Automotive Finance & Insurance Professional
(AFIP) – 2025 – Complete Final Exam
Preparation Study Guide with Questions and
Answers
Introduction:
This document provides a comprehensive preparation guide for
the AFIP Final Exam, covering essential compliance and
regulatory topics in automotive finance and insurance. It
includes detailed question-and-answer material on IRS Form
8300, privacy and safeguards rules, Red Flags, OFAC, Reg Z,
Reg M, ECOA, FCRA, UDAAP, advertising requirements, leasing,
installment sales, service contracts, GAP, DNC, CAN-SPAM, and
credit reporting.
The content aligns with federal standards enforced by the
Federal Trade Commission and references key regulations such
as Equal Credit Opportunity Act and Fair Credit Reporting Act,
making it a complete compliance-focused study tool for
dealership F&I certification candidates.
Exam Questions and Answers:
Vehicle conditions on the buyers guide -Answer:-You must
have an updated condition report on the buyers guide
,on the back of the buyers guide: complaints after sale contact
lists: -Answer:-1) the dealership rep name
2) Phone number
3) Job Title
Third party warranty company disclosures: -Answer:-1) check
"no dealer warranty" Box
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the used car rule is: -
Answer:-$43,792
IRS 8300 Form: What is Cash? -Answer:-1) Cashiers Check
2) Bank Draft
3) Travelers Check
4)the amount of $9,500 but this is not required to be
submitted to the 8300
Which of the following requires IRS 8300: -Answer:-- The
customer paid $15,000 cash down but the sale did not take
place
, Buy Here Pay Here 8300: -Answer:-The total amount received
in cash in a 12 month period that is over $10,000 needs to be
listed on the IRS 8300
How to identify the customer on the IRS 8300 Form? -
Answer:-- SSN
- ITIN
- EIN
Suspicious Transaction IRS 8300 Form requirements: -
Answer:-- You cannot tell the customer you filled out the 8300
form
- you do not send the customer a letter explaining the form
was submitted
Non-resident alien identification -Answer:-- Passport number
- Drivers License number
What happens when a customer refuses to give SSN number: -
Answer:-write on the form "customer refused to give SSN" and
get their drivers license number
(AFIP) – 2025 – Complete Final Exam
Preparation Study Guide with Questions and
Answers
Introduction:
This document provides a comprehensive preparation guide for
the AFIP Final Exam, covering essential compliance and
regulatory topics in automotive finance and insurance. It
includes detailed question-and-answer material on IRS Form
8300, privacy and safeguards rules, Red Flags, OFAC, Reg Z,
Reg M, ECOA, FCRA, UDAAP, advertising requirements, leasing,
installment sales, service contracts, GAP, DNC, CAN-SPAM, and
credit reporting.
The content aligns with federal standards enforced by the
Federal Trade Commission and references key regulations such
as Equal Credit Opportunity Act and Fair Credit Reporting Act,
making it a complete compliance-focused study tool for
dealership F&I certification candidates.
Exam Questions and Answers:
Vehicle conditions on the buyers guide -Answer:-You must
have an updated condition report on the buyers guide
,on the back of the buyers guide: complaints after sale contact
lists: -Answer:-1) the dealership rep name
2) Phone number
3) Job Title
Third party warranty company disclosures: -Answer:-1) check
"no dealer warranty" Box
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the used car rule is: -
Answer:-$43,792
IRS 8300 Form: What is Cash? -Answer:-1) Cashiers Check
2) Bank Draft
3) Travelers Check
4)the amount of $9,500 but this is not required to be
submitted to the 8300
Which of the following requires IRS 8300: -Answer:-- The
customer paid $15,000 cash down but the sale did not take
place
, Buy Here Pay Here 8300: -Answer:-The total amount received
in cash in a 12 month period that is over $10,000 needs to be
listed on the IRS 8300
How to identify the customer on the IRS 8300 Form? -
Answer:-- SSN
- ITIN
- EIN
Suspicious Transaction IRS 8300 Form requirements: -
Answer:-- You cannot tell the customer you filled out the 8300
form
- you do not send the customer a letter explaining the form
was submitted
Non-resident alien identification -Answer:-- Passport number
- Drivers License number
What happens when a customer refuses to give SSN number: -
Answer:-write on the form "customer refused to give SSN" and
get their drivers license number
