AFIP Quiz – Questions With Guaranteed Solutions
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Terms in this set (41)
Who is the primary Attorney General
enforcer of consumer laws
within a state. The
organization a dealer
would most likely
encounter
What does UDAP stand Unfair, Deceptive Acts or Practices
for?
Which organizations in our Independent Used Dealers, Buy Here Pay Here, Lease
industry does the Here Pay Here, Finance Sources
consumer financial
protection bureau (CFPB)
oversee
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?
What does it mean to The finance source will make the full outstanding
"Accelerate the Balance" balance due and payable
What does it mean to I and the customer must understand all conditions of
"educate the consumer the contract that is being entered into
before they consummate"
, What could block the Dishonesty, misrepresentation, fraud, lacks mental
formation of a valid capacity, underage
contract
The finance source will purchase the required
What does it mean to
coverage and charge it to the customers monthly
"force place" the insurance
payment
What is the definition of a A promise or set of promises between two or more
contract parties that is enforced by law
What is right of recission The ability for a customer to get out of a contract
What are the three steps Offer, Acceptance, Consideration
in contracting
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?
A "Credit Sale" is Dealer Assisted Financing, Customer Arranged
considered ________ and a Financing
"Loan" is considered ________
Who is the primary Attorney General
enforcer of consumer laws
within a state. The
organization a dealer
would most likely
encounter
The total sale price is Always
___________ the largest
number on the installment
contract.
When a dealer creates All of the above
installment
advertisements, if they use
any "triggering terms"
what must you disclose
Save
Terms in this set (41)
Who is the primary Attorney General
enforcer of consumer laws
within a state. The
organization a dealer
would most likely
encounter
What does UDAP stand Unfair, Deceptive Acts or Practices
for?
Which organizations in our Independent Used Dealers, Buy Here Pay Here, Lease
industry does the Here Pay Here, Finance Sources
consumer financial
protection bureau (CFPB)
oversee
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?
What does it mean to The finance source will make the full outstanding
"Accelerate the Balance" balance due and payable
What does it mean to I and the customer must understand all conditions of
"educate the consumer the contract that is being entered into
before they consummate"
, What could block the Dishonesty, misrepresentation, fraud, lacks mental
formation of a valid capacity, underage
contract
The finance source will purchase the required
What does it mean to
coverage and charge it to the customers monthly
"force place" the insurance
payment
What is the definition of a A promise or set of promises between two or more
contract parties that is enforced by law
What is right of recission The ability for a customer to get out of a contract
What are the three steps Offer, Acceptance, Consideration
in contracting
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?
A "Credit Sale" is Dealer Assisted Financing, Customer Arranged
considered ________ and a Financing
"Loan" is considered ________
Who is the primary Attorney General
enforcer of consumer laws
within a state. The
organization a dealer
would most likely
encounter
The total sale price is Always
___________ the largest
number on the installment
contract.
When a dealer creates All of the above
installment
advertisements, if they use
any "triggering terms"
what must you disclose
