Day 4

Question 1

What is regulation Z?

Answer 1

Truth and lending out for retail vehicle. Most disclose apr finance charge amount financed and late payments

Question 2

What is TILAPIA

Answer 2

Truth in lending act

Question 3

What is regulation M

Answer 3

For leases dont have to disclose money factor. No apr on lease

Question 4

When do you have to do it’s 8300?

Answer 4

Whenever cash down is more than $10,000 in a related transaction within a 12 month period

Anytime suspicious activity

Question 5

What is CFPB

Answer 5

Equal credit opportunity act

Can’t discriminate against race sex marital status national origin

Question 6

What is the FTC

Answer 6

Fair credit reporting.

Regulated the collection and use of consumer information.

Question 7

A creditor must provide notice if it has

Answer 7

Taken adverse action on a completed credit app

Taken adverse action on a incomplete app

Taken adverse action on a existing app

Made a counteroffer to an application for credit and the applicant does not accept the counteroffer

Question 8

What process do you need to do to address budget concerns

Answer 8

Solicit cash down

Extend the loan terms

Fixed vs variable payment

Panel move

Payment relief with consequences

High penny roll

Question 9

What is the stapler close

Answer 9

Vehicles in the past were much like this stapler. Basic and simple to operate. But today’s vehicles have many computers in them like this phone running the vehicle.

The powertrain is like the stapler and is most likely not to fail and is why it goes out longer

The concern is these little electrical pieces