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Question 1 of 3
1. Question
When the Buyer is financing, you must disclose and itemize the following:
- The vehicle’s cash price ALONE
- Fees charged for Dealer add-ons, sales tax, registration fees, agreements (service contract, debt cancellation, Contract Cancellation etc.)
- Prior balances owed on trade-ins
- The Total Cash Price
CorrectIncorrectHint
1) The vehicle’s cash price alone
2) Any fees charged for:
- Contract Cancellation Option agreement
- Document processing charges
- Debt cancellation agreements
- DMV registration or transfer fees
- Electric vehicle charging station or installation services (labeled “EV Charging Station”)
- Prior credit or lease balance remaining on trade-in (labeled “Prior Credit or Lease Balance”)
- Sales tax
- Smog Certification fees
- Service contracts
- Theft-deterrent products
- Surface protection products
3) The total cash price, which is the sum of #1 and #2
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Question 2 of 3
2. Question
If the Dealer breaches the Contract after the Buyer leaves their vehicle as down payment, you must within 5 days either:
- Return the vehicle to the Buyer
- Pay the Buyer the fair market value of the vehicle or its value as stated in the Contract (whichever is greater)
CorrectIncorrect -
Question 3 of 3
3. Question
Dealers are required to provide Buyers with a separate, written “Notice to Vehicle Credit Applicant” which discloses:
- Each credit score obtained and used by the dealer
- The date the credit score was created
- The name of the consumer reporting agency for each credit score used by the dealer
- The range of possible credit scores used to generate that credit score
CorrectIncorrectHint
Each credit score obtained and used by the dealerDealers are required by the Car Buyer’s Bill of Rights (FFVR 35) to provide Buyers with a separate, written “Notice to Vehicle Credit Applicant” in at least 10-point type which discloses:
- The date the credit score was created
- The name of the consumer reporting agency for each credit score used by the dealer
- The range of possible credit scores used to generate that credit score
- Statements:
- “A Consumer Report or Credit Report is a record of the consumer’s credit history and includes information about whether the consumer pays their obligations on time and the amount owed to creditors”
- “A Credit Score numerical rating is derived from information in a consumer report and can fluctuate over time to reflect changes in the consumer’s credit history”
- “Consumer’s credit scores may affect whether the Consumer can obtain credit and the cost of that credit”
- The distribution of the consumer credit score used to generate the same credit score provided to the consumer
- Contact information for the centralized source from which consumers may obtain their free annual consumer reports
