The Colorado Title Manual has been updated to reduce documentation requirements when a business name appears on a title, but the signing agent omits certain suffixes during a release of interest or lien.

Effective immediately, the state and Vitu will no longer reject transactions if the business name sign-off is missing the following suffixes:

• INC
• CO
• THE
• CORP 
• OF
• NA

‍Note: One important exception — LLC is still required. If LLC is missing from the business name on the release, a One and the Same (DR 2421) document is required.

When processing a deal in Vitu where the net sale price is $0.00, a Special Purchase Type must be selected in order for fees to be properly calculated.

Failure to select a Special Purchase Type will prevent the deal from progressing and result in an error.

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Approved Special Purchase Types

In Vitu, approved Special Purchase Types include the following:

Donation

• Vehicle was donated by the seller
• Selling price is $0.00
• No taxes are due

Even Trade

• Trade-in value is equal to the purchase price of the new vehicle
• Net purchase price equals $0.00

Trade Down

• Trade-in value exceeds the purchase price of the new vehicle
• Net purchase price is reduced to $0.00

Zero at Signing for Lease

• Applies to leased vehicles only
• The DR 0026 shows $0.00 as the amount paid at signing and delivery (see example below)

• Vitu will reflect a $0.00 sale price in the Sale Info section (see example below)

Please be aware that the State of Colorado has published a new DR 0026 — Tax Statement for Leased Motor Vehicle form. As with any form update, the State will accept the previous form for 90 days from the publish date of the new form. 

To find the new version of the DR 0026 and the DR 0026N (Instructions), please visit the following links:

• New version of the DR 0026 — Tax Statement for Leased Motor Vehicle‍
  https://tax.colorado.gov/sites/tax/files/documents/DR0026_2026.pdf 

• New Version of the DR 0026N — Instructions‍
  https://tax.colorado.gov/sites/tax/files/documents/DR0026N_2026.pdf

Did you know there are a number of reference tools for title clerks in Vitu? In particular, we want to call your attention to the amazing reference chart for out-of-state title number formats. The NMVTIS Title Number Reference Chart gives you information regarding all 50 states’ title numbers. 

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How to access the NMVTIS Title Number Reference Chart

1. Click the Question Mark icon near the top of the page. 
2. Click on the Resources tab and select your state (Colorado will be your only option). 
3. Next you will see all sorts of helpful resources — the NMVTIS chart will be at the very bottom — click on the file to download it.