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www.IllinoisDealers.com
Join our mailing list!
Do you know of other member dealership employees who should be receiving the IADA Electronic Bulletins? Let us know! Send an email to Meghan Sander (msander@illinoisdealers.com), Director of Communication, with the contact information of people who should be on our distribution list.
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2019 IADA OFFICERS
Chairman
Pat Manning
Brad Manning Ford
Dekalb
Vice Chairman
Mike Ettleson
Ettleson Cad-Bu-GMC, Inc.
Hodgkins
Treasurer/Secretary
Rick Yemm
Yemm Chev-Bu-GMC-Chry-Jeep
Galesburg
President
Peter Sander
IADA
Springfield
IADA Staff Contacts:
Ph# 1-800-252-8944
Pete Sander
President
Ext. 103
psander@illinoisdealers.com
Larry Doll
Legal
Ext. 105
ldoll@illinoisdealers.com
Mark Harting
Administrative Services
Ext. 110
mharting@illinoisdealers.com
Mike Healey
Member Services
Ext. 107
mhealey@illinoisdealers.com
Joe McMahon
Legislative
Ext. 113
jmcmahon@illinoisdealers.com
Meghan Sander
Member Communications
Ext. 109
msander@illinoisdealers.com
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Your IADA Partner
Moving Vehicle Registration into the future
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November 21, 2019 Volume 2019, Issue 11
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Changes Coming January 1st
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$10,000 Trade-In Cap
Starting January 1, 2020, the tax credit for a motor vehicle trade-in will be capped at $10,000. For example, a customer who trades in a vehicle valued at $20,000 against the purchase of a $36,000 vehicle currently receives a tax credit for the entire value of the trade-in and pays tax on the $16,000 difference. However, starting January 1st, the same customer would receive a tax credit for only $10,000 and pay tax on $26,000-a $625 increase.
It is important to note the trade-in cap applies only to the trade of First Division Vehicles, such as passenger vehicles and SUVs, but does not apply to Second Division Vehicles such as heavy-duty trucks, pick-up trucks, or utility vans. Unfortunately, for dealers who hope to beat the system by taking an advance trade-in this year to apply to a purchase next year, the cap keys on the date of purchase rather than the date of trade. For additional details, the Illinois Department of Revenue Bulletin explaining the trade-in credit cap can be found here.
Thank you to the many dealers who participated in IADA's advocacy campaign and contacted their legislators and the Governor. IADA will reach out to you again during the Spring Session when we attempt to reverse the trade-in cap.
Documentary Service Fee Increases to $300
Not everything during the Fall Veto Session was doom and gloom. IADA-backed legislation to increase the "Doc Fee" to $300, starting January 1st, remained intact, despite concern that the Doc Fee increase would get rolled back. The Doc Fee increase helps to reimburse dealers for the ever-expanding list of State and federal mandates related to the sale of motor vehicles. |
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Flood Titles - UPDATED -- Important Notice from Secretary of State - Hurricane Dorian
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Hurricane Dorian has made vehicles in Florida, South Carolina, and North Carolina subject to the Secretary of State's flood damage screening protocol. The Secretary of State's Vehicle Services Department will screen title applications from vehicles that were registered in regions of Florida, South Carolina, and North Carolina that were declared disaster areas because of flooding and storm damage from Hurricane Dorian.
Illinois title applications submitted between now and August 28, 2020 for vehicles registered in affected parts of Florida, submitted between now and August 31, 2020 for vehicles in affected parts of South Carolina, and submitted between now and September 1, 2020 for vehicles in affected parts of North Carolina will receive a flood title designation unless the title application is accompanied by a Natural Disaster Disclosure Statement signed by the previous owner declaring that the vehicle was not in a natural disaster area or was not damaged, or by an Affidavit in Lieu of Natural Disaster Disclosure Statement completed by the dealer or rental owner.
A Natural Disaster Disclosure Statement signed by the prior owner remains the better option because the prior owner remains responsible for fraud and mistake related to flood damage. A franchised dealer or a rental owner who is unable to obtain a signed Natural Disaster Disclosure Statement may inspect the vehicle and submit an Affidavit in Lieu of Natural Disaster Disclosure Statement in which the dealer or rental owner affirms that the vehicle has not incurred flood damage. If the vehicle is later proven to have incurred flood damage as a result of Hurricane Dorian, the selling dealer or rental owner could be liable to the buyer for flood damage from Hurricane Dorian.
For vehicles on a Florida, South Carolina, or North Carolina title, IADA recommends that you adopt the following approach:
- Check the National Insurance Crime Bureau's (NICB) database of known flood damaged vehicles. If a vehicle appears on the NICB list as a flood damaged vehicle, it will receive a flood branded title. The NICB database can be found here.
- If the vehicle is not on the NCIB list, but was registered in Florida, South Carolina, or North Carolina, determine whether the vehicle was located in an area that was declared a federal natural disaster because of Hurricane Dorian. The list of zip codes affected by Hurricane Dorian can be found here.
- If the vehicle was registered in a zip code that was declared a natural disaster area because of Hurricane Dorian, try to obtain a Natural Disaster Disclosure Statement signed by the owner declaring that the vehicle was not located in a natural disaster area or was not damaged. The Secretary of State's Natural Disaster Disclosure Statement can be found here.
- If you are unable to obtain a signed Natural Disaster Disclosure Statement, you can elect to thoroughly inspect the vehicle for flood damage and sign an Affidavit in Lieu of Natural Disaster Disclosure Statement or accept a flood brand. The Secretary of State's Affidavit in Lieu of Natural Disaster Disclosure Statement can be found here.
If you have any questions about this article, please contact IADA at (217) 753-0220 or ldoll@illinoisdealers.com |
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IADA Partners with LowerElectric
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IADA is excited to announce its partnership with LowerElectric®. The company specializes in helping business clients in deregulated states across the country manage their energy costs. A bidding process that shops many highly rated energy providers ensures our clients get the best prices and best supplier available.
With energy prices near historic lows, our suppliers can usually offer lower energy costs than are available with your local utility. If you have an electric or gas agreement currently in place, we are able to lock you into today's prices with a new agreement that will take effect once your present agreement expires, even if that agreement does not expire for another year or longer. All you have to do is send us a recent bill, and we can provide you with a cost comparison and will consult with you regarding your needs and your options at no charge.
Since 2001, LowerElectric® has helped thousands of client accounts save money on their energy costs across deregulated states, including but not limited to Illinois, Ohio, Connecticut, Pennsylvania, New York, New Jersey, and Texas. Most of our clients are long-term or repeat clients, and we have excellent references available upon request.
We offer comprehensive services that save you time and money while managing your energy costs, including full-time/in-house customer support, energy benchmarking, demand response, energy reduction/procurement, budgeting, and energy efficiency.
Lower Electric is a founding member of ILEPA, now known as TEPA, which is a national trade organization that sets ethical standards for the energy industry. We take pride in our reputation for honesty and integrity. Our goal is to create and foster relationships with our clients to help them save money on their energy costs now and in the future.
Contact: William Schloss 847-272-0700 x 229
bill@lowerelectric.com, www.lowerelectric.com |
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IADA CATA Spring Conference: March 14-18
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Join us for the IADA CATA Spring Conference being held March 14-18 at the JW Marriott in Marco Island, Florida! We look forward to welcoming back many dealers and their families and our generous sponsors. The registration and sponsorship forms will be coming soon! For any immediate questions please contact Meghan Davlin, mdavlin@illinoisdealers.com.
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Happy Thanksgiving from IADA!
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 Illinois Automobile Dealers Association would like to wish you and your family a very Happy Thanksgiving!
Many of us will be spending the day sitting down with family and friends to eat delicious food, share memories, watch a little football, and most importantly, count our blessings.
IADA values your membership and appreciates your confidence in us. We wish you and your family a very Happy Thanksgiving!
To give our own employees time with family and friends, our office will be closed Wednesday, November 27th at 3:00 pm through Friday, November 29th. We will return to the office Monday, December 2nd. We are always available on line 24/7 at www.Illinoisdealers.com. |
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