AFIP TEST FINAL CERTIFICATION EVALUATION
2026 QUESTIONS WITH PRACTICE SOLUTION
GRADED A+
◉ What does UDAP stand for? Answer: Unfair, Deceptive Acts or
Practices
◉ Which organizations in our industry does the consumer financial
protection bureau (CFPB) oversee. Answer: Independent Used
Dealers, Buy Here Pay Here, Lease Here Pay Here, Finance Sources
◉ Which organizations in our industry does the Federal Trade
Commission (FTC) oversee Answer: Franchise New Dealers
◉ What does UDAAP stand for? Answer: Unfair, Deceptive Abusive
Acts or Practices
◉ What does it mean to "Accelerate the Balance" Answer: The
finance source will make the full outstanding balance due and
payable
, ◉ What does it mean to "educate the consumer before they
consummate" Answer: I and the customer must understand all
conditions of the contract that is being entered into
◉ What could block the formation of a valid contract Answer:
Dishonesty, misrepresentation, fraud, lacks mental capacity,
underage
◉ What does it mean to "force place" the insurance Answer: The
finance source will purchase the required coverage and charge it to
the customers monthly payment
◉ What is the definition of a contract Answer: A promise or set of
promises between two or more parties that is enforced by law
◉ What is right of recission Answer: The ability for a customer to get
out of a contract
◉ What are the three steps in contracting Answer: Offer, Acceptance,
Consideration
◉ When it comes to a RISC and a lease, the financial institution has a
lien on the vehicle. Why? Answer: The vehicle is collateral (the thing
of value)
2026 QUESTIONS WITH PRACTICE SOLUTION
GRADED A+
◉ What does UDAP stand for? Answer: Unfair, Deceptive Acts or
Practices
◉ Which organizations in our industry does the consumer financial
protection bureau (CFPB) oversee. Answer: Independent Used
Dealers, Buy Here Pay Here, Lease Here Pay Here, Finance Sources
◉ Which organizations in our industry does the Federal Trade
Commission (FTC) oversee Answer: Franchise New Dealers
◉ What does UDAAP stand for? Answer: Unfair, Deceptive Abusive
Acts or Practices
◉ What does it mean to "Accelerate the Balance" Answer: The
finance source will make the full outstanding balance due and
payable
, ◉ What does it mean to "educate the consumer before they
consummate" Answer: I and the customer must understand all
conditions of the contract that is being entered into
◉ What could block the formation of a valid contract Answer:
Dishonesty, misrepresentation, fraud, lacks mental capacity,
underage
◉ What does it mean to "force place" the insurance Answer: The
finance source will purchase the required coverage and charge it to
the customers monthly payment
◉ What is the definition of a contract Answer: A promise or set of
promises between two or more parties that is enforced by law
◉ What is right of recission Answer: The ability for a customer to get
out of a contract
◉ What are the three steps in contracting Answer: Offer, Acceptance,
Consideration
◉ When it comes to a RISC and a lease, the financial institution has a
lien on the vehicle. Why? Answer: The vehicle is collateral (the thing
of value)
