AFIP Exam – Questions With Quality Solutions
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Terms in this set (136)
Although not specifically TRUE
required by Truth in
Lending Act or Reg. Z, an
installment sale contract
may contain an
acceleration clause. This is
a contract provision that
allows the finance source
who accepted assignment
of the installment sale
agreement to require the
customer to pay all or part
of the outstanding
balance if certain
requirements are not met.
What are the three An offer, acceptance and consideration
required elements of a
contract?
The CFPB issues UDAAP Unfair, Deceptive, Abusive, Acts or Practices
violations. UDAAP stands
for?
What are the criteria for ALL OF THE ABOVE
"acceptance" of an offer?
,An installment sale force place
contract may contain a
provision that allows the
lender to _______ the
insurance if the customer
fails to obtain insurance or
lets it lapse.
The __________ issues UDAP FTC, CFPB
violations to dealers, the
__________ issues UDAAP
violations to dealers.
If the customer defaults under the contract, the lender
What is an acceleration
can make the full outstanding balance due and
clause?
payable
TILA/Reg Z treat "loans" FALSE
and "credit sales" the same
way since they are both
essentially a promise to
pay.
The requirement that each party to the contract
What is "consideration" as
receives something of value in exchange for what is
it applies to a contract?
given
What do the letters in Unfair, Deceptive, Acts, Practices
UDAP stand for?
Which of the following is Karl arranges funding through the F&I manager for a
considered a "credit sale" vehicle purchased at a dealership.
transaction under Truth in
Lending Act/Reg Z?
Which Act does Consumer Leasing Act (Consumer Leasing Act)
Regulation M implement?
According to Regulation FALSE
M, the APR must be
disclosed?
, ALL OF THE ABOVE
Which of the following is /
A. A statement that any capitalized cost reduction or
are the advertisement
none at all is due prior to or at consummation or
triggering term(s) for a
delivery
lease ad?
B. That no payment is required
C. The amount of any payment
ALL OF THE ABOVE
A. Detailed information regarding the lessee's
Which of the following responsibility for maintaining and servicing the vehicle
disclosures are required and the excess wear-and-tear standards and
by the Consumer Leasing obligations
Act/Reg. M to be on a B. Whether the customer has the option of purchasing
lease agreement? the vehicle at the end of the lease, and if so, its price
C. Early termination procedures and responsibilities
D. The lessee's requirement to provide insurance as
required by the lessor
Which Act does Consumer Leasing Act
Regulation M implement?
If a lessee is not CLOSE-END
responsible at the end of
the lease for the
difference between the
residual value of the
vehicle and its actual cash
value or realized value,
this individual entered into
a(n) _______ lease.
Save
Terms in this set (136)
Although not specifically TRUE
required by Truth in
Lending Act or Reg. Z, an
installment sale contract
may contain an
acceleration clause. This is
a contract provision that
allows the finance source
who accepted assignment
of the installment sale
agreement to require the
customer to pay all or part
of the outstanding
balance if certain
requirements are not met.
What are the three An offer, acceptance and consideration
required elements of a
contract?
The CFPB issues UDAAP Unfair, Deceptive, Abusive, Acts or Practices
violations. UDAAP stands
for?
What are the criteria for ALL OF THE ABOVE
"acceptance" of an offer?
,An installment sale force place
contract may contain a
provision that allows the
lender to _______ the
insurance if the customer
fails to obtain insurance or
lets it lapse.
The __________ issues UDAP FTC, CFPB
violations to dealers, the
__________ issues UDAAP
violations to dealers.
If the customer defaults under the contract, the lender
What is an acceleration
can make the full outstanding balance due and
clause?
payable
TILA/Reg Z treat "loans" FALSE
and "credit sales" the same
way since they are both
essentially a promise to
pay.
The requirement that each party to the contract
What is "consideration" as
receives something of value in exchange for what is
it applies to a contract?
given
What do the letters in Unfair, Deceptive, Acts, Practices
UDAP stand for?
Which of the following is Karl arranges funding through the F&I manager for a
considered a "credit sale" vehicle purchased at a dealership.
transaction under Truth in
Lending Act/Reg Z?
Which Act does Consumer Leasing Act (Consumer Leasing Act)
Regulation M implement?
According to Regulation FALSE
M, the APR must be
disclosed?
, ALL OF THE ABOVE
Which of the following is /
A. A statement that any capitalized cost reduction or
are the advertisement
none at all is due prior to or at consummation or
triggering term(s) for a
delivery
lease ad?
B. That no payment is required
C. The amount of any payment
ALL OF THE ABOVE
A. Detailed information regarding the lessee's
Which of the following responsibility for maintaining and servicing the vehicle
disclosures are required and the excess wear-and-tear standards and
by the Consumer Leasing obligations
Act/Reg. M to be on a B. Whether the customer has the option of purchasing
lease agreement? the vehicle at the end of the lease, and if so, its price
C. Early termination procedures and responsibilities
D. The lessee's requirement to provide insurance as
required by the lessor
Which Act does Consumer Leasing Act
Regulation M implement?
If a lessee is not CLOSE-END
responsible at the end of
the lease for the
difference between the
residual value of the
vehicle and its actual cash
value or realized value,
this individual entered into
a(n) _______ lease.
