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F&IQ Quiz

Training
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

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

A. the customer and the lending institution.

B. the customer and the selling dealer.

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.

A. True

B. False

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:

A. the terms of the GAP coverage have been violated, and no money will be paid.

B. the money paid to the dealer for the GAP coverage will be refunded to the customer.

C. depending on the provisions of the coverage, the NADA Used Car Guide retail value or other authoritative source will be used to determine the GAP.

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.

A. True

B. False

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

A. state that it is the best rate available based on the customer’s credit score.

B. state that it is the best rate the dealership currently has available.

C. attempt to avoid answering the question.

D. a or b, depending on the situation

E. none of the above

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.

A. True

B. False

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

A. that the spread between the Buy Rate and the Retail Rate charged the customer must be the same for every deal regardless of the circumstances.

B. that the term “disparate pricing” has nothing to do with the Buy Rate or Retail Rate, but with how the customer was treated when purchasing the vehicle.

C. that members of a protected class, as defined by the ECOA / Reg. B, cannot be assessed a higher markup spread between the Buy Rate and Retail Rate simply because they are members of a protected class.

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.

A. True

B. False

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

A. at the F&I practitioner’s option at any point during the documentation process, so long as it gets disclosed.

B. only if the customer doesn’t qualify for credit.

C. as soon as practicable, but prior to disclosing the installment sale agreement.

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:

A. a downpayment of zero and an additional amount financed of $2,500.

B. a downpayment of $5,000 and an additional amount financed of $7,500.

C. an increase in the selling price of the vehicle and the trade allowance in the amounts of $7,500 for each.

D. a or b

E. all of the above

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

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

F&I Training: SmartDealer University
Oklahoma City, OK Training Center
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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

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

F&I Training: SmartDealer University
Dublin, OH Training Center
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Achieving F&I Excellence with Ron Reahard
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What's Your F&IQ?

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