F2000 FiCEP EXAM 2026
Leasing Advantages - ANSWER-1.) Lower monthly payments
2.) The ability to afford a nicer or newer vehicle
3.) Lower-up front costs
4.) The option to use a down payment
5.) A factory warranty
Leasing Disadvantages - ANSWER-1.) Early termination fees
2.) Higher insurance costs
3.) Mileage may be restricted
4.) Fees for excessive wear & tear
5.) A lack of equity in the car
6.) Higher credit requirements
7.) A lease contract ties the lessee to a vehicle for a specific period
Risk-Based Lending - ANSWER-1.) Successful strategies
2.) Creative Underwriting
3.) Reliable vehicles
4.) Insurance
5.) Successful closing appointments
6.) On-time payment incentives
7.) Loan monitoring
Lender Solutions - ANSWER-1.) Payment Extensions or skip payments
,2.) Temporary payment reduction
3.) Permanent Payment Reduction
4.) Vehicle short sale
5.) Refinancing or trading
6.) Voluntary surrender
7.) Bankruptcy
Renting vs Owning a Home - ANSWER-Renting is generally less expensive,
and
owning generally builds property equity. Deciding between renting and buying
is dependent upon the member's needs.
Ownership Prerequisites - ANSWER-1.) Credit
2.) Income
3.) Employment
4.) Adequate savings
What are the 9 steps of a dynamic approach? - ANSWER-1.) Initial explanation
2.) Initial meeting
3.) Relationship-building
4.) Collecting information
5.) Family member (s)
6.) Future plans
7.) Motivating Member (s)
8.) Communication preferences
9.) Meeting conclusion
,Use caution in constant reminders of follow-up meetings - ANSWER-Members
might become dependent on their counselors
Time - ANSWER-Track the time spent on counseling and education to help
ensure accuracy.
Number of Members - ANSWER-Track the number of members counseled and
the number of members or potential members assisted through education.
Activity - ANSWER-Anything the credit union does in terms of counseling,
education, and activities should be tracked & recorded.
Impact/Outcomes - ANSWER-Have a plan to track the impact or outcomes of
counseling activities. If a plan is not in place, it will be difficult to recreate the
information later.
Report - ANSWER-Tracking and measuring the activities and
outcomes of financial counseling and education
is not complete without a good plan to share the
data and stories of how members are helped.
Personal Information - ANSWER-1.) Full name
2.) Aliases
3.) Nicknames
4.) Birth Year
5.) Spouse's name
6.) Current addresses
7.) Previous addresses
8.) Employer
, 9.) Previous employers
10.) Social Security number
Credit Account Information - ANSWER-1.) Types of accounts
2.) Dates accounts were opened
3.) Credit limit or loan amount
4.) Current balances
5.) Payment pattern during the past 2 years
Collection Accounts - ANSWER-Could include accounts with businesses,
doctors, hospitals, banks or credit unions, retail stores, utility companies ,
mobile phone providers, etc.
Charge off - ANSWER-Creditor has written the account off as a loss and it is
closed to future charges.
Statue of limitations - ANSWER-state laws setting time limit for bringing a
lawsuit
Public records - ANSWER-1.) Repossessions
2.) Foreclosures
3.) Bankruptcies
4.) Court records related to monetary government obligations
Payment History - ANSWER-Largest single influence on a credit score,
includes payment information & public records on various accounts.
Capacity/Amount owned - ANSWER-The amount of credit available, or
capacity, accounts for 30% of a credit score. Determine what percentage of
available credit is used by a member.
Leasing Advantages - ANSWER-1.) Lower monthly payments
2.) The ability to afford a nicer or newer vehicle
3.) Lower-up front costs
4.) The option to use a down payment
5.) A factory warranty
Leasing Disadvantages - ANSWER-1.) Early termination fees
2.) Higher insurance costs
3.) Mileage may be restricted
4.) Fees for excessive wear & tear
5.) A lack of equity in the car
6.) Higher credit requirements
7.) A lease contract ties the lessee to a vehicle for a specific period
Risk-Based Lending - ANSWER-1.) Successful strategies
2.) Creative Underwriting
3.) Reliable vehicles
4.) Insurance
5.) Successful closing appointments
6.) On-time payment incentives
7.) Loan monitoring
Lender Solutions - ANSWER-1.) Payment Extensions or skip payments
,2.) Temporary payment reduction
3.) Permanent Payment Reduction
4.) Vehicle short sale
5.) Refinancing or trading
6.) Voluntary surrender
7.) Bankruptcy
Renting vs Owning a Home - ANSWER-Renting is generally less expensive,
and
owning generally builds property equity. Deciding between renting and buying
is dependent upon the member's needs.
Ownership Prerequisites - ANSWER-1.) Credit
2.) Income
3.) Employment
4.) Adequate savings
What are the 9 steps of a dynamic approach? - ANSWER-1.) Initial explanation
2.) Initial meeting
3.) Relationship-building
4.) Collecting information
5.) Family member (s)
6.) Future plans
7.) Motivating Member (s)
8.) Communication preferences
9.) Meeting conclusion
,Use caution in constant reminders of follow-up meetings - ANSWER-Members
might become dependent on their counselors
Time - ANSWER-Track the time spent on counseling and education to help
ensure accuracy.
Number of Members - ANSWER-Track the number of members counseled and
the number of members or potential members assisted through education.
Activity - ANSWER-Anything the credit union does in terms of counseling,
education, and activities should be tracked & recorded.
Impact/Outcomes - ANSWER-Have a plan to track the impact or outcomes of
counseling activities. If a plan is not in place, it will be difficult to recreate the
information later.
Report - ANSWER-Tracking and measuring the activities and
outcomes of financial counseling and education
is not complete without a good plan to share the
data and stories of how members are helped.
Personal Information - ANSWER-1.) Full name
2.) Aliases
3.) Nicknames
4.) Birth Year
5.) Spouse's name
6.) Current addresses
7.) Previous addresses
8.) Employer
, 9.) Previous employers
10.) Social Security number
Credit Account Information - ANSWER-1.) Types of accounts
2.) Dates accounts were opened
3.) Credit limit or loan amount
4.) Current balances
5.) Payment pattern during the past 2 years
Collection Accounts - ANSWER-Could include accounts with businesses,
doctors, hospitals, banks or credit unions, retail stores, utility companies ,
mobile phone providers, etc.
Charge off - ANSWER-Creditor has written the account off as a loss and it is
closed to future charges.
Statue of limitations - ANSWER-state laws setting time limit for bringing a
lawsuit
Public records - ANSWER-1.) Repossessions
2.) Foreclosures
3.) Bankruptcies
4.) Court records related to monetary government obligations
Payment History - ANSWER-Largest single influence on a credit score,
includes payment information & public records on various accounts.
Capacity/Amount owned - ANSWER-The amount of credit available, or
capacity, accounts for 30% of a credit score. Determine what percentage of
available credit is used by a member.
