AFIP Basic Certification Exam Questions and Answers | Latest Updated 2026/2027 | Graded A+ (100% Correct)

AFIP Basic Certification Exam Questions and Answers | Latest Updated 2026/2027 | Graded A+ (100% Correct) What's in a lease Ad? - you have to tell them that it's a lease. - you have to tell them what's due at lease signing. What on the Risk-Based Pricing Notice? 1. customer's credit score 2. Range of credit score 3. Where the customer ranks within 6 percentile of the population. 4. how to correct a mistake 5. how to get a copy When do you give out a Risk-Based Pricing Notice? 1. as soon as practical 2. always before you disclose the sales agreement. How long can you extend a lease? max term extension is 6 months Copies of installment sales agreements/lease agreements must be kept on file for - 2 years from the date of disclosure AFIP Basic Certification Exam Questions and Answers | Latest Updated 2026/2027 | Graded A+ (100% Correct) - or 2 years after an action is taken - whichever is later How long do you keep credit apps on woman owned/minority owned/ small businesses 36 months Deferred Down Payment/Hold Check 1. whatever side deal you cut with the customer, all hold checks have to be cashed before the 2nd monthly payment. 2. Can't charge a finance charge on the hold check money. 3. The hold check money is not recorded in the amount financed. 4. it's a deferred down payment. 5. only in CA, do you record it on the contract. Triggering terms for an Ad 1. amount or % of any down payment 2. the number of payments or contract term. 3. the amount of any finance charge. What must be in the Ad? 1. Amount or % of any down payment. 2. the terms of repayment. 3. the APR AFIP Basic Certification Exam Questions and Answers | Latest Updated 2026/2027 | Graded A+ (100% Correct) An Ad anything that you intend for only 1 person, is not an Ad. 3 Elements of a Lease 1. Rent charge 2. depreciation 3. any advertised amounts PowerBooking 1. violation of the dealer agreement 2. have to buy back the deal 3. problem if the car is repossessed 4. UDAP claim 5. Funding sources have software to identify equipment 6. Lose AFIP certification 3 Elements of a Contract 1. Offer 2. Acceptance 3. Consideration AFIP Basic Certification Exam Questions and Answers | Latest Updated 2026/2027 | Graded A+ (100% Correct) Spanish Language Transactions (Buyers Guide) 1. In the English version of the BG there is a setence in Spanish that tells a customer he can get a Spanish BG if he wants one. 2. if the transaction is in the Spanish, the BG has to be in Spanish. 3. if your pursuing the Spanish market, you should have both English and Spanish buyers guides on the cars. Buyers Guide The BG cannot be the sole source of warranty information Implied Warranty State *In an implied warranty state, state law will override the provisions of a service contract 2 Provisions on the BG 1. a website to get the history on the vehicle 2. a website about safety recalls