1|Page
AFIP Certification Actual Exam Newest AFIP
Certification Exam Preparation/AFIP Certification
Practice Exam With Complete Questions And Correct
Answers| Latest Version!!!
FTC fine amount - Answer-$46,517
UDAP - Answer-Unfair and Deceptive Acts and Practices
3 elements of a contract - Answer-offer, acceptance,
consideration
2 ways to protect the finance source (involving insurance)
- Answer-Force-place insurance, Accelerate the balance
Force-place insurance - Answer-Coverage premium is
forced into the car payment
Accelerate the balance - Answer-Make the full loan
amount due & payable
Right of Recission - Answer-ability for someone to
terminate a contract ("cooling off")
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In a RISA who owns the vehicle? - Answer-The customer
On a leased vehicle who owns the vehicle? - Answer-The
lessor
Security Interest - Answer-A creditor's right to use
collateral to recover a debt.
Reg Z on TILA requires what 6 disclosures - Answer-1)
APR
2) Finance Charge
3) Amount Financed
4) Total Payments
5) Total Sales Price
6) Payment Schedule
Total Sales Price on RISA includes... - Answer-1) Total
number of cash payments
2) Cash Down
3) Net trade-in
, 3|Page
TILA stands for __________, and the Reg associated with
it is Reg _____ - Answer-Truth in Lending Act; Reg Z
When referring to the TILA box on the contract, what
information is disclosed for Payments? - Answer-The # of
payments, the amount of each payment, and the due date
Disclosing the Contract - state specific - at the time of
consummation, the contract is between these 2 parties: -
Answer-Customer & selling dealer
Deferred Down Payment - when dealing with a Hold
Check, these 4 things must be followed: - Answer--
payment must be processed before the 2nd scheduled
monthly payment
- amount cannot be included in Amt. Financed
- not subjected to a finance charge
- not recorded on the contract (except in California**)
Negative Equity - two things you cannot do: - Answer--
increase the value of vehicle to bury negative equity
- record a negative amount on the Down Payment line
2 types of Negative Equity methods - Answer-Gross & Net
AFIP Certification Actual Exam Newest AFIP
Certification Exam Preparation/AFIP Certification
Practice Exam With Complete Questions And Correct
Answers| Latest Version!!!
FTC fine amount - Answer-$46,517
UDAP - Answer-Unfair and Deceptive Acts and Practices
3 elements of a contract - Answer-offer, acceptance,
consideration
2 ways to protect the finance source (involving insurance)
- Answer-Force-place insurance, Accelerate the balance
Force-place insurance - Answer-Coverage premium is
forced into the car payment
Accelerate the balance - Answer-Make the full loan
amount due & payable
Right of Recission - Answer-ability for someone to
terminate a contract ("cooling off")
,2|Page
In a RISA who owns the vehicle? - Answer-The customer
On a leased vehicle who owns the vehicle? - Answer-The
lessor
Security Interest - Answer-A creditor's right to use
collateral to recover a debt.
Reg Z on TILA requires what 6 disclosures - Answer-1)
APR
2) Finance Charge
3) Amount Financed
4) Total Payments
5) Total Sales Price
6) Payment Schedule
Total Sales Price on RISA includes... - Answer-1) Total
number of cash payments
2) Cash Down
3) Net trade-in
, 3|Page
TILA stands for __________, and the Reg associated with
it is Reg _____ - Answer-Truth in Lending Act; Reg Z
When referring to the TILA box on the contract, what
information is disclosed for Payments? - Answer-The # of
payments, the amount of each payment, and the due date
Disclosing the Contract - state specific - at the time of
consummation, the contract is between these 2 parties: -
Answer-Customer & selling dealer
Deferred Down Payment - when dealing with a Hold
Check, these 4 things must be followed: - Answer--
payment must be processed before the 2nd scheduled
monthly payment
- amount cannot be included in Amt. Financed
- not subjected to a finance charge
- not recorded on the contract (except in California**)
Negative Equity - two things you cannot do: - Answer--
increase the value of vehicle to bury negative equity
- record a negative amount on the Down Payment line
2 types of Negative Equity methods - Answer-Gross & Net
