Compliance pre-quiz

Our industry is plagued by Urban Myths and false beliefs. The "hand me down" style of training most of us recieve prohibit us from knowing the facts. As Automotive Finance Professionals, our accurate knowledge of the rules & regulations that govern what we do can seriously get us in trouble.

This quiz is designed to create an awareness of F&I Ethics & Compliance in order to demonstrate the need for continuous, ongoing training by those of us who do the work for you. I promise, you'll be surprised at your results.

1. What is your age?
Under 18 Years Old
18 to 24 Years Old
25 to 30 Years Old
31 to 40 Years Old
41 to 50 Years Old
51 to 60 Years Old
Over 60 Years Old
2. What is your gender?
Male
Female
3. Federal Regulation "B" is also known as?
FACT
NAFTA
ECOA
FCRA
GAT
OU812
4. In order to legally pull a customer's credit report, you must....
have a signed credit application.
have the customers permission.
have a legitimate business need.
have a desire to go to jail.
have any of the above.
have all of the above.
5. The Federal Regulation that regulates menu usage is...
Federal Regulation M
There is no "menu law".
Federal Regulation Z
Federal Regulation B
The Fair Credit Reporting Act
It varies from state to state.
6. The Federal "Do Not Call" registry allows for unsolicited phone contact..
After 8:00pm during the week.
never.
within 18 months of an established relationship.
once a week.
once a month.
once a year.
7. The only circumstance that would require a dealer to file an IRS Form 8300 is a $10,000 cash transaction from the same customer during the same year.
True
False
8. Who should complete the customers credit application?
Their Salesman
Their Business Manager
The Customer
Their Sales Manager
Their Credit Union clerk
Their Laywer
9. Magnuson-Moss provides for disclosure of...
Environmental protection.
Maintenance responsibilities.
Lease end value.
Manufacturers warranties.
Previous damage.
APR
10. Which of the following is not a required disclosure of Federal Regulation Z?
APR
Payment.
Total Finance Charge.
Total selling price (including finance charge)
VIN
11. According to the Uniform Commercial Code, any warranty or guarantee made to the consumer, must be in writing to be enforcable>
False.
True.
12. OFAC is....
A component of the Patriot Act
A division of the U.S. Government.
unenforcable.
The Official Federal Action Commitee

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