AFIP Cert 2024 questions with verfied answers
(Consumer Leasing Act - Reg. M) Have to tell the customer how much
they paid for the vehicle they are leasing. The price of the vehicle being
leased is provided where? Ans✓✓✓ Gross Capitilazed Cost section of
the lease agreement
(Consumer Leasing Act - Reg. M) Who owns the vehicle during the
lease? Ans✓✓✓ Leasing company does (lessor)
(Credit Practices Rule) Credit practices rule deals with cosigner. A
cosigner notice has to be... Ans✓✓✓ - a written notice
- in the same language as the installment sale agreement. Co buyer and
cosigner are not the same.
(Desperate pricing) Don't charge someone a higher mark up based on
race or class. To avoid this dealers have used dealer participation rate
modification form In response to... Ans✓✓✓ department of justice
consent decreed. Which means start every customer with maximum
mark up on buy rate and only deviate downward to get a deal the
customer will accept.
(Disposal Rule) Electronic Data that contains not public infromation ...
Ans✓✓✓ Should be Destroyed or Erased
,(Disposal Rule) Paper that contains not public infromation ... Ans✓✓✓
Should be burned, polarized, or shredded
(Disposal Rule) Rules for destorying Data... Ans✓✓✓ - Follow the rules
when selecting document destruction contractor (Have to meet certain
criteria)
- Have to document after destroying data (fill out report)
- Get rid of infromation from customer and consumer
(Equal credit opportunity act) You have to judge customers on credit
worthiness alone and not on... Ans✓✓✓ Race, color, marital status,
etc. ALL OF THE ABOVE
(Ethics) Anytime you can, get a manager involved Ans✓✓✓ True
(Ethics) Cannot use the word best when discussing finance charge
Ans✓✓✓ True
(First Pencil Quote) How do you quote payments without the customer
information? Ans✓✓✓ Use the running average of 60-90 days of
new/used vehicles in that store. Then, tell customer what you did to
calculate it.
(Foreign asset control) Individuals, companies, and entities. Identified
as being owned or controlled by or acting for or behalf of ... Ans✓✓✓
, certain countries associated with terrorism, drug trafficking and other
illigal activity. Dealer has NO defense for not complying. .
(Reg M & Reg Z) Customer (plaintiff) sues dealer. If customer wins they
get.... Ans✓✓✓ - Plantiff's actually monteary damage established by
the court
- Statutory damage
- Attorney fees paid
- Court costs oaiid
(Reg M & Reg Z) How long do installment sale and lease agreements
stay on file? Ans✓✓✓ 2 years from date of disclosure for retail, lease is
2 years from termination of the lease
(Safe Guard Rule) Anything that can be found on the internet or in the
phone book is public information Ans✓✓✓ True
(True/False) If vehicle marked on lot as is, in order to close the deal
throw in warranty then the salesperson must complete new buyers
guide it must reflect the conditions of the sale at time of sale. Ans✓✓✓
True
(True/Flase) At time of consummation the installment sale agreement
between the customer and the dealer. The customer owns the vehicle
during repayment period of installment sale agreement. Finance source
(Consumer Leasing Act - Reg. M) Have to tell the customer how much
they paid for the vehicle they are leasing. The price of the vehicle being
leased is provided where? Ans✓✓✓ Gross Capitilazed Cost section of
the lease agreement
(Consumer Leasing Act - Reg. M) Who owns the vehicle during the
lease? Ans✓✓✓ Leasing company does (lessor)
(Credit Practices Rule) Credit practices rule deals with cosigner. A
cosigner notice has to be... Ans✓✓✓ - a written notice
- in the same language as the installment sale agreement. Co buyer and
cosigner are not the same.
(Desperate pricing) Don't charge someone a higher mark up based on
race or class. To avoid this dealers have used dealer participation rate
modification form In response to... Ans✓✓✓ department of justice
consent decreed. Which means start every customer with maximum
mark up on buy rate and only deviate downward to get a deal the
customer will accept.
(Disposal Rule) Electronic Data that contains not public infromation ...
Ans✓✓✓ Should be Destroyed or Erased
,(Disposal Rule) Paper that contains not public infromation ... Ans✓✓✓
Should be burned, polarized, or shredded
(Disposal Rule) Rules for destorying Data... Ans✓✓✓ - Follow the rules
when selecting document destruction contractor (Have to meet certain
criteria)
- Have to document after destroying data (fill out report)
- Get rid of infromation from customer and consumer
(Equal credit opportunity act) You have to judge customers on credit
worthiness alone and not on... Ans✓✓✓ Race, color, marital status,
etc. ALL OF THE ABOVE
(Ethics) Anytime you can, get a manager involved Ans✓✓✓ True
(Ethics) Cannot use the word best when discussing finance charge
Ans✓✓✓ True
(First Pencil Quote) How do you quote payments without the customer
information? Ans✓✓✓ Use the running average of 60-90 days of
new/used vehicles in that store. Then, tell customer what you did to
calculate it.
(Foreign asset control) Individuals, companies, and entities. Identified
as being owned or controlled by or acting for or behalf of ... Ans✓✓✓
, certain countries associated with terrorism, drug trafficking and other
illigal activity. Dealer has NO defense for not complying. .
(Reg M & Reg Z) Customer (plaintiff) sues dealer. If customer wins they
get.... Ans✓✓✓ - Plantiff's actually monteary damage established by
the court
- Statutory damage
- Attorney fees paid
- Court costs oaiid
(Reg M & Reg Z) How long do installment sale and lease agreements
stay on file? Ans✓✓✓ 2 years from date of disclosure for retail, lease is
2 years from termination of the lease
(Safe Guard Rule) Anything that can be found on the internet or in the
phone book is public information Ans✓✓✓ True
(True/False) If vehicle marked on lot as is, in order to close the deal
throw in warranty then the salesperson must complete new buyers
guide it must reflect the conditions of the sale at time of sale. Ans✓✓✓
True
(True/Flase) At time of consummation the installment sale agreement
between the customer and the dealer. The customer owns the vehicle
during repayment period of installment sale agreement. Finance source
