Minivan Pledge Frequently asked questions

Transcription

1 Minivan Pledge Frequently asked questions 1. What is the Minivan Pledge? If a retail customer purchases an eligible 2010 Chrysler Town & Country or Dodge Grand Caravan between February 10, 2010 and March 31, 2010, the customer may return his/her vehicle to the original selling/participating dealer after 30 days of ownership from the delivery date. 2. Can a customer return the vehicle for any reason within the 60 days? Yes, as long as the customer meets the eligibility requirements of the program. 3. Is there an alternative offer if the customer is not interested in the Minivan Pledge? Yes. In lieu of the 60 day Minivan Pledge, the customer can elect a $500 cash incentive at the time of vehicle purchase. 4. Can you explain the 30 day vesting period? Yes. The customer must retain the vehicle for a minimum of 30 days after the delivery date. Starting on the 31st day of ownership, the vehicle may be returned to the original selling participating dealer. The customer may return the vehicle to the original selling/participating dealer up to the 60th day of ownership from the customer s delivery date. 5. Does the customer receive a full refund on his/her purchase transaction? In exchange for the vehicle, the customer will receive the vehicle purchase price after any rebates, discounts, usage fee of $0.30 per mile, plus applicable sales taxes that were actually paid. Only the price of the vehicle itself (plus sales tax) is included. The buyback offer does not include a return of monies paid for any other taxes, licensing, titling or registration fees, insurance, accessories, dealer fees, extended warranties, finance charges, negative equity or any other expenses incurred by the customer at the time of taking delivery of the new vehicle. 6. Are there mileage restrictions on returning the vehicle to the dealer? Yes. The eligible vehicle that is returned to the original selling/participating dealer cannot have more than 4,000 miles from the delivery date of the vehicle purchase. A usage fee of $0.30 per mile will be charged on the returned vehicle, for any mileage over the mileage on the vehicle at delivery. 7. Is the customer responsible for any costs associated with normal wear and tear upon returning the vehicle? No, but the vehicle cannot have had $200 or more worth of damage. 8. Who is responsible for any damage over $200?

2 Purchaser is responsible. If the vehicle has over $200 in damage, the vehicle no longer qualifies for the program. 9. Is the vehicle eligible if it has been involved in an accident and repaired? No, any vehicle involved in an accident would not qualify for the program. 10. Are co signers on retail contracts both eligible to return the vehicle? No, only the top line signer listed on the retail purchase contract is eligible. 11. Are corporations eligible for the Minivan Pledge? No, vehicles titled in a business or corporate name are not eligible for the program. 12. Are leased vehicles eligible for the Minivan Pledge? No, lease vehicles are not eligible for the program. 13. What does a customer have to do to return the vehicle? The customer will need to return the vehicle to the original selling/participating dealer. In addition, the customer will need to contact the administrator of the program and submit required documentation. Once the administrator has reviewed and verified the documentation requirement, the customer will be contacted to take the vehicle to the selling dealer to have the vehicle appraised. 14. What are the required documents a customer must submit to return a vehicle? In addition to the fully completed Request for Benefit form, which will be provided by the administrator, the customer will need to provide: A) A copy of the Bill of Sale, Retail Installment Sale Contract or other transaction documentation; B) A copy of the customer s Driver s License; C) A copy of the Registration showing the vehicle is registered in the customer s name; D) Proof of Insurance verifying the eligible Vehicle was insured since the delivery date; and E) Any other documentation Chrysler or the Administrator may reasonably request. 15. Are Chrysler employees eligible for the Minivan Pledge? Yes. All discounted sales including Chrysler Employee, Chrysler Supplier, Military, and College Grad are eligible under this program. (Dealership Employees and direct family members are not eligible). 16. If I return my new vehicle purchase under the Minivan Pledge, will I be able to get my trade in vehicle back from the dealer? No. The program rules prohibit reacquisition of the original trade in.

3 17. Who do I call to file a claim? The customer will call Program Headquarters at What are the hours of operation for the Program Headquarters? The hours of operation which includes claim processing are Monday Friday 8:00 am to 9:00 pm EST. 19. If I have additional questions on the Minivan Pledge, who do I contact? For consumer questions, the customer can contact customer assistance at For benefit redemption questions, you may contact Program Headquarters at Who pays off the vehicle to financial institution? The dealership is responsible for paying off the customer s vehicle. Contact the administrator for assistance in this regard. 21. What happens to the vehicle that is returned to the dealership? The dealership is responsible for paying the buyback price to the customer and/or the lender and in turn accepting the returned vehicle in their inventory as a used vehicle. 22. What financial consideration does the dealer receive from the program when they take a vehicle back? The Administrator will make a payment to the dealer. This payment will be in an amount equal to the Buyback Price for the vehicle (which includes sales tax) less: 1. On a 2010 model, sixty seven percent (67%) of the vehicle MSRP; 2. Sales tax; 3. $1,000; and 4. $.30 per mile for every mile the vehicle was driven from the delivery date to the return date The dealer can apply for a reimbursement of the sales tax, and the $1,000 will be paid to the dealer after the vehicle is re titled. Buyback price cannot exceed MSRP. See examples below: Straight Retail Purchase Chrysler Town and Country 25 K Purchase MSRP $29,245 Selling Price $28,098

4 Doc Fee $50 Tax $1,685 Title / Registration $50 Delivered Price $29,883 Rebate ($1,500) Net Selling Price $28,383 Customer Buyback Final Purchase Price / Amount Financed $28,383 Title / Registration ($50) Doc Fee ($50) Mileage Fee (1,000 miles x $0.30) ($300) Customer Buyback Price $27,983 Dealer Allowance Customer Buyback Price $27,983 67% of MSRP $19,594 Difference $8,389 Dealer Collected Taxes ($1,685) Dealer Payoff $6,704 o Note taxes will be reimbursed in states where they cannot be recouped from the state. o Note $1,000 of Dealer Payoff is withheld until title has been verified as reissued used. Negative Equity, Accessories, and Service Contract Purchase MSRP $29,245 Selling Price $28,098 Doc Fee $50 Accessories $1,500 Tax $1,805 Title / Registration $50 Service Contract $800 Negative Equity $6,000 Delivered Price $38,303 Rebate ($1,500) Net Selling Price $36,803

5 Customer Buyback Final Purchase Price / Amount Financed $36,803 Title / Registration ($50) Doc Fee ($50) Service Contract ($800) Negative Equity ($6,000) Accessories ($1,500) Mileage Fee (1,000 miles x $0.30) ($300) Customer Buyback Price $28,103 Dealer Allowance Customer Buyback Price $28,103 67% of MSRP $19,594 Difference $8,509 Dealer Collected Taxes ($1,805) Dealer Payoff $6,704 o Note Taxes will be reimbursed in states where they cannot be recouped from the state. o Note $1,000 of Dealer Payoff is withheld until title has been verified as reissued used. 23. Can a dealer reject a returned vehicle? As a participant in this program, the dealer agrees to accept all qualifying vehicles returned to the dealership during this program period. 24. What disclosures must be completed for the dealer to receive the remaining $1,000credit allowance? The dealer will receive a disclosure package from the vehicle title processing company, with complete disclosure instructions and documents. Once the dealer re titles the vehicle and returns the form to the vehicle title processing company, the administrator will release the $1,000 payment to the dealer. 25. Does the dealership need to take title of the returned vehicle? Yes. The dealership must retain the returned vehicle as a used vehicle and assume title of that vehicle. 26. Will the incentives on the first retail sale be debited back to the dealer? No. The dealership will retain all previous incentives paid on the initial vehicle sale. 27. Will new vehicle incentives apply on the 2nd retail sale? No. Incentives will only be paid on the initial vehicle sale. 28. Will the warranty start date be adjusted after the vehicle is returned?

6 No. The warranty start date will start with the initial customer delivery date. 29. Can a customer return the vehicle for any reason? Yes. Under this program, the customer may return a qualifying vehicle back to their original selling dealer for any reason. 30. Is negative equity refunded to the customer under this program? No. Negative equity is the responsibility of the customer. 31. Does the dealer need to return the sales tax to the customer? Yes. The dealership is responsible for reimbursing the customer the sales tax on the original vehicle purchase. The dealership will need to apply for reimbursement for sales tax through their normal state request process. 32. Are DRAC units eligible for this program? No. DRAC units are not eligible for the program. 33. Are Special Event Vehicles eligible for this program? No. Special Events are not eligible for this program. 34. Why does CynoSure withhold the $1000 disclosure allowance from the dealer benefit? The $1,000 disclosure allowance is initially withheld to ensure proper downstream disclosures are met when the used vehicle is re titled. Once these disclosure requirements are verified by the administrator, the dealer will receive the remaining $1000 allowance. 35. What happens if a customer does not receive their title during the 60 day buyback period? This should be extremely rare. In these situations, the administrator will document the initial customer request and as long as the customer meets the overall requirements of the program, the administrator, working with Chrysler, will make decisions on handling these on a case by case basis. 36. How long does it take for the dealer to receive the initial payment from CynoSure? CynoSure will be able to perform an ACH (automated clearing house) transaction to the dealers within 48 hours of receiving a completed claim during normal business days, Monday through Friday. Depending on the Dealer s banking arrangements, it could take up to 48 hours from the time the ACH is issued for the funds to be available.