Guide to Updating Buyers' Dates and Transfers for Rollback Transactions

Updating buyers' dates and transfers during a rollback transaction can be straightforward if you follow the correct steps. This guide will help you navigate the process efficiently.

Step-by-Step Instructions

1. Entering the Rollback Customer's Date of Sale

When resubmitting for the second buyer, it is crucial to input the correct date of sale for the rollback customer. Accuracy in this step ensures that all subsequent processes align correctly.

2. Maintaining Consistent Inventory Dates

The dealer inventory date must reflect when you received the vehicle on trade. It should remain unchanged despite rolling back transactions, ensuring consistency in your records.

3. Checking "Date Fees Posted"

You need to verify that the date entered in this field is not earlier than the first buyer's date of sale. If it is, an error will occur, which could delay processing.

4. Handling Expiration Dates

• If processing a rollback and the expiration date has passed, enter '1' in the "Number of Transfers" field.
• If it's still valid (not expired), enter '2'. This distinction helps manage how many times ownership has transferred without penalties.

5. Assessing Penalties

If you've entered '2' but did not incur any penalties despite having an expired registration, you are clear to proceed without taking additional action at this stage.

6. Title Back Processing

If there are errors on titles during this process, utilize REG 101 forms as necessary while ensuring both purchase prices are clearly listed for each buyer on the back of the title documentation.

Conclusion

Understanding these steps will streamline your process effectively!