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Study Guide - Motor Vehicle Information and Cost Saving Act: Truth in Mileage Act

  1. An "A" after the odometer reading on a title indicates
    1. Actual miles driven.
    2. Accumulated miles over and above the odometer reading.
    3. The odometer has been altered.
    4. The abbreviation of the letter A stands for actual miles driven.
  2. The term "mileage" as used in the Truth In Mileage Act means
    1. The actual distance the vehicle has been driven.
    2. The mechanical odometer reading.
    3. The same as "odometer reading".
    4. Mileage is defined as the actual distance the vehicle has been driven.
  3. An "E" after the odometer reading on a title means
    1. Mileage in excess of the odometers mechanical limits.
    2. Exempt from reporting.
    3. Odometer has be exchanged.
    4. Mileage in excess of the odometers mechanical limits can be identified as an E on the title document.
  4. Which of the following statements are true regarding the Truth In Mileage Act
    1. The buyer and seller must sign and print their name.
    2. The customer must receive a copy of the odometer statement.
    3. An "N" after the odometer reading on the title means the odometer reading is not actual.
    4. All of the above.
    5. The Truth In Mileage Act requires the buyer and seller to sign and print their names, each customer must get a copy of the odometer statement and an N after the odometer reading on the title denotes the odometer reading is not actual.
  5. 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 information required in the statement is
    1. The name of the person making the disclosure and the current odometer reading.
    2. The date of the statement and lessee's and lessor's name and current address.
    3. the identity of the vehicle including the make, model, year, body type and vehicle identification number.
    4. All of the above information is required.
    5. In leasing a motor vehicle, a dealer must provide the name of the person making the disclosure and the current odometer reading, give the date of the statement and lessee's and lessor's name and current address, and identify the vehicle by the make, model, year, body type and vehicle identification number.
  6. Under Federal law the customer must receive a copy of the odometer disclosure statement. This can be furnished
    1. On an unsecured disclosure that conforms to the law.
    2. By giving a copy of the secure reassignment and/or power of attorney if the title is not available.
    3. By giving a copy of the conforming title.
    4. B & C of the above.
    5. The federal law requires dealer to give their customers a copy of the odometer disclosure statement, this can be accomplished by giving a copy of the secure reassignment and/or power of attorney if the title is not available and by giving a copy of the conforming title.
  7. A Power of Attorney (Form VAD-70) is used only when:
    1. A title is lost.
    2. The title is held by a lien holder.
    3. A deposit is required on a vehicle to be ordered.
    4. A and B above.
    5. A Power of Attorney (Form VAD-70) is used only when a title is lost or the title is being held by a lien holder.
  8. Section B on a Power of Attorney (Form VAD-70) is used:
    1. When there is more than one owner of a vehicle.
    2. When a vehicle is sold prior to the dealer receiving the title.
    3. When the titled owner is out of the country.
    4. To place a second lien on a vehicle.
    5. Section B on a Power of Attorney (Form VAD-70) is used when a vehicle is sold prior to the dealer receiving the title.
  9. Section C on the Power of Attorney (Form VAD-70):
    1. Is only completed if there is an odometer discrepancy.
    2. Must always be completed by the dealer.
    3. Is an affirmation, by the dealer, that the information contained on the form is correct to the best of their knowledge.
    4. B and C above.
    5. Section C on the Power of Attorney (Form VAD-70) must always be completed by the dealer and is an affirmation, by the dealer, that the information contained on the form is correct to the best of their knowledge.

Section 7 of Study Guide

Section 5 of Study Guide