138.450 Definitions for KRS 138.455 to 138.470.
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<![CDATA[138.450 Definitions for KRS 138.455 to 138.470. As used in KRS 138.455 to 138.470, unless the context requires otherwise: <br>(1) "Current model year" means a motor vehicle of either the model year corresponding to the current calendar year or of the succeeding calendar year, if the same model <br>and make is being offered for sale by local dealers; (2) "Dealer" means "motor vehicle dealer" as defined in KRS 190.010; <br>(3) "Dealer demonstrator" means a new motor vehicle or a previous model year motor vehicle with an odometer reading of least one thousand (1,000) miles that has been <br>used either by representatives of the manufacturer or by a licensed Kentucky dealer, <br>franchised to sell the particular model and make, for demonstration; (4) "Historic motor vehicle" means a motor vehicle registered and licensed pursuant to KRS 186.043; (5) "Motor vehicle" means any vehicle that is propelled by other than muscular power and that is used for transportation of persons or property over the public highways <br>of the state, except road rollers, mopeds, vehicles that travel exclusively on rails, <br>and vehicles propelled by electric power obtained from overhead wires; (6) "Moped" means either a motorized bicycle whose frame design may include one (1) or more horizontal crossbars supporting a fuel tank so long as it also has pedals, or a <br>motorized bicycle with a step through type frame which may or may not have pedals <br>rated no more than two (2) brake horsepower, a cylinder capacity not exceeding <br>fifty (50) cubic centimeters, an automatic transmission not requiring clutching or <br>shifting by the operator after the drive system is engaged, and capable of a <br>maximum speed of not more than thirty (30) miles per hour; (7) "New motor vehicle" means a motor vehicle of the current model year which has not previously been registered in any state or country; (8) "Previous model year motor vehicle" means a motor vehicle not previously registered in any state or country which is neither of the current model year nor a <br>dealer demonstrator; (9) "Total consideration given" means the amount given, valued in money, whether received in money or otherwise, at the time of purchase or at a later date, including <br>consideration given for all equipment and accessories, standard and optional. "Total <br>consideration given" shall not include: <br>(a) Any amount allowed as a manufacturer or dealer rebate if the rebate is provided at the time of purchase and is applied to the purchase of the motor <br>vehicle; (b) Any interest payments to be made over the life of a loan for the purchase of a motor vehicle; and (c) The value of any items that are not equipment or accessories including but not limited to extended warranties, service contracts, and items that are given <br>away as part of a promotional sales campaign; (10) "Trade-in allowance" means: (a) The value assigned by the seller of a motor vehicle to a motor vehicle registered to the purchaser and offered in trade by the purchaser as part of the <br>total consideration given by the purchaser and included in the notarized <br>affidavit attesting to total consideration given; or (b) In the absence of a notarized affidavit, the value of the vehicle being offered in trade as established by the department through the use of the reference <br>manual; (11) "Used motor vehicle" means a motor vehicle which has been previously registered in any state or country; (12) "Retail price" for: (a) New motor vehicles; <br>(b) Dealer demonstrator vehicles; <br>(c) Previous model year motor vehicles; and <br>(d) U-Drive-It motor vehicles that have been transferred within one hundred eighty (180) days of being registered as a U-Drive-It and that have less than <br>five thousand (5,000) miles; means the total consideration given, as determined in KRS 138.4602; (13) "Retail price" for historic motor vehicles shall be one hundred dollars ($100); <br>(14) "Retail price" for used motor vehicles being titled or registered by a new resident for the first time in Kentucky whose values appear in the reference manual means <br>the trade-in value given in the reference manual; (15) "Retail price" for older used motor vehicles being titled or registered by a new resident for the first time in Kentucky whose values no longer appear in the <br>reference manual shall be one hundred dollars ($100); (16) (a) "Retail price" for: 1. Used motor vehicles, except those vehicles for which the retail price is <br>established in subsection (13), (14), (15), (17), or (19) of this section; <br>and 2. U-Drive-It motor vehicles that are not transferred within one hundred <br>eighty (180) days of being registered as a U-Drive-It or that have more <br>than five thousand (5,000) miles; means the total consideration given, excluding any amount allowed as a trade-<br>in allowance by the seller, as attested to in a notarized affidavit, provided that <br>the retail price established by the notarized affidavit shall not be less than fifty <br>percent (50%) of the difference between the trade-in value, as established by <br>the reference manual, of the motor vehicle offered for registration and the <br>trade-in value, as established by the reference manual, of any motor vehicle <br>offered in trade as part of the total consideration given. (b) The trade-in allowance shall also be disclosed in the notarized affidavit. <br>(c) If a notarized affidavit is not available, "retail price" shall be established by the department through the use of the reference manual; (17) Except as provided in KRS 138.470(6), if a motor vehicle is received by an individual as a gift and not purchased or leased by the individual, "retail price" shall <br>be the trade-in value given in the reference manual; (18) If a dealer transfers a motor vehicle which he has registered as a loaner or rental motor vehicle within one hundred eighty (180) days of the registration, and if less <br>than five thousand (5,000) miles have been placed on the vehicle during the period <br>of its registration as a loaner or rental motor vehicle, then the "retail price" of the <br>vehicle shall be the same as the retail price determined by paragraph (a) of <br>subsection (12) of this section computed as of the date on which the vehicle is <br>transferred; (19) "Retail price" for motor vehicles titled pursuant to KRS 186A.520, 186A.525, 186A.530, or 186A.555 means the total consideration given as attested to in a <br>notarized affidavit; (20) "Loaner or rental motor vehicle" means a motor vehicle owned or registered by a dealer and which is regularly loaned or rented to customers of the service or repair <br>component of the dealership; (21) "Department" means the Department of Revenue; <br>(22) "Notarized affidavit" means a dated affidavit signed by the buyer and the seller on which the signature of the buyer and the signature of the seller are individually <br>notarized; and (23) "Reference manual" means the automotive reference manual prescribed by the department. Effective: September 1, 2009 <br>History: Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 111, effective September 1, 2009. -- Amended 2006 Ky. Acts ch. 252, Pt. XXXV, sec. 3, effective January 1, <br>2007; ch. 251, sec. 3, effective July 12, 2006; and ch. 6, sec. 8, effective March 6, <br>2006. -- Amended 2005 Ky. Acts ch. 85, sec. 385, effective June 20, 2005. -- <br>Amended 2002 Ky. Acts ch. 26, sec. 1, effective July 15, 2002. -- Amended 1998 <br>Ky. Acts ch. 166, sec. 2, effective July 15, 1998; and ch. 600, sec. 3, effective April <br>14, 1998. -- Amended 1994 Ky. Acts ch. 54, sec. 1, effective July 15, 1994; and <br>ch. 405, sec. 16, effective July 15, 1994. </p>
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