F&I Certification Final Exam

List the five primary responsibilities of an F&I Manager.

What does ‘ACV’ stand for?

What does ‘CIT’ stand for?

What does ‘LTV’ stand for?

What does ‘FTC’ stand for?

Select two major performance measurements:

Regulation Z Truth in Lending deals primarily with written or oral statements of annual percentage rates and means of disclosure.

Automotive leasing is governed by:

Identity theft is a big problem today and the rule covering this issue is called:

The security program to protect consumer’s information both physical and electronic requires a written plan to cover the Safeguards Rule and an employee program coordinator to manage the plan:

Describe Power Booking:

An example of an unfair, deceptive, and abusive act is called “Payment Packing” and is considered a fraudulent act calling for fines and/or imprisonment. Detail an example of Payment Packing below:

Regulation B and the Fair Credit Reporting Act are specific to what terms? Please select all that apply:

The Patriot Act and its detailed OFAC listing keeps us from transacting business with:

Select five benefits of a Mechanical Service contract:

Select four features of a Tire and Wheel Contract:

Name the (2) Environmental Products and (2) Financial Products we discussed.

What are the two most common benefits all F&I products provide your customers:

A quality F&I presentation starts with a proper ‘TO’ from the sales consultant. List the three objectives for the Three Point Intro:

Should you always verify the information on the customer’s credit application prior to submitting it?

What types of information are you trying to discover during the “Introduction”?

What is Capitalization Cost as it pertains to a closed-end lease?

What are the ABC’s of F&I?

What two factors create Trust?

What does D. I. M. T. Y. mean?

Select the 4 F&I products that could be classified as Mechanical:

A product Feature is:

A product Benefit is:

What is a Line 5 call?

Charge-backs are caused by:

A fully completed and signed menu acts as a waiver?

There are only two reasons customers choose not to select an option, they are:

List the 4 steps to “Gaining Commitment” in sequence:

The primary reason customers refuse to buy is:

What are the 3 primary reason customers hesitate to buy?

List at least 5 components of an “Evidence Manual”:

Name the two types of Vehicle Service Contract coverage

List the 3 R’s…

List the 3 C’s of credit:

35% of a FICO score is made up of:

An F&I Menu is a legal document.

What are the 3 responsibilities stated when you introduce yourself to your customer?

Credit reports are divided into which 5 sections:

In a lease, the residual is what?

In most leases the customer is not responsible for minor dents and dings or normal tire wear at lease turn-in?

The three elements of communication we discussed should be included in every presentation and they are:

What will GAP cover and when does it take effect?

One of the most effective ways to open a customer’s mind to converting from cash to lease, is to talk about vehicle… what?

What are the 3 questions you should ask when your customer states they want to go to their credit union?

What are the 4 responsibilities a customer has during the lease?

Your sales consultant is your:

Video role-play is better or worse than having a root canal? 

I believe that if I utilize the information I have learned this week; stay disciplined, compliant, and never stop learning, I will be a successful F&I Manager.