AFIP QUIZ AND ANSWERS WITH COMPLETE
SOLUTIONS 100% GUARANTEED PASS
Who is the primary enforcer of consumer laws within a state. The organization a
dealer would most likely encounter
Attorney General
What does UDAP stand for?
Unfair, Deceptive Acts or Practices
Which organizations in our industry does the consumer financial protection
bureau (CFPB) oversee
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
Franchise New Dealers
What does UDAAP stand for?
Unfair, Deceptive Abusive Acts or Practices
What does it mean to "Accelerate the Balance"
The finance source will make the full outstanding balance due and payable
What does it mean to "educate the consumer before they consummate"
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
Dishonesty, misrepresentation, fraud, lacks mental capacity, underage
What does it mean to "force place" the insurance
The finance source will purchase the required coverage and charge it to the customers
monthly payment
What is the definition of a contract
A promise or set of promises between two or more parties that is enforced by law
What is right of recission
The ability for a customer to get out of a contract
What are the three steps in contracting
Offer, Acceptance, Consideration
When it comes to a RISC and a lease, the financial institution has a lien on the
vehicle. Why?
The vehicle is collateral (the thing of value)
A "Credit Sale" is considered ________ and a "Loan" is considered ________
Dealer Assisted Financing, Customer Arranged Financing
Who is the primary enforcer of consumer laws within a state. The organization a
dealer would most likely encounter
Attorney General
The total sale price is ___________ the largest number on the installment
contract.
Always
SOLUTIONS 100% GUARANTEED PASS
Who is the primary enforcer of consumer laws within a state. The organization a
dealer would most likely encounter
Attorney General
What does UDAP stand for?
Unfair, Deceptive Acts or Practices
Which organizations in our industry does the consumer financial protection
bureau (CFPB) oversee
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
Franchise New Dealers
What does UDAAP stand for?
Unfair, Deceptive Abusive Acts or Practices
What does it mean to "Accelerate the Balance"
The finance source will make the full outstanding balance due and payable
What does it mean to "educate the consumer before they consummate"
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
Dishonesty, misrepresentation, fraud, lacks mental capacity, underage
What does it mean to "force place" the insurance
The finance source will purchase the required coverage and charge it to the customers
monthly payment
What is the definition of a contract
A promise or set of promises between two or more parties that is enforced by law
What is right of recission
The ability for a customer to get out of a contract
What are the three steps in contracting
Offer, Acceptance, Consideration
When it comes to a RISC and a lease, the financial institution has a lien on the
vehicle. Why?
The vehicle is collateral (the thing of value)
A "Credit Sale" is considered ________ and a "Loan" is considered ________
Dealer Assisted Financing, Customer Arranged Financing
Who is the primary enforcer of consumer laws within a state. The organization a
dealer would most likely encounter
Attorney General
The total sale price is ___________ the largest number on the installment
contract.
Always
