AFIP Certification – Questions With Detailed
Solutions
Save
Terms in this set (115)
What does UDAP stand Unfair, Deceptive Acts or Practices
for?
Who is the primary Attorney General
enforcer of consumer laws
within a state. The
organization a dealer
would most likely
encounter?
If we treat consumers Less Pressure
fairly and ethically, then
there is ______________ on the
government to enact
legislation and write
additional rules.
Which organizations in our Franchise New Dealers
industry does the Federal
Trade Commission (FTC)
oversee?
What does UDAAP stand Unfair, Deceptive Abusive Acts or Practices
for?
,Which organizations in our Independent Used Dealers
industry does the Buy Here Pay Here (BHPH)
Consumer Financial Lease Here Pay Here (LHPH)
Protection Bureau (CFPB) Finance Sources
oversee?
When it comes to a RISC The vehicle is collateral (the thing of value)
and a lease, the financial
institution has a lien on the
vehicle. Why?
What is the definition of a A promise or set of promises between two or more
contract? parties that is enforced by law
What does it mean to The finance source will purchase the required
"force place" the coverage and charge it to the customers monthly
insurance? payment
Who is the primary Attorney General
enforcer of consumer laws
within a state. The
organization a dealer
would most likely
encounter?
What does it mean to The finance source will make the full outstanding
"Accelerate the Balance." balance due and payable
Dishonesty with a Consumer or Customer
What could block the Misrepresentation of Facts or Statements
formation of a valid Fraudulent Inducement
contract? Someone Lacks Mental Capacity
Underage
, If a customer doesn't understand something in the
contract, I should make an effort to help them
understand
If I don't know the answer to a term or condition on
What does it mean to the contract I get upper management involved to
"educate the consumer help explain it
before they consummate." It is my responsibility to understand the terms and
conditions on the contracts I am administering
Help the customer to understand the terms and
conditions of the contract by clarifying key items they
have concerns with
What is the right of The ability for a customer to get out of a contract
recission?
What are the three (3) Offer, Acceptance, Consideration
steps in contracting?
A "Credit Sale" is Dealer Assisted Financing; Customer Arranged
considered _________ and a Financing
"Loan" is considered
__________.
As a disclosure on the installment contract
According to the federal
Only in installment advertising, it is not required in
requirements under TILA
lease ads
Reg Z. When do we use
Printed dialog involving the finance charge
APR?
Conversations discussing the cost of credit
If a Dealer receives a They could be required to pay a fine of up to $51,744
cease and desist order for per day, per violation
an ad they ran that
violated the Truth in
Lending Act/Reg. Z. If the
Dealer continues to run
the ad, what are the
potential penalties?
Solutions
Save
Terms in this set (115)
What does UDAP stand Unfair, Deceptive Acts or Practices
for?
Who is the primary Attorney General
enforcer of consumer laws
within a state. The
organization a dealer
would most likely
encounter?
If we treat consumers Less Pressure
fairly and ethically, then
there is ______________ on the
government to enact
legislation and write
additional rules.
Which organizations in our Franchise New Dealers
industry does the Federal
Trade Commission (FTC)
oversee?
What does UDAAP stand Unfair, Deceptive Abusive Acts or Practices
for?
,Which organizations in our Independent Used Dealers
industry does the Buy Here Pay Here (BHPH)
Consumer Financial Lease Here Pay Here (LHPH)
Protection Bureau (CFPB) Finance Sources
oversee?
When it comes to a RISC The vehicle is collateral (the thing of value)
and a lease, the financial
institution has a lien on the
vehicle. Why?
What is the definition of a A promise or set of promises between two or more
contract? parties that is enforced by law
What does it mean to The finance source will purchase the required
"force place" the coverage and charge it to the customers monthly
insurance? payment
Who is the primary Attorney General
enforcer of consumer laws
within a state. The
organization a dealer
would most likely
encounter?
What does it mean to The finance source will make the full outstanding
"Accelerate the Balance." balance due and payable
Dishonesty with a Consumer or Customer
What could block the Misrepresentation of Facts or Statements
formation of a valid Fraudulent Inducement
contract? Someone Lacks Mental Capacity
Underage
, If a customer doesn't understand something in the
contract, I should make an effort to help them
understand
If I don't know the answer to a term or condition on
What does it mean to the contract I get upper management involved to
"educate the consumer help explain it
before they consummate." It is my responsibility to understand the terms and
conditions on the contracts I am administering
Help the customer to understand the terms and
conditions of the contract by clarifying key items they
have concerns with
What is the right of The ability for a customer to get out of a contract
recission?
What are the three (3) Offer, Acceptance, Consideration
steps in contracting?
A "Credit Sale" is Dealer Assisted Financing; Customer Arranged
considered _________ and a Financing
"Loan" is considered
__________.
As a disclosure on the installment contract
According to the federal
Only in installment advertising, it is not required in
requirements under TILA
lease ads
Reg Z. When do we use
Printed dialog involving the finance charge
APR?
Conversations discussing the cost of credit
If a Dealer receives a They could be required to pay a fine of up to $51,744
cease and desist order for per day, per violation
an ad they ran that
violated the Truth in
Lending Act/Reg. Z. If the
Dealer continues to run
the ad, what are the
potential penalties?
