AFIP CERTIFICATION
EXAM | 119
QUESTIONS | WITH
SOLVED ANSWERS
100% CORRECT!!
AFIP
Evatee 9/15/24 AFIP
,AFIP CERTIFICATION EXAM | 119 QUESTIONS
| WITH SOLVED ANSWERS 100% CORRECT!!
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")
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
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
EXAM | 119
QUESTIONS | WITH
SOLVED ANSWERS
100% CORRECT!!
AFIP
Evatee 9/15/24 AFIP
,AFIP CERTIFICATION EXAM | 119 QUESTIONS
| WITH SOLVED ANSWERS 100% CORRECT!!
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")
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
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
