SAF 2
Finance Awareness Quiz
Test your knowledge on finance leasing, hire purchase agreements, and FCA regulations with our quiz designed for professionals in the automotive finance sector.
Challenge yourself with:
- 10 multiple-choice questions
- Insights into financial practices
- Immediate feedback on your answers
If you suspect that a customer may have a condition which limits their mental capacity, which of the following would be the best course of action
Weight up the information available to you to determine whether the customer needs further assistance before proceeding with any finance applications
Ask the customer to provide a doctor's note
Treat the customer as thought their issues does not exist
Do not continue with the deal
In a finance Lease who or what is the lessee
The leasing company
The driver of the vehicle
The dealer who supplied the vehicle
The company that pays to hire the vehicle
Is a Hire Purchase agreement regulated, unregulated or exempt under consumer credit rules
Only unregulated
Only regulated
It can be regulated unregulated or exempt
Motor Dealers who engage in introducing customers who enter into regulated or exempt credit or hire agreements are classed as what by the FCA
Credit intermediaries
Finance providers
Credit Brokers
Agents of the finance company
On an unregulated agreement what is the term used to describe the customers terminations rights
The halves rules
The thirds rules
The cooling off period
None of the above (it depends what is in the terms and conditions)
The amount advanced on a Personal Loan agreement is normally limited to what
140% of CAP (current auction prices) Value of the vehicle
Where the customer plans to buy the car from
The purchase price of the vehicle
The lenders specific underwriting criteria
The FCA expects regulated firms to manage the potential risks resulting from financial incentives, which of the following is regarded as "good practice"
Bonus payments are reduced if more than ten customers complain about being mis-sold a product
Take action when the quality of sales is found to be poor (e.g higher levels of customer complaints or early settlement)
Take action to ensure staff are happy with the level of incentives they are paid
Ask customers whether they are satisfied with their finance product
The FCA expects regulated firms to manage the potential risks resulting from financial incentives. Which of the following is regarded as poor practice
No extra monitoring is carried out on staff with higher than average rates of cross-selling products
Face to face sales conversations are monitored
Management information is regularly reviewed for individual sales staff
Financial incentives are not paid if there have been poor customer outcomes
The Guaranteed Minimum Future Value on a Personal Contract Purchase is determined by
The price of the vehicle the anticipated mileage and current auction price
The anticipated mileage the term vehicle type and specification
The deposit paid and term and price of the vehilce
The deposit paid, the term and anticipated mileage
The balloon payment at the end of a purchase agreement is
The responsibility of the dealer
The responsibility of the consumer
The responsibility of the finance company
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