Trade-In Sales Tax Credit
SOS Creates RD-108T Supplemental
Vehicle Trade-In Sales Tax Credit Form
The newly created regulation allowing for credit of sales tax on the first $2,000 worth of value of a trade-in on the purchase of a new or used vehicle begins on December 15, 2013. Automobile and RV dealers can begin using the new form created by the Secretary of State on Monday. If dealers have questions regarding the new regulation, they are urged to contact the Secretary of State office in Lansing or their local SOS office.
With the support of members of MARVAC, Michigan Association of Automobile Dealers and other auto related groups, the legislature passed the bill in October and Governor Snyder signed the bill at a ceremony at a Lansing area auto dealer’s show room on November 6, 2013. Michigan was one of only six states who had not yet adopted the policy of “sales tax on the difference.”
http://www.michigan.gov/documents/sos/PA_159__160_of_2013_Announcement_442197_7.pdf
More FAQ’s Regarding Association Specialty Finance Organization
As Executive Director Tim DeWitt expressed to the 180 members in attendance at the Association’s 72nd Annual Meeting on October 29, 2013 in Novi, ” The number one call we’ve been receiving at the Association office for the last two and a half years from our members have been that they need help in securing financing for their business.” Thus, the number one agenda item for the board of director’s for the last six months has been exploring options to help the membership with this financing dilemma in Michigan.
This overview also addresses the most frequently asked questions to date from the membership wanting more information on this new possible benefit program. Once completed, the Executive Board will review the final Phase II report in early 2014.
THE SFO CONCEPT
The MMH & RVCA Specialty Finance Organization was initiated to directly address the liquidity and capital challenges facing MMH & RVCA members. One of the key ways to address these challenges is to aggregate the demand of the members and represent the member needs in a unified fashion to the Capital Markets.
By aggregating demand through one entity, the risk to the capital providers and servicers is reduced by providing industry focused underwriting standards with the opportunity of lending to a larger group with similar needs to minimize investment risk. In return, the capital providers will be attracted by more opportunity but will now have to compete against other sources for each member opportunity.
By participating in MMH & RVCA Specialty Finance Organization (SFO) programs, the Association members would benefit in the following ways over time:
More choices of capital sources to the Association members
The Association will profit from aggregating its members which helps support the financial stability of the Association
Most competitive cost of capital
Saves time by working with a single, Association sponsored and dedicated financial resource for all debt & equity requirements
The following document directly addresses the most common member questions regarding the Specialty Finance Organization, its structure and functions, activities, services, and member benefits.
(Alternative Investment Resources, LLC)
MMH & RVCA Frequently Asked Questions
Are you operating outside the Association mission statement?
ANSWER: The Association’s mission is to serve the needs of the members and the SFO is designed to support this belief. Further, the legal counsel of the Association has fully participated in all stages of the development of the SFO and has insured the SFO meets the legal and operational guidelines of the Association and its members.
Will financing be available outside of Michigan with my other investments? Different Industries? Will additional memberships be required?
ANSWER: The SFO is designed to provide financing to members overall; if the member requires or desires to have its assets outside the state refinanced, the SFO is designed to meet that need through its Business and Real Estate Capital programs. However, the Consumer Lending program will require the SFO to obtain state specific licenses and establish an MLO in that state to provide direct to consumer loans.
Consumer lending, yes or no? If yes, is SFO going to become licensed MLO? In Michigan only? Other states that I operate in too.
ANSWER: Yes, the SFO will provide consumer lending and disposition of existing and new consumer paper. The SFO will become an MLO in each state it provides consumer lending and relieve the individual member from that requirement and related costs/risks. There will be loan application fees which can be recovered by the consumer in the loan itself.
SPECIAL NOTE TO MEMBERSHIP
We will be sharing with you additional questions that our members will be submitting in future Industry Insights newsletters. If you have a question, please email it to bnelson@mmhrvca.org.
MARVAC Campground / Holiday Luncheon
On Wednesday, December 11th, 30 MARVAC members gathered at the Association office for a Holiday Meeting /Luncheon. Among the topics covered were current updates to the Affordable Care Act and the progress of the Association’s Specialty Finance Organization initiative. Also discussed were strategies to prepare and handle weather emergencies and an overview from the Department of Environmental Quality. MARVAC Director Bill Sheffer reviewed the successes MARVAC achieved this year with the passage of the Document Fee and Sales Tax on the Difference legislation. Staff also showcased MARVAC’s new logo and presence on Facebook, Twitter, Pinterest and YouTube. Members from across the state and even as far away as Indiana attended and had the opportunity to network with their peers in the Industry. New members Kevin and Vickie Taylor of Lost Haven Campground in Beaverton said “It was well worth our time to attend the meeting and learn about association programs and meet fellow campground owners. We are new to the business and need to get all the information we can get to run a profitable campground.” Other comments from members included: “Great content!”, “Appreciate info on ACA and SFO financing”, “Good to hear from DEQ and legislative updates”, “Overall, nice presentation by all”. We look forward to next year’s meeting and welcome any ideas that our members would like to discuss.
Overall Attendance Up, but Dealer Participation Down in Louisville
LOUISVILLE, Ky. — Attendance is up at the National RV Trade Show, but dealer participation is down 3.3 percent, according to figures released today by the National RV Trade Association.
A total of 6,836 people were registered on opening day of the three-day event taking place at the Kentucky Expo Center. Last year’s opening day attracted 6,710 people.
The attendance broke down as follows:
SOURCE: RV Industry Association and RV Daily Report
Campground Brochures Needed!
MARVAC Campground Members:
As we get ready to host the final Camper & RV Show for 2013 and begin ramping up for the 2014 season, we are asking all member campgrounds to send us any additional brochures that you may have available. If you are redoing your brochures for 2014, please send us some as they become available. We want to ensure that we can adequately display all of our member campgrounds to the consumers at all of our shows. Please contact Bill Shefferbsheffer@mmhrvca.org or Darren Ing ding@mmhrvca.org or call the Association office to check the status of your brochures. Thank you!
Association Holiday Schedule
The Association Office will be closed the following days :
December 24 & 25 – Christmas Eve & Christmas
December 31 & January 1 – New Year’s Eve and New Year’s
Happy Holidays!
RECRUIT A NEW MEMBER!
As a member, you understand the value of MARVAC membership. Spread the word with your contacts and peers in the industry, and help expand our association. A growing MARVAC means greater recognition for the industry, more resources to support member programs, and a stronger voice when advocating issues with state and national legislative members. Click here to download a membership application.
