F&IQ Quiz

What's Your F&IQ?

The problem with compliance is that you never know what you don't know... until it's too late. Take this quick 10-question quiz to find out if you're in need of additional compliance training. Remember, on a test like this, the only acceptable score is a perfect one.

The F&IQ Test was developed by AFIP Executive Director David Robertson, MBA and reviewed by dealership lawyer Thomas B. Hudson , Esq. (Hudson Cook) and Gary Fagg, FSA, MAAA (CreditRe).

F&IQ Quiz

1

An installment sale agreement, at the time it is consummated in the dealership, is between:

2

An extended warranty describes the aftermarket product purchased by a customer to reimburse him or her for the cost of mechanical failures that occur after the factory warranty expires and within the coverage period limitations set forth in the contract.

3

With certain exceptions, if after purchasing GAP coverage, the customer does not have property insurance (comprehensive and collision coverage) in force at the time of loss, then:

4

According to the provisions of the Red Flags Rule, if a red flag discrepancy has not been fully cleared by the customer and confirmed by management, the vehicle can be spot delivered, but the sale cannot be officially consummated.

5

After being quoted a 12% APR, if the customer asks whether that is the best rate available, the F&I practitioner should:

6

According to the Consumer Leasing Act, a lessor may extend an existing lease without new disclosures on a month-to-month basis so long as the maximum term is six months or less.

7

As it relates to F&I practices, the Equal Credit Opportunity Act / Reg. B prohibition regarding disparate pricing practices means:

8

A customer wishes to pay for a used car with four cashier’s checks drawn on four different banks in the amounts of $7,500, $6,800, $3,000, and $8,300. Since none of the checks exceeds $10,000, the F&I person need not complete IRS / FinCEN Form 8300.

9

As mandated by the Risk-Based Pricing Rule, the NADA-model consumer credit score disclosure form must be disclosed:

10

A customer buying a new car is paying $5,000 cash down and owes $7,500 more on the trade-in than was allowed. In this case, the postings on the installment sale agreement can be:

Please enter your name and email address and we'll send you the results.

Training Schedule

There are no online training classes scheduled at this time. Please check back often.

Sales Training: SmartDealer University
Dublin, OH Training Center
Feb 04 - 07, 8:00 AM

Achieving F&I Excellence with Ron Reahard
Soddy-Daisy, TN
Feb 05 - 08, 8:00 AM - Click here to register!

F&I Training: SmartDealer University
Oklahoma City, OK Training Center
Feb 11 - 15, 8:00 AM

Sales Training: SmartDealer University
Oklahoma City, OK Training Center
Mar 04 - 07, 8:00 AM

F&I Training: SmartDealer University
Dublin, OH Training Center
Mar 11 - 15, 8:00 AM

Achieving F&I Excellence with Ron Reahard
Soddy-Daisy, TN
Mar 11 - 13, 8:00 AM - Click here to register!

Sales Training: SmartDealer University
Dublin, OH Training Center
Apr 08 - 11, 8:00 AM

F&I Training: SmartDealer University
Oklahoma City, OK Training Center
Apr 15 - 19, 8:00 AM

Achieving F&I Excellence with Ron Reahard
Scottsdale, AZ
Apr 16 - 19, 8:00 AM - Click here to register!

Sales Training: SmartDealer University
Oklahoma City, OK Training Center
May 06 - 09, 8:00 AM

F&I Training: SmartDealer University
Dublin, OH Training Center
May 13 - 17, 8:00 AM

Achieving F&I Excellence with Ron Reahard
Scottsdale, AZ
May 14 - 17, 8:00 AM - Click here to register!

Sales Training: SmartDealer University
Dublin, OH Training Center
Jun 03 - 06, 8:00 AM

F&I Training: SmartDealer University
Oklahoma City, OK Training Center
Jun 10 - 14, 8:00 AM

Achieving F&I Excellence with Ron Reahard
Soddy-Daisy, TN
Jun 10 - 12, 8:00 AM - Click here to register!

Sales Training: SmartDealer University
Oklahoma City, OK Training Center
Jul 08 - 11, 8:00 AM

F&I Training: SmartDealer University
Dublin, OH Training Center
Jul 15 - 19, 8:00 AM

Sales Training: SmartDealer University
Dublin, OH Training Center
Aug 05 - 08, 8:00 AM

F&I Training: SmartDealer University
Oklahoma City, OK Training Center
Aug 12 - 16, 8:00 AM

Achieving F&I Excellence with Ron Reahard
Soddy-Daisy, TN
Aug 12 - 14, 8:00 AM - Click here to register!

Sales Training: SmartDealer University
Oklahoma City, OK Training Center
Sep 09 - 12, 8:00 AM

F&I Training: SmartDealer University
Dublin, OH Training Center
Sep 16 - 20, 8:00 AM

Achieving F&I Excellence with Ron Reahard
Scottsdale, AZ
Sep 17 - 20, 8:00 AM - Click here to register!

Sales Training: SmartDealer University
Dublin, OH Training Center
Oct 07 - 10, 8:00 AM

F&I Training: SmartDealer University
Oklahoma City, OK Training Center
Oct 14 - 18, 8:00 AM

Achieving F&I Excellence with Ron Reahard
Scottsdale, AZ
Oct 15 - 18, 8:00 AM - Click here to register!

Sales Training: SmartDealer University
Oklahoma City, OK Training Center
Nov 04 - 07, 8:00 AM

F&I Training: SmartDealer University
Dublin, OH Training Center
Nov 11 - 15, 8:00 AM

Achieving F&I Excellence with Ron Reahard
Scottsdale, AZ
Dec 10 - 13, 8:00 AM - Click here to register!

So Here's the Deal!

Ron Reahard created a Q&A video segment called "So Here's the Deal". Ron answers important questions submitted by F&I professionals.

So Here's the Deal Video Series

Confused over laws & regulations?

Our team of regulatory experts are ready to answers questions for industry members. Have questions?

Ask our Best Practices experts!

One Dealership at a time ... We will get you the profit you need!