GNYADA 2019 Membership Directory & Services Guide

VERIFI

DMV’s VERIFI programwas fully implemented in November 2018. Dealers are required to process MV-50s and keep Book of Registry information inVERIFI. Since its inception, more than a million eMV-50s have been used to process sales of new and used vehicles through VERIFI. GNYADA continues to be the number one resource to assist dealers who have difficulties processing transactions in VERIFI. Below are some reminders about processing in VERIFI: VERIFI Transaction Fee is NOT Taxable The New York State Department of Taxation and Finance confirmed for GNYADA that the $1.93 VERIFI fee, which dealers can pass on to customers, is not taxable. Dealers are charged the $1.93 when they generate an electronic MV-50 using VERIFI. The $1.93 fee can then be included on the final vehicle purchase invoice. DMV’s implementation ofVERIFI included the ability for dealers to recoup the $1.93 transaction fee paid the vendor (Vanguard) for each MV-50 processed. However, no disclosure language was provided when VERIFI launched. GNYADA asked DMV for specific compliant disclosure language and DMV has responded that the following statement on dealership documents is acceptable: “VERIFI transaction fee.” GNYADA suggests that dealers provide additional language such as “electronic MV-50 form fee” or “eMV-50 form fee”in a parenthesis after the statement to explain the fee to customers. Dealers need to separately state the transaction fee on buyer’s orders and invoices. VERIFI Tips Available on GNYADA Website Find all of DMV’s VERIFI Tip of the Day/Week on the GNYADA website which is updated as DMV releases new tips. The Tip of the Day/Week page is located on the member side of the GNYADA website, so you will need to sign in with your user ID and password. If you do not have a user ID or password, please call Phyllis at 718.746.5900. I am a “Partner” dealer (PSP), why can’t I get a TCR (Temp) in VERIFI? PSP dealers should process real time DMV transactions and produce permanent registrations. This capability means PSP’s don’t need to assign TCR’s in VERIFI and should be processing permanent registrations as needed. If your partnering terminal is off-hours and you cannot process a live registration, you can issue a secure paper MV-50 and corresponding TCR. Don’t forget to update your book of registry to account for the secure paper MV-50 as soon as possible after the sale date. You must also complete the permanent registration transaction once the terminal becomes available.

2019 membership directory & services guide / hot topics PG 63 HERE ARE A FEW SAMPLE TIPS: