Ace Your AFIP Certification – Complete Prep
Resources.
1. FTC fine amount $46,517
2. UDAP Unfair and Deceptive Acts and Practices
3. 3 elements of a con- otter, acceptance, consideration
, Ace Your AFIP Certification – Complete Prep
Resources.
tract
4. 2 ways to Force-place insurance, Accelerate the balance
pro- tect the
finance
source (involving
in- surance)
Coverage premium is forced into the car payment
5. Force-place
insur- ance
6. Accelerate the Make the full loan amount due & payable
bal- ance
7. Right of Recission ability for someone to terminate a contract ("cooling ott")
8. In a RISA who The customer
owns the
vehicle?
The lessor
9. On a leased
vehicle who
owns the vehi-
cle?
10. Security Interest A creditor's right to use collateral to recover a debt.
11. Reg Z on TILA re- 1) APR
quires what 6 disclo- 2) Finance Charge
sure 3) Amount Financed
s 4) Total Payments
, Ace Your AFIP Certification – Complete Prep
Resources.
5) Total Sales Price
6) Payment Schedule
12. Total Sales Price 1) Total number of cash payments
on RISA 2) Cash Down
includes... 3) Net trade-in
Truth in Lending Act; Reg Z
13. TILA stands for
, and the Reg
associated with it
is Reg
The # of payments, the amount of each payment, and the due date
14. When referring to
the TILA box on
the contract,
what infor-
mation is
disclosed for
Customer & selling dealer
Payments?
15. Disclosing the
Con- tract -
state specif- ic -
at the time of
consummation,
the contract is -payment must be processed before the 2nd scheduled monthly
payment
between these 2
parties:
16. Deferred Down
Pay-
ment - when dealing - amount cannot be included in Amt. Financed
with a Hold Check, these 4 things must be followed:
, Ace Your AFIP Certification – Complete Prep
Resources.
-not subjected to a finance -not recorded on the contract (except in California**)
charge
17. - increase the value of vehicle to bury negative
equity
- record a negative amount on the Down Payment line
Resources.
1. FTC fine amount $46,517
2. UDAP Unfair and Deceptive Acts and Practices
3. 3 elements of a con- otter, acceptance, consideration
, Ace Your AFIP Certification – Complete Prep
Resources.
tract
4. 2 ways to Force-place insurance, Accelerate the balance
pro- tect the
finance
source (involving
in- surance)
Coverage premium is forced into the car payment
5. Force-place
insur- ance
6. Accelerate the Make the full loan amount due & payable
bal- ance
7. Right of Recission ability for someone to terminate a contract ("cooling ott")
8. In a RISA who The customer
owns the
vehicle?
The lessor
9. On a leased
vehicle who
owns the vehi-
cle?
10. Security Interest A creditor's right to use collateral to recover a debt.
11. Reg Z on TILA re- 1) APR
quires what 6 disclo- 2) Finance Charge
sure 3) Amount Financed
s 4) Total Payments
, Ace Your AFIP Certification – Complete Prep
Resources.
5) Total Sales Price
6) Payment Schedule
12. Total Sales Price 1) Total number of cash payments
on RISA 2) Cash Down
includes... 3) Net trade-in
Truth in Lending Act; Reg Z
13. TILA stands for
, and the Reg
associated with it
is Reg
The # of payments, the amount of each payment, and the due date
14. When referring to
the TILA box on
the contract,
what infor-
mation is
disclosed for
Customer & selling dealer
Payments?
15. Disclosing the
Con- tract -
state specif- ic -
at the time of
consummation,
the contract is -payment must be processed before the 2nd scheduled monthly
payment
between these 2
parties:
16. Deferred Down
Pay-
ment - when dealing - amount cannot be included in Amt. Financed
with a Hold Check, these 4 things must be followed:
, Ace Your AFIP Certification – Complete Prep
Resources.
-not subjected to a finance -not recorded on the contract (except in California**)
charge
17. - increase the value of vehicle to bury negative
equity
- record a negative amount on the Down Payment line
