AFIP TEST FINAL FINAL STUDY PAPER 2026 COMPLETE QUESTIONS AND ANSWERS

AFIP TEST FINAL FINAL STUDY PAPER 2026
COMPLETE QUESTIONS AND ANSWERS

◉ forceplace insurance and accelerate balance. Answer: 2 ways to
protect ourselves or bank when it comes to insurance on a vehicle?


◉ right of recission. Answer: What is the ability to get out of a
contract?


◉ no. Answer: Do most finance sources allow a right of recission?


◉ customer. Answer: Who owns the vehicle during repayment term
of the installment contract?


◉ security interest. Answer: The finance source maintains a
________________________ during an installment contract repayment.


◉ lien on the title. Answer: The finance source maintains a security
interest during a contracted loan, and this is reflected on the
____________________.


◉ Truth & Lending Act. Answer: TILA stands for?

, ◉ Reg Z. Answer: The TILA is also known as _____________.


◉ total sale price. Answer: What is the largest # on the installment
contract?


◉ total of payments, cash down, and net trade in. Answer: What
makes up the total sale price on an installment contract?


◉ customer and dealer only. Answer: At the time of signing at the
dealership, the installment contract is between the...


◉ deferred down payment. Answer: A hold check is also known as...


◉ before the 2nd scheduled payment. Answer: In a deferred down
payment, you must process the check....


◉ finance charge. Answer: You CANNOT assess a ___________________ on
a deferred down payment.


◉ no. Answer: In a deferred down payment, is the check included in
the amount financed?


◉ No, unless you are in CA. Answer: Is the deferred down payment
recorded in the contract?