A. If a motor vehicle dealer and a purchaser elect to rescind or cancel the sale of a motor vehicle within thirty days after the date of the title application, the motor vehicle dealer shall document the rescission or cancellation of the sale, shall submit documentation to the department in a manner prescribed by the department on receipt of the following items from the applicable department and shall return to the rightful parties all fees, taxes and other monies. The documentation shall:

Terms Used In Arizona Laws 28-4424

  • Certificate of title: means a paper document or an electronic record that is issued by the department and that indicates ownership of a vehicle. See Arizona Laws 28-101
  • Dealer: means a person who is engaged in the business of buying, selling or exchanging motor vehicles, trailers or semitrailers and who has an established place of business and has paid fees pursuant to section 28-4302. See Arizona Laws 28-101
  • Department: means the department of transportation acting directly or through its duly authorized officers and agents. See Arizona Laws 28-101
  • Motor vehicle: means an automobile, motor bus, motorcycle, truck or truck tractor or any other self-propelled vehicle, trailer or semitrailer. See Arizona Laws 28-4301
  • Motor vehicle dealer: means a new motor vehicle dealer, a used motor vehicle dealer, a public consignment auction dealer, a broker or a wholesale motor vehicle auction dealer, excluding a person who comes into possession of a motor vehicle as an incident to the person's regular business and who sells, auctions or exchanges the motor vehicle. See Arizona Laws 28-4301
  • Owner: means :

    (a) A person who holds the legal title of a vehicle. See Arizona Laws 28-101

  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.

1. Be completed and submitted to the department within fifteen business days after the date the parties agreed to cancel or rescind the sale.

2. Include a copy of an agreement executed by the motor vehicle dealer, the purchaser and, if the purchase was financed, the lender financing the purchase providing for the recission or cancellation of the sale.

3. Include a certificate of title if it has been issued or an attestation that the certificate of title has been lost or destroyed.

B. Within seven business days after receiving the documentation described in subsection A of this section, the department shall:

1. Rescind, cancel or revoke any application for a certificate of title or any issued certificate of title.

2. Refund to the motor vehicle dealer any fees and taxes that the motor vehicle dealer paid to the department, except:

(a) The fee prescribed in section 28-2003, subsection A, paragraph 1.

(b) All applicable fees, reimbursements and retained monies that are authorized by section 28-5101, subsections F, G and H.

3. Issue a certificate of title to the motor vehicle dealer that shows the motor vehicle dealer as the owner and the odometer mileage reading as recorded at the rescission or cancellation.

C. If a motor vehicle is subject to subsection A of this section, a motor vehicle dealer may not offer for retail sale the motor vehicle that is the subject of the sale rescission or cancellation until the motor vehicle dealer has received the certificate of title pursuant to subsection B of this section.

D. A rescission or cancellation under this section does not negate that the motor vehicle has been the subject of a previous retail sale.

E. In connection with the financing of a rescinded or canceled motor vehicle sale, a motor vehicle dealer shall return to a lienholder or a prospective lienholder:

1. All monies that the motor vehicle dealer receives pursuant to subsection B, paragraph 2 of this section. The motor vehicle dealer shall return the monies described in this paragraph within three business days after receiving the monies from the department.

2. All other monies that the motor vehicle dealer receives from the lienholder or the prospective lienholder. The motor vehicle dealer shall return the monies described in this paragraph within three business days after the motor vehicle dealer and the purchaser agree to rescind or cancel the sale.