Wisconsin Auto Sales License Exam | Correct Answers

Wisconsin Auto Sales License Exam | Correct Answers - provide a copy of the contract to the customer - no blank lines (unless the vehicle isn't there at the time of signing) When can a dealer cancel a pre lease agreement? - ans- if the customer's credit is unapproved - denial must be based on lease terms on the contract - notice must be given to the customer within 10 business days of the cancelled contract What is the maximum non-acceptance penalty that can be included in a prelease agreement? - ans5 % of the captialized cost of the vehicle When are cosignment sales prohibited? - ans- between dealers - between dealers and wholesalers Laws regulating consignment sales are the same as those for dealer-owned vehicle sales including: - ans-Inspection -Display of the Wisconsin Buyers Guid What's the difference between a cosignment vehicle and a regular dealership vehicle? - ansthe agreement must be signed by the private seller and the dealership before the vehicle can be put up for sale What must a cosignment agreement contain? - ans- name of the vehicle owner - desc. of the vehicle - terms of the agreement - lien status of the vehicle Do you need the physical title of the vehicle for a cosignment sale? - ansno. just a photocopy What aren't you allowed to do while advertising - ansuse deceptive or misleading advertising to induce price What terms cannot be used when discussing trade in allowance? - ans- We will pay up to - appraise your own vehicle - as much as what wording can you NOT use in advertisements unless the dealership is going out of business - ans- close out - last of remaining Do you always have to disclose when a vehicle has been flood damaged - ansyes MSRP - ansa label on the window of a car that has information on standard equipment, base price, transport method, assembly point, receiving dealer Are MSRPs required for trucks? - ansno Dealer Supplemental Price Label - ansa label that lists optional equipment or accessories installed by the dealership Wisconsin Buyers Guide - ansthe results of a safety inspection when is the Wisconsin Buyers Guide not required - ans- trucks over 16,000 pounds - demo vehicles - unrepaired salvage - leased vehicles that are bought after the leasing period is up what must you include about the model year - ansmodel year, whether or not it's used or new, or "one-owner" when applicable Pre-Delivery Inspection Test - ansa report on a new vehicle from the manufacturer that must be given to the customer after the vehicle is sold Emission Standards Certificate - ansa certificate that confirms a vehicle has been installed and inspected, and what to do if the system fails Damage Disclosure Statement - ansa written disclosure given to the customer if 6% or more of the MSRP has been damaged. Any uncorrected damage must be disclosed