Virginia law requires motor vehicle dealers offering vehicles on consignment to have a signed contract that details the owner and dealer information, vehicle description, commission terms, fees, liens, and safety inspection status. The law aims to ensure transparency and proper documentation in consignment sales. Dealers must also inform customers that a vehicle is on consignment and follow specific rules regarding license plates and safety inspections.
The contract must include owner and dealer details, vehicle description, sale and termination dates, commission terms, fees, liens, and safety inspection disclosures.
Dealer license plates cannot be used to demonstrate consignment vehicles except on certain large vehicles or under specific conditions outlined by law.
Vehicles must pass a safety inspection before sale. If not in compliance, the dealer must either repair it or disclose the non-compliance to the buyer prior to sale.
Yes, dealers are required to inform prospective customers that the vehicle is on consignment.