New & returning users access the AFIP LMS by logging in below.

info@afip.com +1 (817) 428-2434

Master Certification Course

Self Study

  • 148

    Sections

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 1 - Understanding the Laws (Federal Laws)

  • Understanding the Laws

  • Understanding the Laws - Part 2

Section 2 - Contracts

  • Review Basic Contract Rules

  • Elements of a Contract

  • Credit Sale vs. Loan

  • Retail Installment Sale Agreement Provisions

  • Recourse

  • Common Contract Provisions

  • Section - 2 Quiz

Section 3 - Truth in Lending Act (TILA)

  • Reg. Z Required Disclosures

  • Disclosing the Contract

  • Re-Contracting

  • Deferred Down Payment

  • Negative Equity

  • If Down Payment is greater than Negative Equity

  • Installment Sale Agreement

  • First-Pencil Payment Quote

  • Advertising

  • FTC’s “Cooling-Off” Rule

  • Violation Penalties

  • Section - 3 Quiz

Section 4 - Consumer Leasing Act (CLA)

  • Definitions

  • Payments

  • Common Consumer Leasing Act / Reg. M Disclosures

  • Advertising

  • Violation Penalties

  • Leasing Provisions

  • Section - 4 Quiz

Section 5 – Rules Common to Regulations Z & M

  • Record Retention

  • Safe Harbor Protection

  • Bona Fide Error

  • Statute of Limitations

  • UDAP and UDAAP CLAIMS – Unfair or Deceptive Acts or Practices

  • Section - 5 Quiz

Section Y – Spot Delivery

  • What is a Spot Delivery?

  • General Practices

  • Federal Requirements

  • Typical State Requirements

  • Process

  • Areas of Contention

  • The Essential Elements of a Spot Delivery Agreement

Section Z – Dealer Practices on Regulators’ Radar – UDAP

  • Under Regulatory Scrutiny - 3 Types

  • Under Regulatory Scrutiny - Payment Packing

  • Under Regulatory Scrutiny - Straw Deals

  • Under Regulatory Scrutiny - Power Booking

Section 6 – Federal Trade Commission Credit Rules

  • FTC Credit Rules Introduction

  • Holder-In-Due-Course Rule

  • Holder Rules

  • Credit Practices Rule

  • Notice to Cosigner

  • Late Fees

  • Section - 6 Quiz

Section 7 – Federal Trade Commission Used Car Rule

  • Used Car Rule

  • Buyer's Guide

  • Implied Warranty States

  • Revised Buyer's Guide

  • Section - 7 Quiz

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 - 8 Quiz

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 - 9 Quiz

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 - 10 Quiz

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 - 11 Quiz

Section 12 – USA PATRIOT Act & OFAC

  • Introduction to USA Patriot Act & OFAC

  • What to Do if You Have a Potential “Hit”

  • What to Do if You Have an Exact Match

  • Section - 12 Quiz

Section 13 – Federal Do-Not-Contact Rules

  • Do-Not-Call Rule

  • Do-Not-Email Rule

  • CAN-SPAM Act Requirements

  • Do-Not-Email Rule CAN-SPAM Act

  • Rules for Cell Phones

  • Section - 13 Quiz

Section 14 – Federal Odometer Act

  • Federal Odometer Act- 1972

  • Civil and Criminal Penalties for Odometer Fraud

  • Section - 14 Quiz

Section 15 – Vehicle Insurance

  • About Insurance

  • Customer Doesn't Buy Required Insurance

  • Section - 15 Quiz

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 - 16 Quiz

Section 17 – GAP Protection & VPPs

  • GAP Protection

  • GAP Coverage Limitations

  • Department of Defense

  • Voluntary Protection Products

  • VPP: A Model Dealership Policy

  • Section - 17 Quiz

Section 18 – Ethics Module

  • Ethics Exam

Section 19 – State Laws

  • Candidates Are Required

  • Note: State-Specific Laws

  • Preparing for the State Law Exam

  • Follow AFIP

End