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

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