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Bergstrom Basic Classroom Required

Self Study

  • 67

    Lessons

Access to the Dealer Desk Book Login for Dealer Desk Book

Overview

The processes of purchasing and financing automobiles, as well as securing vehicle owner protection products, are among the most highly regulated consumer activities in the United States at both the state and federal levels.

The nonprofit Association of Finance & Insurance Professionals was founded by the industry in 1989 to certify dealership personnel to a working knowledge of the governing regulations and to establish a code of ethical conduct. AFIP has completed more than 70,000 certifications to date.

If you’re an F&I professional, or a key consumer contact representative, earning AFIP Certification means that you’ve mastered the information essential to satisfying the requisites for regulatory compliant fair dealings with your customers, finance sources, vehicle protection product providers and your employer.

Welcome to AFIP Certification

  • Welcome to the Course

  • About AFIP Professional Certifcation

  • AFIP Professional Certification Exam Preparation

  • AFIP Final Exam Review

  • Certification Levels

Section 7 – Federal Trade Commission Used Car Rule

  • Used Car Rule

  • Buyer's Guide

  • Implied Warranty States

  • Revised Buyer's Guide

Section 8 – Equal Credit Opportunity Act (ECOA)

  • Evaluation of Creditworthiness

  • AFIP Best Practices

  • Marital Status

  • Disparate Pricing

  • Dealer Participation Rate Modification Form

  • AFIP Recommended Policy Contacts

  • Buy Rate Mark Up

  • Transaction Origination Expense

  • Dealer - Arranged Financing

  • Dealer Markup Constraints

  • Record Retention

  • Risk-Based Pricing / Exception Notice

  • Exception Notice Requirements

Section 9 – Fair Credit Reporting Act (FCRA)

  • Introduction

  • Credit Worthiness & Credit Scores

  • Industry-Specific - Specialize Services

  • Dealer-Assisted Financing Advantage – De-Duping

  • Two Types of Credit File Inquiries

  • Consumers with Thin Credit Files

  • UltraFICO / Experian Boost

  • Program Comparison

  • Helping Customers with Thin Credit Files

  • Soft Pulls and a Firm Offer of Credit

  • Credit Reports

  • Credit Application – Best Practices

  • Credit Reports on Request

  • Disputing an Entry on a Credit Report

  • Fraud Alerts

  • Credit Freeze

  • Adverse Action Notice

  • Information Provided In Adverse Action Notice

Section 10 – Protecting Nonpublic Personal Information (NPI)

  • Introduction

  • Financial Privacy Rule

  • Safeguards Rule

  • Penalties for Noncompliance

  • Disposal Rule

  • Red Flags Rule

  • Identity Verification

  • Practices to Prevent Identity Theft

Section 11 – IRS/FinCEN Form 8300 Cash Reporting Rule

  • Introduction to IRS Form 8300

  • What’s Not Cash?

  • Transactions that Require Filing IRS Form 8300

  • Filing Rules

  • Taxpayer Identification Number (TIN) Section

  • Exceptions to Line 6

  • Non-Resident Alien

  • Suspicious Transactions

  • Civil and Criminal Penalties

Section 16 – The Magnuson-Moss Warranty Act & Vehicle Service Contracts

  • About Magnuson-Moss Warranty Act

  • Warranty Types

  • What is VSC?

  • The Magnuson-Moss Warranty Act

  • Emissions Warranties

  • Standards for Partial Zero-Emissions Vehicles

Section 19 – State Laws

  • Candidates Are Required

  • Note: State-Specific Laws

  • Preparing for the State Law Exam

  • Follow AFIP

End