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Question 1 of 2
1. Question
The maximum you may charge for Contract Cancellation Option Agreements is:
- $75 for a vehicle costing $5,000 or less
- $150 for a vehicle costing more than $5,000, but not more than $10,000
- $250 for a vehicle costing more than $10,000, but not more than $30,000
- One percent of the purchase price for a vehicle costing more than $30,000, but less than $40,000
CorrectIncorrectHint
The optional Cancellation Agreement allows the Customer to change their mind on the purchase and return the vehicle to the Dealer and must be offered on all used vehicles except:
- Cars priced at $40,000 or more
- Motorcycles
- Off-road vehicles
- Recreational vehicles
- Vehicles sold for business or commercial use
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Question 2 of 2
2. Question
A Conditional Sales Contract must include all of the following (for cars under $40k)
- A Contract Cancellation Option with a “2-day cooling-off period”
- All costs & terms of payment
- Written Disclosure(s) for any aftermarket add-on items
- All financial aspects of the sale
- Signatures of both the Buyer and the Seller
CorrectIncorrectHint
You must provide:
- A Contract Cancellation Option* with a “2-day cooling-off period”
- All costs and terms of payment
- Written Disclosure(s) for any aftermarket add-on items
- All financial aspects of the sale
- Signatures of both the Buyer and the Seller