Toyota to recall 2010 Prius Hybrids
Expect 300,000 2010 Toyota Prius in the U.S. and Japan to be recalled for faulty brakes. The announcement is expected on Tuesday morning.
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L.J. Marhefka
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L.J. Marhefka
GM China sales nearly doubled in January!
Setting a record, GM sold 219,192 vehicles in China in January, up 97% from January, 2009. GM January sales in the U.S. also up 14% over January, 2009, at 146,315 sales for the month. Ford also had a huge spike in its China joint venture sales for the month.
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Steve Micotto-Columbus Fair Auto Auction
Tuesday, February 9th Closed GM Sale 400 Units @ 10:00am
Top Buyers Promotion (Internet Included) Transportation assistance checks will be sent to the dealership. Top Buyer $750.00 Transportation Assistance. 2nd Top Buyer $500.00 Transportation Assistance. 3rd Top Buyer $350.00 Transportation Assistance. Giveaway after the sale One 15.6 Inch Toshiba Laptop (Must Be Present) Serving Breakfast and Lunch
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Steve Micotto-Columbus Fair Auto Auction
This Week at Columbus Fair Auto Auction
Celebrating 51 Years as an Independently Owned and Operated Auction
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Keith Whann
Jim: An OIADA member asked over the weekend if dealers can bring a copy of the F&I Menu they use to the F&I seminar on February 17th at CFAA. The answer is yes, I will cover that topic during the seminar and will be happy to review them and answer individual questions at the conclusion of the seminar as well. Keith
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L.J. Marhefka
KBB Trims Values on Recalled Toyota Vehicles, Discusses Broader Recall Implications – click here for more: http://auttr.com/groups/daily-automotive-news
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L.J. Marhefka
Federal investigators had just bought a 2007 Lexus ES 350 and were running it through a battery of tests at the government’s Vehicle Research and Test Center in East Liberty, Ohio, when they noticed something funny with the electronic throttle control.
The vehicle was rigged with monitors to root out possible causes of unwanted acceleration. The engineers, from the National Highway Traffic Safety Administration, were testing yaw rate, speed, acceleration, brake pressure, brake pad temperature, throttle-plate position, gas-pedal position and the brake booster vacuum, among other things. Click here for more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100208/OEM06/302089957/1143&utm_source=twitterfeed&utm_medium=twitter
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Rod Heasley
Thought for the Week -
Failure sends a true leader in a new direction….and that is toward his or hers next success !!
Have a great week everyone. -
James Mitchell
GROUND HOG SEES HIS SHADOW
There seems to be conflicting views coming from the weather fortune tellers. Punxsatawney Phil revealed that there were to be six more weeks of winter however, Buckeye Chuck says that winter is over and Spring is on the way.
I don’t know about the rest of you but based on the weather this past weekend and what is forecast for this week it appears that winter is not giving way until the ANNUAL OIADA TEXAS HOLD EM’ POKER TOURNAMENT which is scheduled for March 19th. By the way there are still 37 tickets left but that number continually drops daily.
What a great way to usher in and welcome Spring by attending the ANNUAL OIADA TEXAS HOLD EM’ POKER TOURNAMENT or by being a Sponsor for this great time. There are still a few sponsorships available so companies who want a lot of recognition or want to treat their best dealer accounts to an evening of eating, drinking and bluffing please feel free to contact the OIADA before all of the sponsorships and tickets are gone.
For sponsorships or tickets contact Jim Mitchell @ 614-863-5800.
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L.J. Marhefka
Negative Equity Issues – Motor Vehicle Sales – Ohio
Ohio Adopts Rule on Negative Equity in Vehicles Sales
The Ohio Department of Taxation has adopted a regulation on the tax treatment of negative equity in a vehicle sales transaction. “Negative equity” is a term applied when a motor vehicle purchaser is trading in a vehicle with a current value that is less than the amount owed on the existing loan for that vehicle. For example, a customer trades in a motor vehicle to a dealer in connection with the purchase of another vehicle. The dealer allows a $4,000 trade-in credit towards the purchase of the second vehicle, but the customer still owes $7,000 on the existing loan. The negative equity amount is $3,000.
The manner in which the trade-in allowance, negative equity, or loan payoff amount is displayed on the retail buyer’s agreement determines if it is part of the total vehicle price paid for the newly-acquired vehicle and subject to sales tax. If the negative equity amount is included by the dealer in the total vehicle price, it will be included in the base on which sales tax must be charged. If it is not included in the total vehicle price, the negative equity amount will not be included in the calculation of sales tax. In order to exclude the negative equity from the tax base, it may be shown as an additional amount due to a third party (perhaps financed) after the computation of the total vehicle price. The regulation also provides examples of the application of Ohio sales and use tax to sales of motor vehicles when the purchaser is trading in a vehicle with negative equity. (OAC 5703-9-36, Ohio Department of Taxation, effective October 25, 2009)
(11/8/09) (More …)
James Mitchell 1:34 pm on February 7, 2010 Permalink | Log in to Reply
Thank you LJ. This is important to all of our members and I appreciate you taking the time out of your busy schedule to assist the OIADA.
James Mitchell 1:42 pm on February 7, 2010 Permalink | Log in to Reply
LJ,
Have you or Keith made a determination as to whether the “Retail Purchase Agreement” needs to be changed in any way to comply with this new change? Please advise.
L.J. Marhefka 3:06 pm on February 7, 2010 Permalink
Jim -
This language comes directly from the Ohio Administrative Code: 5703-9-36 Sales and use tax, negative equity in motor vehicle sales and leases.
(B) A motor vehicle dealer may state the amount of negative equity several ways on a retail buyer’s agreement. How the trade-in allowance, negative equity, or loan payoff amount is displayed on the retail buyer’s agreement determines if it is part of the total vehicle price paid for the newly acquired vehicle and subject to sales tax. If the negative equity amount is included by the dealer in the total vehicle price, it will be included in the base on which sales tax must be charged. If it is not included in the total vehicle price, the negative equity amount will not be included in the calculation of sales tax.
You question refers to changing of the “Retail Purchase Agreement.” I expect that a dealer can use an otherwise compliant “Retail Purchase Agreement” so long as the additional “negative equity” disclosure language satisfies the Ohio Administrative Code requirements. I will talk this over with Keith so I can provide you a simple answer. I’ll get back to you later in the week.
Thanks,
L.J. Marhefka
Keith Whann 8:33 am on February 8, 2010 Permalink
Jim: Do you have a copy of the document in question? If so, or if you can obtain one, I will be glad to look it over for you (unless LJ has already done so). Keith