2022MembershipDirectory_FNLdigital

2022 MEMBERSHIP DIRECTORY + SERVICES GUIDE

NYVIP3 Update continued...

Dealers can expect an easier transition as the current vendor, OPUS has been selected to continue in their current roll for the NYVIP3 program. OPUS will maintain the current NYVIP2 transaction price of 0.436 cents per inspection when NYVIP3 begins.

GNYADA’s May 24, 2022 Bagels with Bieber webinar, “DMV New Emissions Testing Equipment is Coming”, featuring Justin O’Connor from DMV and Frank Ofiero from OPUS Inspection discussed the upcoming changes with NYVIP3. The webinar can be accessed on GNYADA’s website or by scanning the QR code to the right.

Lease Buyouts A growing number of lessees are opting to buy their leased vehicle at lease expiration because the residual value is lower than current market prices. This recent trend has prompted several calls from dealers about the proper way to process a lease buy-out. Here are some important thoughts on this issue: Q: Is a lease buy-out the same as selling a used car and is the dealer required to provide Used Car Lemon Law coverage on that vehicle? A: No. The Used Car Lemon Law specifically exempts cars sold by the lessor to the lessee, members of the lessee’s family or any of the lessee’s employees. Q: How does a dealer process a lease buy-out in VERIFI? A: A lease buy out is a“Title Only”transaction. At the initial meeting with the lessee/buyer, the dealer should complete the MV-82 (DEAL) and obtain a copy of the lessee/buyer’s ID. Because the dealer will not have title “in-hand” at this time, the dealer cannot submit an eMV-50 to VERIFI. When the dealer receives the title from the leasing company, enter the vehicle into the book of registry, complete and submit the eMV-50, and forward the title application package (MV-82(DEAL), lessee/buyer ID, Title, and VERIFI Transaction Receipt) to DMV. Finally, the dealer must print a copy of the submitted eMV-50, sign it and send it to the registrant/buyer. There are no 5-day rule concerns as long as the dealer submits the title application package to DMV within 5 calendar days of submitting the eMV-50. Q: Does a vehicle being sold as a lease buy-out need to be reinspected? A: No. On a lease buyout (Title Only) transaction, DMV does not require reinspection.

Contact the Association’s Compliance team at 718.746.5900 if you have any questions on this topic.

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