Page 1 of 25
2026 AFIP FINAL EXAM PREP (AUTOMOTIVE
FINANCE & INSURANCE PROFESSIONAL)
COMPLETE (113) CURRENT TESTING
QUESTIONS AND DETAILED CORRECT
ANSWERS|GUARANTEED PASS.
AFIP
Prepare for the AFIP Final Exam Prep (Automotive Finance &
Insurance Professional) with this concise study resource covering
auto finance, insurance principles, and exam-style questions. It
reinforces key concepts and supports effective review for exam
readiness. Suitable for individuals preparing for automotive finance
and insurance professional certification.
What are the three elements of a contract ✓ ✓ ...... ANSWER
....... 1. Offer
2. Acceptance
3. Consideration
Spanish rules for buyers guide ✓ ✓ ...... ANSWER .......
1)There is a statement at the back of the buyers guide that
explains the customer to ask for a spanish guide if needed
, Page 2 of 25
2) if the sales transaction is in spanish, the buyers guide must be
as well
3) if you are going after the hispanic market, you must have both
english/spanish buyers guides
if a vehicle on the lot qualifies for a service contract ✓ ✓ ......
ANSWER ....... you must indicated on the contract that it is
eligible for the service contract
There are two websites on the buyers guide ✓ ✓ ...... ANSWER
....... 1) how to get the history on the vehicle
2) How to find out if any open recalls have been issued
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
, Page 3 of 25
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
2026 AFIP FINAL EXAM PREP (AUTOMOTIVE
FINANCE & INSURANCE PROFESSIONAL)
COMPLETE (113) CURRENT TESTING
QUESTIONS AND DETAILED CORRECT
ANSWERS|GUARANTEED PASS.
AFIP
Prepare for the AFIP Final Exam Prep (Automotive Finance &
Insurance Professional) with this concise study resource covering
auto finance, insurance principles, and exam-style questions. It
reinforces key concepts and supports effective review for exam
readiness. Suitable for individuals preparing for automotive finance
and insurance professional certification.
What are the three elements of a contract ✓ ✓ ...... ANSWER
....... 1. Offer
2. Acceptance
3. Consideration
Spanish rules for buyers guide ✓ ✓ ...... ANSWER .......
1)There is a statement at the back of the buyers guide that
explains the customer to ask for a spanish guide if needed
, Page 2 of 25
2) if the sales transaction is in spanish, the buyers guide must be
as well
3) if you are going after the hispanic market, you must have both
english/spanish buyers guides
if a vehicle on the lot qualifies for a service contract ✓ ✓ ......
ANSWER ....... you must indicated on the contract that it is
eligible for the service contract
There are two websites on the buyers guide ✓ ✓ ...... ANSWER
....... 1) how to get the history on the vehicle
2) How to find out if any open recalls have been issued
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
, Page 3 of 25
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
