Vehicle Financing Flashcards
1
Q
Allowable interest rates
A
ARP-“annual interest rate” yearly rate of interest
Regulation Z -Sets maximum rate
2
Q
FTC
A
Trade in issues
3
Q
Motor vehicle financing violation
A
To receive a mark up in excess of 2.5% for a contract having a original term of 60 monthly payments or less
2% for a contract having a term of more than 60 monthly payments
