AZ SB1417

Requires motor vehicle dealers to pay off prior credit or lease balances on trade-in vehicles within 21 calendar days after purchasing or obtaining the vehicle.

If a dealer agrees to a specified payoff amount in writing, they must tender that amount; if no amount is specified in writing, they must pay the full amount necessary to discharge the balance.

Prohibits dealers from selling, consigning for sale, or transferring ownership of trade-in vehicles until the prior balance is paid to the lessor, owner, or their designee.

Allows dealers to rescind contracts within 21 days if parties agree or if rescission is warranted due to fraud, duress, failure of consideration, or other legal grounds.

Defines "motor vehicle dealer," "owner," and "designee" for purposes of the statute.