





















































Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
An overview of the key requirements and regulations related to vehicle purchases in the state of wisconsin. It covers topics such as the mandatory disclosure of vehicle history, the 'as-is' clause, price protection, warranty disclosure, and the handling of salvage vehicles. The guide aims to inform both dealers and customers about their rights and obligations during the vehicle buying process, ensuring transparency and fairness. It also addresses specific scenarios, such as the sale of vehicles to minors, the use of dealer plates, and the exemptions from odometer disclosure requirements. By understanding these guidelines, buyers can make more informed decisions and avoid potential issues when purchasing a vehicle in wisconsin.
Typology: Exams
1 / 61
This page cannot be seen from the preview
Don't miss anything!
What does the anti-structuring provision of the IRS cash reporting rule prohibit? ------CORRECT ANSWER---------------Advising customers on how to get around the rule In financing a vehicle on an installment sales contract, the APR stands for: ------CORRECT ANSWER---------------Annual percentage rate Finance charges must be stated in: ------CORRECT ANSWER--------------- Annual percentage rate Full disclosure of credit terms must be made: ------CORRECT ANSWER---- -----------Before a sale is consummated. The following is required to be disclosed under regulation Z (truth in lending) of the consumer credit protection act: ------CORRECT ANSWER--- -------------amount financed
When can an inquiry be made of a credit reporting bureau? ------CORRECT ANSWER---------------When the customer signs a credit application Under the truth in lending act, the following must be disclosed to the customer: ------CORRECT ANSWER----------------total number of payments
According to the federal trade commission used car rule, the buyers guide should be displayed on: ------CORRECT ANSWER---------------- demonstrator or inventory vehicles
The reverse of the buyers guide must be signed by the customer and the dealership ------CORRECT ANSWER---------------In every retail sale of a used vehicle The reverse of the buyers guide must be signed ------CORRECT ANSWER- --------------In every retail sale of a used vehicle An "A" after the odometer reading on a title indicates ------CORRECT ANSWER---------------Actual miles driven The term "mileage" as used in the truth in mileage act means: ------ CORRECT ANSWER---------------The actual distance the vehicle has been driven An "E" after the odometer reading on a title means: ------CORRECT ANSWER---------------Mileage in excess of the odometers mechanical limits. True/false- The truth in mileage act requires that both the buyer and seller must sign and print their name to the odometer statement ------CORRECT ANSWER---------------True True/false- the customer must receive a copy of the odometer statement --- ---CORRECT ANSWER---------------True
What type of valid proof may a dealer use to prove a Virginia safety inspection is performed in a vehicle prior to retail sale? ------CORRECT ANSWER---------------- a receipt from an authorized Virginia inspection station identifying vehicle by year, make, model, and vin
What do you do when you terminate emplyment? ------CORRECT ANSWER---------------when you terminate employment you give your license to your employer before leaving what is a lapsed license? ------CORRECT ANSWER---------------when your WI license expired more than 5 years ago. you will need to retake the written test. fee and application is the same as first time applicants what happens if there's a criminal conviction? ------CORRECT ANSWER---- -----------under most circumstances you may be licensed even if you are convicted of a crime. the dealer/agent will investigate before approving or denying your license. What do you do if you were Denied? ------CORRECT ANSWER--------------- if your application on a motor vehicle salesperson license is declined you may appeal to the division of hearing and appeals. if your application is denied you'll receive a denial letter which contains reasons why and instructions on how to get an appeal What is a Dealership group? ------CORRECT ANSWER---------------A dealership group is 2 or more dealerships with the same majority owner. What arent you allowed to do when Advertising? ------CORRECT ANSWER---------------Using False, deceptive or misleading advertising or representations to induce the purchaser of a motor vehicle is an unfair proactive and is prohibited
Damaged Vehicles ------CORRECT ANSWER---------------if 2 or more vehicles are damaged by the same cause include damage in all ads. tell customers about the damage (such as flood or hail damage) Model Years ------CORRECT ANSWER---------------when advertising include model years, also display "used" "low mileage" and "one- owner" as it applies "Clearance" Merchandise ------CORRECT ANSWER---------------When advertising don't use "last of the remaining" "close out" or "clearance" unless the dealership is going out of buisness Lease vehicles ------CORRECT ANSWER---------------Clearly identify if a vehicle is for sale or for lease on all advertisements. Manufacturers suggested retail price (MSRP) ------CORRECT ANSWER---- -----------this federally required label must remain in the window as a new vehicle until it is delivered to its retail purchaser. this label contains information about standard equipment, options, base price, transport, final assembly point and receiving dealer. Label NOT required for trucks Dealer supplemental price label ------CORRECT ANSWER---------------this label lists optional equipment or accessories installed by the dealer,final price and any price changes.label must remain in window until delivered to customer
Pre-Delivery inspection test ------CORRECT ANSWER---------------This is a report on a new vehicle required by the manufacturer. Give the customer it upon delivery of the vehicle Emission standards certificate ------CORRECT ANSWER--------------- Certificate that confirms the vehicle has been installed and inspected. it also gives information on what to do if system fails. give to the customer at delivery damage disclosure statement ------CORRECT ANSWER---------------this is a written disclosure that must be given to a customer if any damage of more than 6 percent of the MSRP (manufacturers suggested retail price). glass/tires/bumpers are not counted when its identical to the original equipment. Any uncorrected damage must be disclosed to the customer before delivery model year disclosure ------CORRECT ANSWER---------------Original model year needs to be represented. only exception is vehicles manufactured by a second stage manufacturer Wisconsin Buyers Guide ------CORRECT ANSWER---------------the vehicle must be inspected for safety and defects. the results get shown on buyers guide that is located on the window of the vehicle Display the Wisconsin Buyers Guide on everything except ------CORRECT ANSWER----------------trucks over 16000 pounds
Pending Recalls ------CORRECT ANSWER---------------when selling a used vehicle disclose any unpreformed manufacturers recalls in writing odometer repair ------CORRECT ANSWER---------------odometers may be repaired or replaced if they become defective or malfunction. sellers can say it is the "actual mileage" if it meets these 3 guidelines
contract requirements ------CORRECT ANSWER---------------1. name and address of dealer and customer
five percent of capitalized cost of the vehicle if the customer fails to take delivery of the vehicle consignment sales ------CORRECT ANSWER---------------licensed dealers may sell a vehicle for a private party on consignment. although the dealer does not own the vehicle dealer is authorized to sell it for the titled owner. only the licensed dealers may offer vehicles for sale on consignment warranty disclosure ------CORRECT ANSWER---------------you must clearly identify any warranty or service contract included with the vehicle on purchase contract. any warranty must be available and delivered to customer warranty transfer ------CORRECT ANSWER---------------when manufacturers fail to accept responsibility of the warranty the dealership is required to honor it. the warranty continues until it is fixed at the warrantors expense title and registration ------CORRECT ANSWER---------------the DMV issues title, dealerships must show proof of ownership in order to sell. the vehicle must be registered/license plates show proof of this. dealerships must furnish customers with a temp/permanent plate before they can legally operate. Motorcycles are exempt transfer of ownership ------CORRECT ANSWER---------------signing over manfacturer certificate of origin (MCO) transfers ownership. MCO is the cars "birth certificate" it lists the manufacturer, delivery point, assembly place, vin number, and vehicle make title jumping is illegal in Wisconsin
the "and/or" ------CORRECT ANSWER---------------if more than one person owns a vehicle. owner names are separated by "and" or "or" and- requires both owners signatures or- requires just one of the two replacement titles ------CORRECT ANSWER---------------when a customer attempts to sell or trade without a title they are required to go to the DMV for a new one title brands ------CORRECT ANSWER---------------dealers must disclose to a purchaser any title brands that appear on the vehicle title. brands become permanent on WI titles Title brand types ------CORRECT ANSWER---------------1. vehicle is salvage (less than seven years old and damaged by collision or other occurrence to extent that the cost is greater than 70 percent of fair market value)