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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.
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Who needs a motor vehicle salesperson license? ------CORRECT ANSWER---------------anyone who wants to sell/lease vehicles in Wisconsin What are the requirements for a salesperson license? ------CORRECT ANSWER---------------- 18 + years old
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
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
The federal trade commission used car rule which sets out the warranty provisions of a sale is known as: ------CORRECT ANSWER---------------The buyers guide window sticker rule When should the buyers guide be placed on a vehicle: ------CORRECT ANSWER---------------Before it is offered for sale A buyers guide must be placed on: ------CORRECT ANSWER---------------- demonstrators available for sale
Under the federal trade concision used car rule, the terms of the warranty as stated on the buyers guide: ------CORRECT ANSWER---------------Can be changes and noted in the original guide or on a new guide When giving a warranty on a used vehicle the dealer must: ------CORRECT ANSWER----------------give the customer a copy of the buyers guide window sticker
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 True/false- an "n" after the odometer reading on the title means the odometer reading is not actual ------CORRECT ANSWER---------------True In connection with the transfer of ownership of a leased motor vehicle, the truth in mileage act requires the lessor to provide the lessee with a written statement regarding the mileage of the vehicle. Some of the info required is: ------CORRECT ANSWER----------------the name of the person making the disclosure and the current odometer reading
A salesperson may use a dealer plate if he or she ------CORRECT ANSWER---------------Works at least 25 hours each week on a regular basis and is compensated for this work Dealer license plates may be: ------CORRECT ANSWER---------------Used on vehicles in the inventory of the dealer. A dealer may allow the prospective purchasers to use the license plates assigned to the dealer for: ------CORRECT ANSWER---------------Up to 5 days and may be renewed once After the proper forms are completed, dealer plates may be used on a vehicle in a dealers inventory ------CORRECT ANSWER----------------by a prospective purchaser
and a repair facility or dealer exchange for a period not to exceed ------ CORRECT ANSWER---------------24 hours A vehicle identification number (vin) is comprised of 17 alpha numeric character. Which character identifies the model year? ------CORRECT ANSWER---------------10th If a vehicle is to be titled out of state, temporary tags are issued and the purchaser does not have the required liability insurance, the dealer ------ CORRECT ANSWER---------------Must collect 1/12 of the uninsured motorist fee and submit to DMV On the buyers order, the line item "balance due at settlement" is used ------ CORRECT ANSWER---------------With both cash and finance transactions In general, a completed buyers order is legally binding when ------ CORRECT ANSWER---------------Both parties agree on a price and sign the buyers order In order for a dealer to occasionally rent a vehicle without a rental license -- ----CORRECT ANSWER---------------The dealer cannot rent a vehicle without a rental license issued by dmv A dealer makes a good will substitution for a vehicle previously delivered and titled to a customer. The sales and use tax refund process is ------ CORRECT ANSWER---------------The tax is not refundable
how do you renew your license? ------CORRECT ANSWER---------------Your employer renews the license and pays the fee. There is no written text for renewals how do you get a duplicate salesperson license? ------CORRECT ANSWER---------------Employer completes the application for your lost/destroyed licenses what happens when you change dealerships? ------CORRECT ANSWER--- ------------during your licensed period you give your license o the former employer and complete a new application at the new place of employment 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 what must you advertise for vehicle prices? ------CORRECT ANSWER------- --------Ad price must include all charges except the sales, title and registration fee. post advertised prices on the vehicle. Do NOT use phrases like "write your own deal" or "name your own price" because they mislead customers What is the new vehicle discount? ------CORRECT ANSWER--------------- you may only advertise new vehicles using terms such as "invoice" or "cost" when you disclose what the actual dealer cost is or may be less than due to factory hold back, rebates, incentives or other discounts "Free" Merchandise ------CORRECT ANSWER---------------Do not use the word "free" in advertising if the customer needs to purchase something to receive the "free" merchandise
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
when it impossible to reset reading on repaired or replaced odometers, what do you do? ------CORRECT ANSWER---------------set the "Zero" place sticker on the left door frame to specify mileage before malfunction with a "not actual mileage" sticker Test Drives ------CORRECT ANSWER---------------before any test drive,ask to see the drivers license when is a contract required ------CORRECT ANSWER---------------when closing a sale, when accepting down payment deposits or title for trade in. if the contract is not approved in 2 days it gets voided out and all payments/titles are returned contract requirements ------CORRECT ANSWER---------------1. name and address of dealer and customer
on price protection. it is important to know each manufacturer price policies. price protection contract must be complete in order to adjust the price contract price increases ------CORRECT ANSWER---------------prices can be adjusted for 1.foreign vehicles (revaluation of us dollar by us government)