You May not Notarize Used Car Sales With Higher Price Than RRP

You May not Notarize Used Car Sales With Higher Price Than RRP

2-8-13.-The National Assembly (AN) approved a second reading the Law Regulating the Buy and Sell New and Used Motor Vehicle National or imported.
The chairman of the Committee of Management and Service, Elio Serrano, said that according to the standard can not be notarized vehicle sales or transfers whose price is above the maximum retail price Audience (MRP).

He informed that the Ministry for Trade should implement a web page that allows the consultation on the maximum retail price of a used vehicle and issue a certificate for marketing, which has a period of 30 days.

While implementing this mechanism, the maximum retail price of a used vehicle does not exceed 90% of the new price at February 28, 2013 the same model or similar characteristics, structure or design.

“It’s a very simple formula, which takes into account depreciation and replacement value, and that will give the maximum retail value of the vehicle that will be negotiated, and that knowledge will also notaries and the National Institute Land Transit, which is limited by law, which may not notarize or transfer any car that is higher than the maximum retail price, “he added.

It also establishes penalties for those public servants that allow the legalization of registration of vehicles above cost and insurance provisions that grant policy to a car above the suggested limit, to banking financing is prohibited in the same condition price .

According to the Law, media, electronic, web pages are prohibited from publishing marketing offers used vehicles in which reference the sales price until the Ministry for Trade deployed on its website the device to calculating the maximum retail price.

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