AFIP Certification Exam 2026| Answered 100% correctly

AFIP Certification Exam 2026| Answered 100% correctly FTC fine amount $46,517 UDAP Unfair and Deceptive Acts and Practices 3 elements of a contract offer, acceptance, consideration 2 ways to protect the finance source (involving insurance) Force-place insurance, Accelerate the balance Force-place insurance Coverage premium is forced into the car payment Accelerate the balance Make the full loan amount due & payable Right of Recission ability for someone to terminate a contract ("cooling off") In a RISA who owns the vehicle? The customer On a leased vehicle who owns the vehicle? The lessor Security Interest A creditor's right to use collateral to recover a debt. Reg Z on TILA requires what 6 disclosures 1) APR 2) Finance Charge 3) Amount Financed 4) Total Payments 5) Total Sales Price 6) Payment Schedule Total Sales Price on RISA includes... 1) Total number of cash payments 2) Cash Down 3) Net trade-in TILA stands for __________, and the Reg associated with it is Reg _____ Truth in Lending Act; Reg Z When referring to the TILA box on the contract, what information is disclosed for Payments? The # of payments, the amount of each payment, and the due date Disclosing the Contract - state specific - at the time of consummation, the contract is between these 2 parties: Customer & selling dealer Deferred Down Payment - when dealing with a Hold Check, these 4 things must be followed: - payment must be processed before the 2nd scheduled monthly payment - amount cannot be included in Amt. Financed - not subjected to a finance charge - not recorded on the contract (except in California**) Negative Equity - two things you cannot do: - increase the value of vehicle to bury negative equity - record a negative amount on the Down Payment line 2 types of Negative Equity methods Gross & Net Negative Equity - Gross Amt. method - negative equity —- addt'l amt. financed line - down pmt. — down pmt. line Negative Equity - Net Amt. method - negative equity —- subtract cash down pmt. ... ttl goes on the addt'l amt. financed line - down pmt. gets absorbed, so $0 goes on down pmt. line - ***** OR if the down pmt. is more than the negative equity, the total amt. (equity minus cash) goes on the down pmt. line What does FTC stand for and what was its responsibility?