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Wow...
This dealer is REALLY sidestepping the system. The regs are clear. He must have the item in his possession before he can do a form 4 to you.
If he doesnt have the item in stock he should order it. A form 3 transfer is done from the manf to the dealer. Upon the dealer getting the item a form 4 transferring the item to you is submitted.
The form 3 will add time to your wait, but your dealer is risking a lot by being sneaky
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