Car Sales Mastery Colorado Elaborated Questions and Answers 2023/2024

Car Sales Mastery Colorado Elaborated Questions and Answers 2023/2024 The License of a motor vehicle salesperson or a power sports salesperson may be denied revoked, or suspended on any of the following grounds except: - CORRECT ANSWER-Advertising a salvage vehicle while identifying the vehicle as a salvage vehicle The advertise price of a motor vehicle must include: - CORRECT ANSWER-AnswerFinance Charge Advertisement of rate of finance charge. If an advertisement states a rate of finance charge, it shall state the rate as an "annual percentage rate," using that term. If the annual percentage rate may be increased after consummation, the advertisement shall state that fact. If an advertisement is for credit not secured by a dwelling, the advertisement shall not state any other rate, except that a simple annual rate or periodic rate that is applied to an unpaid balance may be stated in conjunction with, but not more conspicuously than, the annual percentage rate. If an advertisement is for credit secured by a dwelling, the advertisement shall not state any other rate, except that a simple annual rate that is applied to an unpaid balance may be stated in conjunction with, but not more conspicuously than, the annual percentage rate. Advertisement of terms that require additional disclosures - Triggering terms. If any of the following terms is set forth in an advertisement, the advertisement shall meet the requirements of paragraph (d)(2) of this section: (i) The amount or percentage of any downpayment. (ii) The number of payments or period of repayment. (iii) The amount of any payment. (iv) The amount of any finance charge. Which of the following is a true statement regarding dealers and buyers - CORRECT ANSWER-a dealer shall clearly indicate on the customer contract when a vehicle is sold "as-is and without a garantee Which of the following is not proof of ownership of a motor vehicle for a Colorado dealer - CORRECT ANSWER-Answer- A vehicle subject to lien on the title 2.0 Proof of Ownership Requirements a. A used vehicle with a Colorado title: 2.1 All Colorado dealers or wholesalers must maintain the following evidence of ownership for each vehicle in their possession: 61 Auto Industry DivisionStudy Guide- Miscellaneous Statutes & Regulations 2. Odometer disclosure if required. A used vehicle with an out-of-state title: Odometer disclosure if required; and, Colorado Dealer's Out-of-State Vehicle Information Disclosure; and, Colorado verification of Vehicle Identification Number. A new vehicle assigned by MCO to a dealer or wholesaler: MCO assigned or reassigned to a franchised dealer or wholesaler; and, Odometer disclosure if required. MCO reassigned to the franchised dealer or wholesaler; and, Odometer disclosure if required; and, Verification of vehicle identification number. 1. A Colorado title assigned to the dealer, wholesaler, or chain of ownership evidenced by the Colorado Dealer's Bill(s) of Sale for a Motor Vehicle; and, 1. The out-of-state title assigned to the dealer, wholesaler, or out-of-state title with proper chain of ownership; and, 3. No dealer or wholesaler shall hold a MCO unless that dealer or wholesaler is franchised to sell that specific make of vehicle as indicated on the MCO. d. A new vehicle assigned or re-assigned with its MCO from an out-of-state franchised dealer or wholesaler to a franchised Colorado dealer or wholesaler: 4. No dealer or wholesaler shall hold a MCO unless that dealer or wholesaler is franchised to sell that specific make of vehicle as indicated on the MCO. e. If a title or an MCO has been surrendered by the dealer or wholesaler to a bank or financing organization or any other person as collateral under a Floor Plan agreement, the dealer or wholesaler must have in its possession evidence ac