At a glance
- OFAC
- 10 years
- Form 8300
- 5 years
- Credit applications and notices
- 25 months
- California CARS Act
- 2 years
On this page
How long to keep each record
| Record | Keep at least | Rule |
|---|---|---|
| OFAC check results and transaction records | 10 years | 31 CFR 501.601 |
| Form 8300 copies and supporting papers | 5 years from filing | 26 CFR 1.6050I-1 |
| Form 8300 customer statements | 5 years | IRS Form 8300 Reference Guide |
| Credit applications and adverse action notices | 25 months | 12 CFR 1002.12(b)(1) |
| California CARS Act compliance records (California dealers) | 2 years | SB 766 |
| Customer information under the Safeguards Rule | Dispose securely once no longer needed | 16 CFR 314.4(c)(6) |
| Red Flags program and its approval | Keep the current, approved version | 16 CFR Part 681 |
| Privacy notices | Keep proof you gave one on each financed deal | 16 CFR Part 313 |
Federal minimums only. Your state, your lenders and your insurer may ask you to keep deal jackets longer.
Keeping too long is a risk too
The Safeguards Rule asks you to securely dispose of customer information you no longer need, within the limit set in 16 CFR 314.4(c)(6), unless you need it for your business, the law requires you to keep it, or targeted disposal isn't feasible. It also asks you to review your retention policy periodically.
So set a date for each record type, shred paper with a shredding service, and delete old files from shared drives, email and the DMS on a schedule.
Check your state
States set their own rules for deal jackets, title paperwork and dealer records, and many are longer than the federal minimums above. Your state's DMV or dealer licensing board is the place to check.
How CarShots Compliance keeps records
OFAC certificates are kept 10 years, credit notice logs 25 months and Form 8300 worksheets 5 years. Deal files uploaded for an AI check are deleted after 30 days unless you choose to keep them, so we don't hold more than we need. The calendar reminds you when old records are due for disposal.
Rules checked and limits
Rules checked October 31, 2026. We read every rule on this page in the eCFR or on the agency's own site, and each is linked in the sources below. We re-check them every quarter.
Templates and tools, not legal advice. CarShots is software, not a law firm. For a question about your own dealership, ask your attorney or your state dealer association.