Dealer 101®
  • Get your Dealer License
  • Renew Dealer License
  • Resources
    • Learn About Car Auctions
    • How to Get a Dealers License
    • Public Vs Dealer-Only Car Auctions
    • DMV Dealer License Practice Test
  • Reviews
  • Sign In
  • Help
Select Page

Quiz #12 – Truth in Lending

by Dealer 101

Auto Dealer Continuing Education Program (California DMV Approved) Truth in Lending Quiz #12 – Truth in Lending
Time limit: 0

Quiz Summary

0 of 3 questions completed

Questions:

Information

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 3 questions answered correctly

Time has elapsed

Categories

  1. Not categorized 0%
  • You can click “View Questions” to see which questions you answered right (or wrong)

  1. 1
  2. 2
  3. 3
  1. Current
  2. Review
  3. Answered
  4. Correct
  5. Incorrect
  1. Question 1 of 3
    1. Question

    When the Buyer is financing, you must disclose and itemize the following:

    • Select ALL the correct answers

    Correct

    Incorrect

    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

  2. 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)

    Correct

    Incorrect

  3. 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

    Correct

    Incorrect

    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
dealer 101 2019 logo
Powered by Internet Marketing Company