KRS § 138.450 — KY Code / Title XI / Chapter 138 / Section 138.450
138.450 Definitions for KRS 138.455 to 138.470
Status: in_force

138.450 Definitions for KRS 138.455 to 138.470.

As used in KRS 138.455 to 138.470, unless the context requires otherwise:

(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

and make is being offered for sale by local dealers;

(2) "Dealer" means "motor vehicle dealer" as defined in KRS 190.010;

(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

used either by representatives of the manufacturer or by a licensed Kentucky dealer,

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:

(a) Any vehicle that is propelled by other than muscular power and that is used

for transportation of persons or property over the public highways of the state,

except road rollers, mopeds, vehicles that travel exclusively on rails, and

vehicles propelled by electric power obtained from overhead wires; or

(b) Recreational vehicles;

(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 motorized bicycle with a step through type frame which may or may not have

pedals rated no more than two (2) brake horsepower, a cylinder capacity not

exceeding fifty (50) cubic centimeters, an automatic transmission not requiring

clutching or shifting by the operator after the drive system is engaged, and capable

of a 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

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

consideration given for all equipment and accessories, standard and optional. "Total

consideration given" shall not include:

(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

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

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

total consideration given by the purchaser and included in the notarized

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

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;

(b) Dealer demonstrator vehicles;

(c) Previous model year motor vehicles; and

(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

five thousand (5,000) miles;

means the total consideration given, as determined in KRS 138.4603;

(13) "Retail price" for historic motor vehicles shall be one hundred dollars ($100);

(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

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

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

established in subsection (13), (14), (15), (17), or (19) of this section;

and

2. U-Drive-It motor vehicles that are not transferred within one hundred

eighty (180) days of being registered as a U-Drive-It or that have more

than five thousand (5,000) miles;

means the total consideration given, excluding any amount allowed as a trade-

in allowance by the seller, as attested to in a notarized affidavit, provided that

the retail price established by the notarized affidavit shall not be less than fifty

percent (50%) of the difference between the trade-in value, as established by

the reference manual, of the motor vehicle offered for registration and the

trade-in value, as established by the reference manual, of any motor vehicle

offered in trade as part of the total consideration given.

(b) The trade-in allowance shall also be disclosed in the notarized affidavit.

(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

be the trade-in value given in the reference manual;

(18) If a dealer transfers a motor vehicle which he or she has registered as a loaner or

rental motor vehicle within one hundred eighty (180) days of the registration, and if

less than five thousand (5,000) miles have been placed on the vehicle during the

period of its registration as a loaner or rental motor vehicle, then the "retail price" of

the vehicle shall be the same as the retail price determined by paragraph (a) of

subsection (12) of this section computed as of the date on which the vehicle is

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

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

component of the dealership;

(21) "Department" means the Department of Revenue;

(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

notarized;

(23) "Reference manual" means the automotive reference manual prescribed by the

department; and

(24) "Recreational vehicle" means any motor home, travel trailer, fifth-wheel trailer,

pull-behind camper, or pop-up camping trailer, which:

(a) Contains living quarters; and

(b) Is required to be licensed for use on the public highways.