AFIP BASIC CERTIFICATION COURSE
FLASHCARDS AND CORE PRINCIPLES 2026
◉ accelerate balance. Answer: What is it called when the bank calls
for the balance to be due because of lack of insurance from
customer?
◉ forceplace insurance and accelerate balance. Answer: 2 ways to
protect ourselves or bank when it comes to insurance on a vehicle?
◉ right of recission. Answer: What is the ability to get out of a
contract?
◉ no. Answer: Do most finance sources allow a right of recission?
◉ customer. Answer: Who owns the vehicle during repayment term
of the installment contract?
◉ security interest. Answer: The finance source maintains a
________________________ during an installment contract repayment.
, ◉ lien on the title. Answer: The finance source maintains a security
interest during a contracted loan, and this is reflected on the
____________________.
◉ Truth & Lending Act. Answer: TILA stands for?
◉ Reg Z. Answer: The TILA is also known as _____________.
◉ total sale price. Answer: What is the largest # on the installment
contract?
◉ total of payments, cash down, and net trade in. Answer: What
makes up the total sale price on an installment contract?
◉ customer and dealer only. Answer: At the time of signing at the
dealership, the installment contract is between the...
◉ deferred down payment. Answer: A hold check is also known as...
◉ before the 2nd scheduled payment. Answer: In a deferred down
payment, you must process the check....
◉ finance charge. Answer: You CANNOT assess a ___________________ on
a deferred down payment.
FLASHCARDS AND CORE PRINCIPLES 2026
◉ accelerate balance. Answer: What is it called when the bank calls
for the balance to be due because of lack of insurance from
customer?
◉ forceplace insurance and accelerate balance. Answer: 2 ways to
protect ourselves or bank when it comes to insurance on a vehicle?
◉ right of recission. Answer: What is the ability to get out of a
contract?
◉ no. Answer: Do most finance sources allow a right of recission?
◉ customer. Answer: Who owns the vehicle during repayment term
of the installment contract?
◉ security interest. Answer: The finance source maintains a
________________________ during an installment contract repayment.
, ◉ lien on the title. Answer: The finance source maintains a security
interest during a contracted loan, and this is reflected on the
____________________.
◉ Truth & Lending Act. Answer: TILA stands for?
◉ Reg Z. Answer: The TILA is also known as _____________.
◉ total sale price. Answer: What is the largest # on the installment
contract?
◉ total of payments, cash down, and net trade in. Answer: What
makes up the total sale price on an installment contract?
◉ customer and dealer only. Answer: At the time of signing at the
dealership, the installment contract is between the...
◉ deferred down payment. Answer: A hold check is also known as...
◉ before the 2nd scheduled payment. Answer: In a deferred down
payment, you must process the check....
◉ finance charge. Answer: You CANNOT assess a ___________________ on
a deferred down payment.
