ABA CRCM Certification Exam Questions with AI Explanations

Content of segregated disclosures in Consumer Leasing Act include all of the following EXCEPT:

Amount due at lease signing or delivery, itemized by type and amount, including:
efundable security deposit
Advance monthly or other periodic payment
Capitalized cost reduction
An itemization of how the amount due will be paid, by type and amount (only required in a motor vehicle lease), using the model form
Number, amount, and due date of payments scheduled and the total amount of periodic payments
In an open-end lease, the descriptive statement "You will owe an additional amount if the actual value of the vehicle is less than the residual value"
If there are multiple items of property, the property description may be separate

Answer(s): D

In a motor vehicle lease, a mathematical progression showing how the periodic payment is derived, containing the following information:

Gross capitalized cost (including the agreed-on value of the vehicle)
Rent charge (the difference between the total of base payment over the lease term minus the depreciation and any amortized amounts)
Itemization of other charges that are part of the periodic payment
All of the above

Answer(s): D

In a motor vehicle lease, a mathematical progression showing how the periodic payment is derived, containing the following information:

Gross capitalized cost (including the agreed-on value of the vehicle)
Rent charge (the difference between the total of base payment over the lease term minus the depreciation and any amortized amounts)
Itemization of other charges that are part of the periodic payment
All of the above

Answer(s): D

In a motor vehicle lease, a mathematical progression showing how the periodic payment is derived, containing the following information:

Gross capitalized cost (including the agreed-on value of the vehicle)
Rent charge (the difference between the total of base payment over the lease term minus the depreciation and any amortized amounts)
Itemization of other charges that are part of the periodic payment
All of the above

Answer(s): D

Which one of the following should be included in an early termination notice in case of the termination from consumer leasing agreement?

A warning to the consumer that a substantial charge may result from early termination (required only in a motor vehicle lease)
A statement of the conditions under which the lessee or lessor may terminate the lease prior to the end of the lease term
The purchase option at the end of the lease term
The amount of any penalty or other charge for early termination (the penalty must be reasonable)

Answer(s): A,B,D

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