Previous Best Practices which are now called Felonies!
Features and Benefits
Know Your Lender
F&I Mastery
Miscellanous
10
In most cases the customer must sign at least ___ documents acknowledging and accepting the price of the vehicle, aftermarket items, and F&I products.
Three
10
Difference between a "Warranty" and a "Vehicle Service Contract"
A warranty is provided by the manufacturer only, while a service contract is provided by a third party.
10
The total amount a lender will finance which includes all taxes, fees, and products.
Line 5 Call
10
Y.E.S. is an acronym for this phrase.
You Earlier Said
10
The name of the national governing body for franchised auto dealers.
Federal Trade Commission (FTC)
20
The practice in which a payment quoted to the customer exceeds the payment needed to purchase the vehicle at the negotiated price.
Payment Packing
20
A common phrase that should never be used to describe a Vehicle Service Contract's level of coverage.
Bumper-to-Bumper
20
Generic name for the lender who finances our floor plan.
Captive
20
What is this a picture of?
Delano's down payment couch
20
The three elements of an enforceable contract are...
Offer, Acceptance, Consideration
30
Practice of including a product in the amount financed or capitalized cost without the customer's knowledge or consent.
Product Stuffing
30
GAP is an acronym for this phrase.
Guaranteed Asset Protection
30
Name of the credit bureau lenders use which gives more weight to a customers vehicle payment history.
Auto FICO
30
Term for a customer purchasing a vehicle with the intention of giving it to someone else to drive and make the payments.
Straw Purchase
30
Term for non disclosure of rebates and raising the sales price to offset the difference and increase profit on a sale.
Scooping Rebates
40
The practice of lowering the agreed upon APR for a customer in order to convince them to purchase ancillary protection products.
Trading Rate for Product
40
Term used on a VSC when the deductible is waived for the customer returning to the dealer where the vehicle was purchased.
Disappearing Deductible
40
The tab in where we go to learn about all of our lender's terms and conditions.
Rates and Forms
40
The 300% Rule States...
100% of Products Offered
100% of Customers
100% of the Time
40
TILA is an acronym for this phrase.
Truth in Lending Act
50
The practice of including non-existent options on the used-car book-out sheet to lenders to artificially inflate the vehicle's value, and is considered bank fraud.
Power Booking
50
Highest level of a Vehicle Service Contract Coverage
Exclusionary
50
On leases, a Money Factor encompasses these three aspects of the transaction.
Depreciation, taxes, interest
50
In order to acquire the desired response from a customer we must appeal to this behavioral element.
Emotion
50
Capitalized Cost Reduction means...
Down Payment
60
Term used for a spot delivery of a vehicle when the Finance Manager knows the terms and conditions given to the customer will not be acceptable to any lender based on the consumer's credit history.
Yo-Yo Transaction
60
The most important action F&I Managers must initiate with every customer to maximize both profit and guest satisfaction.
Build Rapport
60
FICO is an acronym for this term
Fair Isaac Corporation
60
These two terms are at the forefront of every action we take as F&I Managers.
Compliance and Ethics
60
The Best F&I Master Class is provided by...
Innovation Financial Services