AFIP TEST QUESTIONS AND ANSWERS
100% CORRECT
Payment Packing - ANSWER-1.Can't give leg
2. UDAP claim
3. Against the law in CA
4. Against AFIP code of ethics
PowerBooking - ANSWER-1. violation of the dealer agreement
2. have to buy back the deal
3. problem if the car is repossessed
4. UDAP claim
5. Funding sources have software to identify equipment
6. Lose AFIP certification
3 Elements of a Contract - ANSWER-1. Offer
2. Acceptance
3. Consideration
Spanish Language Transactions (Buyers Guide) - ANSWER-1. In the English version of
the BG there is a setence in Spanish that tells a customer he can get a Spanish BG if
he wants one.
2. if the transaction is in the Spanish, the BG has to be in Spanish.
3. if your pursuing the Spanish market, you should have both English and Spanish
buyers guides on the cars.
Buyers Guide - ANSWER-The BG cannot be the sole source of warranty information
Implied Warranty State - ANSWER-*In an implied warranty state, state law will override
the provisions of a service contract
2 Provisions on the BG - ANSWER-1. a website to get the history on the vehicle
2. a website about safety recalls
Car is on the lot marked AS-IS, but the sales person throws in a 3/3 warranty -
ANSWER-You have to redo the BG
Complaints after the Sale on BG - ANSWER-1. Name of individual
2. Phone number of that individual
3. Title of individual
3rd Party Warranty Co. - ANSWER-1. Dealer would record, "no dealer warranty."
2. Check the box for "other used vehicle warranty."
, The max penalty for violating the Used Car Rule - ANSWER-$43972
What is considered cash? - ANSWER-1. cashier's check
2. Bank draft
3. Travelers check
4. money order
5. with a fact amount of less than $10k paid on a car costing more than $10k
6. Anything that represents cleared funds is not considered cash.
Buy Here Pay Here Dealer - ANSWER-total amount received in a 12 month period that
exceeds $10k cash
Standard for related purchase - ANSWER-total amt received in a 24 hour period
Fraud Alert - ANSWER-1. it is free
2. an initial Fraud Alert and Active Duty Fraud Alert remain in force for 1 year.
3. an Extended Fraud Alert remains in force for 7 years.
4. a soldier can appoint somebody other than himself to give the pin.
Credit Freeze - ANSWER-1. its free
2. stays in force forever until it is thawed.
3. if you contact the credit reporting agency by phone or online, they will release within 1
hour.
Who gets a copy of the Risk-Based Pricing Notice - ANSWER-1. Buyer
2. Co-buyer
3. Co-signer
What on the Risk-Based Pricing Notice? - ANSWER-1. customer's credit score
2. Range of credit score
3. Where the customer ranks within 6 percentile of the population.
4. how to correct a mistake
5. how to get a copy
Tax Payer ID number - ANSWER-1. SSN
2. Individual Taxpayer Number (ITN)
3. Employer ID Number (EIDN)
Suspension Transaction - ANSWER-1. Don't tell them that you are going to fill out the
form, even if they ask.
2. You don't send a letter to the customer
Non-Resident Alien - ANSWER-1. DL
2. Passport Number
100% CORRECT
Payment Packing - ANSWER-1.Can't give leg
2. UDAP claim
3. Against the law in CA
4. Against AFIP code of ethics
PowerBooking - ANSWER-1. violation of the dealer agreement
2. have to buy back the deal
3. problem if the car is repossessed
4. UDAP claim
5. Funding sources have software to identify equipment
6. Lose AFIP certification
3 Elements of a Contract - ANSWER-1. Offer
2. Acceptance
3. Consideration
Spanish Language Transactions (Buyers Guide) - ANSWER-1. In the English version of
the BG there is a setence in Spanish that tells a customer he can get a Spanish BG if
he wants one.
2. if the transaction is in the Spanish, the BG has to be in Spanish.
3. if your pursuing the Spanish market, you should have both English and Spanish
buyers guides on the cars.
Buyers Guide - ANSWER-The BG cannot be the sole source of warranty information
Implied Warranty State - ANSWER-*In an implied warranty state, state law will override
the provisions of a service contract
2 Provisions on the BG - ANSWER-1. a website to get the history on the vehicle
2. a website about safety recalls
Car is on the lot marked AS-IS, but the sales person throws in a 3/3 warranty -
ANSWER-You have to redo the BG
Complaints after the Sale on BG - ANSWER-1. Name of individual
2. Phone number of that individual
3. Title of individual
3rd Party Warranty Co. - ANSWER-1. Dealer would record, "no dealer warranty."
2. Check the box for "other used vehicle warranty."
, The max penalty for violating the Used Car Rule - ANSWER-$43972
What is considered cash? - ANSWER-1. cashier's check
2. Bank draft
3. Travelers check
4. money order
5. with a fact amount of less than $10k paid on a car costing more than $10k
6. Anything that represents cleared funds is not considered cash.
Buy Here Pay Here Dealer - ANSWER-total amount received in a 12 month period that
exceeds $10k cash
Standard for related purchase - ANSWER-total amt received in a 24 hour period
Fraud Alert - ANSWER-1. it is free
2. an initial Fraud Alert and Active Duty Fraud Alert remain in force for 1 year.
3. an Extended Fraud Alert remains in force for 7 years.
4. a soldier can appoint somebody other than himself to give the pin.
Credit Freeze - ANSWER-1. its free
2. stays in force forever until it is thawed.
3. if you contact the credit reporting agency by phone or online, they will release within 1
hour.
Who gets a copy of the Risk-Based Pricing Notice - ANSWER-1. Buyer
2. Co-buyer
3. Co-signer
What on the Risk-Based Pricing Notice? - ANSWER-1. customer's credit score
2. Range of credit score
3. Where the customer ranks within 6 percentile of the population.
4. how to correct a mistake
5. how to get a copy
Tax Payer ID number - ANSWER-1. SSN
2. Individual Taxpayer Number (ITN)
3. Employer ID Number (EIDN)
Suspension Transaction - ANSWER-1. Don't tell them that you are going to fill out the
form, even if they ask.
2. You don't send a letter to the customer
Non-Resident Alien - ANSWER-1. DL
2. Passport Number
