AFIP – Questions With Verified Solutions
Save
Terms in this set (74)
deceptive practice of misrepresenting monthly
payments to consumers
- any action that affects the same result is considered
payment-packing
payment-packing
(definition & key things)
- UDAP violation, state + federal
- prohibited by statute in CA
- violation of AFIP
if you configure a transaction whereby the
individual(s) responsible for monthy payments is
different than the individual taking
straw deal, straw purchase
posession/operating the vehicle
- violation of dealer's agreement with the finance
source
practice of falsely reporting optional eqiuipment on a
vehicle
- violation of dealer's agreement with finance source
- could result in a buy-back of the installment
agreement
power-booking
- the non-existent options would present an issue
when vehicle is traded in (or even towed in)
- UDAP violation (state + federal + or both)
- there are now softwares that detect vehicle options
- result in loss of AFIP certification
use store's rolling 60-90 avg (new + used, do not use
first-pencil payment quote
promotional APR)
, - standards that were applied to GAP sales (2015)
have been fully reinstated
MLA (Military Lending Act)
- DOD continues to monitor sale of GAP to military
individuals
- FTC put 2 gov websites in place - one is for vehicle
history reports, the other for safety recalls
- revised guide has new wording + addt'l checkboxes
Used Car Rule (Buyers to clarify if warranty is included or if VSC is optional
Guide revisions) - addt'l checkbox can indicate if an unexpired M/W
still applies
- spanish-language transactions: spanish-language
statement added to bottom of B/G
- dealers can now expand the Systems Covered
duration section to include more truthful, non-
Used Car Rule (FTC deceptive
changes) - can increase the overall size of the B/G form
- can use a separate window sticker to disclose
truthful, non-decpetive information
(B/G) If a used vehicle is yes
covered by a
Manufacturer's Certified
Used Vehicle Warranty,
would you checkmark the
'Manufacturer's Used
Warranty applies' box?
(B/G) If a used vehicle has yes
some remaining original
new-car warranty and it
qualifies for a certified
used vehicle warranty -
would the dealer
checkmark the
'Manufacturer's Warranty
Still Applies' box?
Save
Terms in this set (74)
deceptive practice of misrepresenting monthly
payments to consumers
- any action that affects the same result is considered
payment-packing
payment-packing
(definition & key things)
- UDAP violation, state + federal
- prohibited by statute in CA
- violation of AFIP
if you configure a transaction whereby the
individual(s) responsible for monthy payments is
different than the individual taking
straw deal, straw purchase
posession/operating the vehicle
- violation of dealer's agreement with the finance
source
practice of falsely reporting optional eqiuipment on a
vehicle
- violation of dealer's agreement with finance source
- could result in a buy-back of the installment
agreement
power-booking
- the non-existent options would present an issue
when vehicle is traded in (or even towed in)
- UDAP violation (state + federal + or both)
- there are now softwares that detect vehicle options
- result in loss of AFIP certification
use store's rolling 60-90 avg (new + used, do not use
first-pencil payment quote
promotional APR)
, - standards that were applied to GAP sales (2015)
have been fully reinstated
MLA (Military Lending Act)
- DOD continues to monitor sale of GAP to military
individuals
- FTC put 2 gov websites in place - one is for vehicle
history reports, the other for safety recalls
- revised guide has new wording + addt'l checkboxes
Used Car Rule (Buyers to clarify if warranty is included or if VSC is optional
Guide revisions) - addt'l checkbox can indicate if an unexpired M/W
still applies
- spanish-language transactions: spanish-language
statement added to bottom of B/G
- dealers can now expand the Systems Covered
duration section to include more truthful, non-
Used Car Rule (FTC deceptive
changes) - can increase the overall size of the B/G form
- can use a separate window sticker to disclose
truthful, non-decpetive information
(B/G) If a used vehicle is yes
covered by a
Manufacturer's Certified
Used Vehicle Warranty,
would you checkmark the
'Manufacturer's Used
Warranty applies' box?
(B/G) If a used vehicle has yes
some remaining original
new-car warranty and it
qualifies for a certified
used vehicle warranty -
would the dealer
checkmark the
'Manufacturer's Warranty
Still Applies' box?
