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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:

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So Here's the Deal Video Series

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