AFIP Final Exam Prep – Study Guide for Success.
1. Otter
1. What are the 2. Acceptance
three elements 3. Consideration
of a contract
1) There is a statement at the back of the buyers guide that explains
2. Spanish rules the customer to ask for a spanish guide if needed
for buyers 2) if the sales transaction is in spanish, the buyers guide must be as
guide well
3) if you are going after the hispanic market, you must have both
english/spanish buyers guides
you must indicated on the contract that it is eligible for the service
3. if a vehicle on contract
the lot
qualifies for a
service
contract 1) how to get the history on the vehicle
2) How to find out if any open recalls have been issued
4. There are
two websites
on the buyers
guide
5. Vehicle conditions You must have an updated condition report on the buyers guide
on the buyers
1/
30
, AFIP Final Exam Prep – Study Guide for Success.
guide
6. on the back of 1) the dealership rep name
the buyers
2) Phone number
guide:
3) Job Title
complaints
after sale
contact lists: 1) check "no dealer warranty" Box
2) Check "Other used vehicle warranty" Box
7. Third party
war- ranty
company
$43,792
disclosures:
8. The maximum
penalty for
violat-
2/
30
, AFIP FINAL EXAM
PREP
ing the used n
car rule is:
15. What happens when a customer refuses to
9. IRS 8300 Form: give SSN number:
What is Cash?
10. Which of the
fol- lowing
requires IRS
8300:
11. Buy Here
Pay Here
8300:
12. How to
identi- fy the
customer on
the IRS 8300
Form?
13. Suspicious
Trans-
action IRS
8300 Form
require-
ments:
14. Non-
resident
alien
identificatio
3/
30
1. Otter
1. What are the 2. Acceptance
three elements 3. Consideration
of a contract
1) There is a statement at the back of the buyers guide that explains
2. Spanish rules the customer to ask for a spanish guide if needed
for buyers 2) if the sales transaction is in spanish, the buyers guide must be as
guide well
3) if you are going after the hispanic market, you must have both
english/spanish buyers guides
you must indicated on the contract that it is eligible for the service
3. if a vehicle on contract
the lot
qualifies for a
service
contract 1) how to get the history on the vehicle
2) How to find out if any open recalls have been issued
4. There are
two websites
on the buyers
guide
5. Vehicle conditions You must have an updated condition report on the buyers guide
on the buyers
1/
30
, AFIP Final Exam Prep – Study Guide for Success.
guide
6. on the back of 1) the dealership rep name
the buyers
2) Phone number
guide:
3) Job Title
complaints
after sale
contact lists: 1) check "no dealer warranty" Box
2) Check "Other used vehicle warranty" Box
7. Third party
war- ranty
company
$43,792
disclosures:
8. The maximum
penalty for
violat-
2/
30
, AFIP FINAL EXAM
PREP
ing the used n
car rule is:
15. What happens when a customer refuses to
9. IRS 8300 Form: give SSN number:
What is Cash?
10. Which of the
fol- lowing
requires IRS
8300:
11. Buy Here
Pay Here
8300:
12. How to
identi- fy the
customer on
the IRS 8300
Form?
13. Suspicious
Trans-
action IRS
8300 Form
require-
ments:
14. Non-
resident
alien
identificatio
3/
30
