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AFIP - Basic Certification Course With Questions And 100% ALL SURE ANSWERS
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JACKLINEAFIP - Basic Certification Course With Questions And 100% ALL SURE ANSWERS
Terms in this set (151)
The _____ issues UDAP violations to dealers, the CPFB, FTC 3 multiple choice options
________ issues UDAAP violations to dealers.
(True/False) If circumstances require that a second False 1 multiple choice option
lease agreement be executed - the customer must
be recontracted - the date recorded on the
second agreement must be the date of the
original contract.
Which of the following events, if any, can A. Death or insanity of an offeree or offeror 3 multiple choice options
terminate an offer?
A. The requirement that each party to the contract receives something of value in exchange for
What is "consideration" as it applies to a contract? what is given
3 multiple choice options
If a customer is re-contracted five days after the B. As an entirely new agreement, with the date the second contract is executed recorded on the
original agreement was executed, how should the installment sale agreement.
second agreement be treated? 1 multiple choice option
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,(True/False) TILA/Reg Z treats "loans" and "credit False 1 multiple choice option
sales" the same way since they are both essentially
a promise to pay.
Although not specifically required by the TILA or True 1 multiple choice option
Reg Z., an installment sale contract may contain an
acceleration clause. This is a contract provision
that allows the funding source who accepted the
assignment of the installment sale agreement to
require the customer to pay all or part of the
outstanding balance if certain requirements are
not met.
The CFPB issues UDAAP violations. UDAAP stands C. Unfair, Deceptive, Abusive, Acts or Practices 2 multiple choice options
for:
A contract can be defined as an agreement that C. A promise or set of promises that the law enforces or protects 3 multiple choice options
includes:
Which of the following is considered a "credit sale" B. Karl arranges funding through the F&I manager for a vehicle purchased at a dealership.
transaction under TILA/Reg Z? 1 multiple choice option
B. If the customer defaults under the contract, the lender can make the full outstanding balance
What is an acceleration clause? due and payable
2 multiple choice options
An installment sale contract may contain a A. force place 2 multiple choice options
provision that allows the lender to______ property
insurance if the customer fails to obtain insurance
or lets it lapse.
What do the letters in UDAP stand for? E. Unfair, Deceptive, Acts, Practices 3 multiple choice options
What are the three required elements of a D. An offer, acceptance, and consideration. 3 multiple choice options
contract?
What are the criteria for "acceptance" of an offer? D. All of the above 3 multiple choice options
The ______ issues UDAP violations to dealers, the A. CFPB, FTC 3 multiple choice options
__________ issues UDAAP violations to dealers.
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, (True/False) The dealer is the creditor in a typical True 1 multiple choice option
credit transaction.
As noted in the Truth in Lending Act and Reg. Z, if D. None of the above 3 multiple choice options
the customer owes more on the trade-in than the
used car manager allowed, should the F&I
manager do?
Which of the following transactions are NOT D. Both A and C 3 multiple choice options
regulation by TILA/Reg Z?
(True/False) True 1 multiple choice option
With the exception of some Precomputed Interest
contracts used by secondary finance sources, all
other installment sales contracts are simple
interest or interest-bearing contracts. The
following is a layman's explanation of a simple
interest installment sale transaction. In a
precomputed contract the finance charge is
computed on the assumption the contract will run
full term. If the customer terminates the
agreement during the repayment term, he will
receive a refund of the unearned premium.
In a simple interest- or interest-bearing installment
sale agreement, the finance charge is computed
daily and paid monthly throughout the term of the
agreement. If the customer pays-off the vehicle
before the scheduled end of the contract there is
unearned finance charge money to refund, but it
has been each month the contract has been in
force. There is no refund of the unearned finance
charge.
Which of the following regulations implements the D. Regulation Z 3 multiple choice options
Truth in Lending Act?
(True/False) True 1 multiple choice option
The Truth in Lending Act (TILA) is implemented by
Regulation Z
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