a salesperson for procuring a customer for the salesperson
Is unlawful for any motor vehicle dealer or salesperson licensed in Virginia.
Temporary Tags and Temporary Transport Tags can be loaned to another dealer.
False
The IRS Cash Reporting Rule, enacted to prevent citizens from hiding unreported income, requires dealerships to complete and file IRS form 8300 when cash receipts exceed the following dollar amount:
$10,000
Used vehicles in the inventory of a dealer that do not have a Virginia inspection sticker: Cannot be operated on the highway except to an inspection station.
Cannot be operated on the highway except to an inspection station.
A "Demonstrator" is defined in part as a new motor vehicle which:
Has more than 750 miles accumulated on its odometer
Requires a written disclosure to the customer
Violation of the IRS Cash Reporting Rule can result in which of the following personal penalties to the salespersons:
A severe fine.
A criminal felony charge.
Jail time if convicted.
Applications, taxes and fees collected for the Department of Motor Vehicles on behalf of the buyer must be submitted to that Agency within:
30 days.
Regarding “Internet employees” or persons who receive phone calls from Internet inquires:
May not quote pricing over the phone without a salesperson license.
May greet potential customers and set up appointments without a salesperson license
What does the anti-structuring provision of the IRS Cash Reporting Rule prohibit?
Advising customers on how to get around the rule
If a vehicle is registered in Virginia and the owner does not have liability insurance, the penalty is an uninsured motorist fee of
$500
What is an “Open Title”?
One that has been signed by the titled owner leaving blank the information on the buyer.