AFIP FEDERAL EXAM PART 1 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED GRADED A++

AFIP FEDERAL EXAM PART 1 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED GRADED A++ Federal Trade Commission What does FTC stand for? Franchise New What does the FTC manage? Consumer Financial Protection Bureau What does CFPB stand for? Independent Used, buy here pay here, finance sources What does CFPB manage? $51,744 FTC 2024 fine for violations Unfair Deceptive Acts or Practices What does UDAP stand for? Unfair Deceptive Abusive Acts or Practices What does UDAAP stand for? FTC What department is UDAP typically charged by? CFPB What department is UDAAP typically charged by? treating customer unethically or providing false or misleading info How to get hit with UDAP/UDAAP? signed by the customer You cannot enforce a contract unless it's been ______________________. offer acceptance consideration 3 elements of a contract something of value has to be exchanged What makes a consideration in a contract? comprehensive and collision 2 types of insurance to protect against loss? comprehensive Which insurance protects against acts of god, such as hail, weather, etc.? collision Which insurance pays for damages in crashes? forceplace insurance What is it called when the bank adds a premium to the payment in case of a lack of insurance? accelerate balance What is it called when the bank calls for the balance to be due because of lack of insurance from customer? forceplace insurance and accelerate balance 2 ways to protect ourselves or bank when it comes to insurance on a vehicle? right of recission What is the ability to get out of a contract? no Do most finance sources allow a right of recission? customer Who owns the vehicle during repayment term of the installment contract? security interest The finance source maintains a ________________________ during an installment contract repayment. lien on the title The finance source maintains a security interest during a contracted loan, and this is reflected on the ____________________. Truth & Lending Act TILA stands for? Reg Z The TILA is also known as _____________. total sale price What is the largest # on the installment contract? total of payments, cash down, and net trade in What makes up the total sale price on an install AFIP FEDERAL EXAM PART 1 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED GRADED A++ Federal Trade Commission What does FTC stand for? Franchise New What does the FTC manage? Consumer Financial Protection Bureau What does CFPB stand for? Independent Used, buy here pay here, finance sources What does CFPB manage? $51,744 FTC 2024 fine for violations Unfair Deceptive Acts or Practices What does UDAP stand for? Unfair Deceptive Abusive Acts or Practices What does UDAAP stand for? FTC What department is UDAP typically charged by? CFPB What department is UDAAP typically charged by? treating customer unethically or providing false or misleading info How to get hit with UDAP/UDAAP? signed by the customer You cannot enforce a contract unless it's been ______________________. offer acceptance consideration 3 elements of a contract something of value has to be exchanged What makes a consideration in a contract? comprehensive and collision 2 types of insurance to protect against loss? comprehensive Which insurance protects against acts of god, such as hail, weather, etc.? collision Which insurance pays for damages in crashes? forceplace insurance What is it called when the bank adds a premium to the payment in case of a lack of insurance? accelerate balance What is it called when the bank calls for the balance to be due because of lack of insurance from customer? forceplace insurance and accelerate balance 2 ways to protect ourselves or bank when it comes to insurance on a vehicle? right of recission What is the ability to get out of a contract? no Do most finance sources allow a right of recission? customer Who owns the vehicle during repayment term of the installment contract? security interest The finance source maintains a ________________________ during an installment contract repayment. lien on the title The finance source maintains a security interest during a contracted loan, and this is reflected on the ____________________. Truth & Lending Act TILA stands for? Reg Z The TILA is also known as _____________. total sale price What is the largest # on the installment contract? total of payments, cash down, and net trade in What makes up the total sale price on an install