Quiz #12 – Truth in Lending

Hint

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

Hint

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