getting towed
privacy notices
auto leasing
auto leasing
auto leasing
100
Where and when can you pick your vehicle from after it is towed?
A secure storage facility that opens after hours for the release of a vehicle.
100
Under federal law, financial institutions must provide their current and potential customers with a what in order to disclose nonpublic personal information?
An annual privacy notice
100
What is a lease?
Long term rental agreement (120 days or more)
100
Why do people lease?
Consumers often find that they can lease cars at lower monthly payment than they would if they purchase. As a result, more consumers are leasing as an alternative to buying a new vehicle.
100
What is Capitalized Cost Reduction?
Similar to a down payment; This can include amount to be paid in cash, noncash credit, rebate and/or trade in allowance.
200
A tow truck may tow your vehicle from private property if and only if a sign is posted stating?
The times when parking is permitted
200
Which act explains your right to keep a financial institution from disclosing certain types of credit info to related businesses?
Fair Credit Reporting Act (certain= can still disclose other nonpublic info to related businesses)
200
What are some rights you have as a lessee?
To be free from fraudulent practices To receive accurate information (material terms + conditions of lease) without pressure or mysterious language
200
What is balloon-note financing?
A form of auto-financing that is similar to a lease that has gained in popularity.
200
What is a Closed End or “Walk Away” Lease?
A lease where the lessee returns the car without owing any money at the end of the lease term except for excess mileage and wear and tear.
300
What does the Predatory Towing Prevention Act protect?
The amended act regulates tows from private property, and tows initiated by law enforcement, without the prior consent of the vehicle’s owner or operator.
300
Until when will your opt-out last?
Until you end your customer relationship (you only need to do it once unless you stop and then become a customer again) or you tell your financial institutions that it may disclose your info
300
Define the Consumer Protection Leasing Act (CPLA)?
The law requires lessors to disclose detailed information about crucial terms of their leases.
300
What is adjusted capitalized cost?
The amount used in calculating your base monthly payment Gross Capitalized Cost minus any Capitalized Cost Reduction
300
What is depreciation?
The value that the vehicle loses during the lease term The difference between the vehicle’s capitalized cost and the vehicle’s residual value
400
A towing company’s fee must be no more than what percent?
A reasonable fee is considered one that is no more than 25% greater than the company’s fee for the same vehicle-owner-approved towing services, or no more than 50% above the fees charged by other towing companies in the community for the same towing services without the vehicle owner’s permission.
400
What is nonpublic personal information?
any info about you that is not available to the general public like... non-listed phone number account and policy info credit card purchases payment history if you applied for or received financial service medical/health-related info
400
What are some benefits of a lease?
If you trade cars in often Purchase If you keep a car longer NO unexpected fees before & after lease NO excess wear and tear → fees for damages Payments eventually ended
400
What are “After Sell’ Items?
Any product or service sold to the consumer by the dealership which is not otherwise standard equipment
400
What is Early Termination?
Can be done by paying the remaining amount on the lease and returning the car to the lease company By mailing the remaining lease payments as well as the purchase price and then buying the vehicle
500
Unattended cars cannot be towed from private parking unless:
there is a sign no smaller than 36” high by 36” wide, posted at vehicular entrances to the property stating things like the purposes for which the parking is authorized, the times when parking is permitted, contact information for the Division of Consumer Affairs.
500
What are some things that a privacy note includes?
a list of the types of nonpublic personal info it collects and discloses to others a list of types of related and unrelated businesses to which it discloses nonpublic information details regarding how it may share personal info about former customers a statement that other disclosures may be made as permitted by law an explanation of how customers can take action to limit the disclosure of their info
500
What are some tips you should consider before signing a lease contract?
get everything in writing (not printed, not binding) ask questions & make sure you understand all terms you're given 1 day cool off period to review contract; TAKE IT regardless of what the salesman says
500
What is an administrative fee?
It is referred to as a bank fee or an acquisition fee. This is a fee charged by a leasing company to process a consumer’s lease application. Usually incorporated in the Gross Capitalized Cost.
500
What is Excess Mileage Charge?
Rental car charge for driven distance that exceeds maximum allowed mileage (or kilometers), usually levied on per mile (or kilometer) basis
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