AFIP STUDY EXAM GUIDE UPDATED 2026 QUESTIONS AND
ANSWERS SURE A+
✔✔you can increase the trade in or wholesale of the vehicle to bury negative equity -
✔✔False
✔✔Defferred down payment (Hold Check) - ✔✔- The deffered amount has to be paid in
full before the second regularly scheduled payment
- cannot charge a finance charge on a hold check
- cannot include the hold check in the amount financed
-Only California you write hold checks in the contract
✔✔ADV: triggering terms for installment sale agreement: - ✔✔-The amount of any down
payment
- The number of payments
- the amount of any finance charge
✔✔ADV: if you trigger on installment sale agreement ads you must tell: - ✔✔- the
amount or percentage of any down payment
- the terms of repayment
- APR
✔✔Bad Advertisements (what happens): - ✔✔-A cease and desist order
-a UDAP claim
-$43,792
✔✔Holder-in-due-course Rule: - ✔✔-Whatever the customer can do to the selling
dealer, they can do to any holder of the contract
✔✔Holder-in-due-course: who is the Holder, seller, debtor - ✔✔Holder: who accepts the
assignment of the installment
Seller: the dealership
Debtor: the customer
✔✔holder-in-due-course rule: what can the customer get for violations? - ✔✔any
amount up to what they had paid
✔✔Who owns the vehicle in a Lease? - ✔✔the lessor
✔✔Lease: where is the price of the vehicle listed? - ✔✔Gross Cap Cost
✔✔Three elements of a lease payment: - ✔✔- rent charge
- depreciation
- amortized amounts
ANSWERS SURE A+
✔✔you can increase the trade in or wholesale of the vehicle to bury negative equity -
✔✔False
✔✔Defferred down payment (Hold Check) - ✔✔- The deffered amount has to be paid in
full before the second regularly scheduled payment
- cannot charge a finance charge on a hold check
- cannot include the hold check in the amount financed
-Only California you write hold checks in the contract
✔✔ADV: triggering terms for installment sale agreement: - ✔✔-The amount of any down
payment
- The number of payments
- the amount of any finance charge
✔✔ADV: if you trigger on installment sale agreement ads you must tell: - ✔✔- the
amount or percentage of any down payment
- the terms of repayment
- APR
✔✔Bad Advertisements (what happens): - ✔✔-A cease and desist order
-a UDAP claim
-$43,792
✔✔Holder-in-due-course Rule: - ✔✔-Whatever the customer can do to the selling
dealer, they can do to any holder of the contract
✔✔Holder-in-due-course: who is the Holder, seller, debtor - ✔✔Holder: who accepts the
assignment of the installment
Seller: the dealership
Debtor: the customer
✔✔holder-in-due-course rule: what can the customer get for violations? - ✔✔any
amount up to what they had paid
✔✔Who owns the vehicle in a Lease? - ✔✔the lessor
✔✔Lease: where is the price of the vehicle listed? - ✔✔Gross Cap Cost
✔✔Three elements of a lease payment: - ✔✔- rent charge
- depreciation
- amortized amounts
