Discuss American Bankers Association CRCM Exam Topic 1 Question 116

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

EXCEPT:

AAmount 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

BNumber, amount, and due date of payments scheduled and the total amount of periodic payments

CIn 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''

DIf there are multiple items of property, the property description may be separate

Suggested Answer: D

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23 comments · newest first

Jesusa 9 months ago

Totally agree, A is a must-have in those disclosures!

Ruthann 9 months ago

Wait, are you sure about D? That doesn't sound familiar.

Ailene 9 months ago

C sounds right, but D seems off to me.

Adela 10 months ago

I think B is also required, right?

Vincenza 10 months ago

A is definitely included in the disclosures.

Rhea 11 months ago

I feel like the separate property description might not be necessary for all leases, but I can't remember the exact rules on that.

Marilynn 11 months ago

The part about the open-end lease sounds familiar, but I can't recall if it's specifically mentioned in the segregated disclosures.

Donte 11 months ago

I remember practicing a question about the number and amount of payments, and I think that one is definitely included in the disclosures.

Judy 11 months ago

I think the disclosures for the amount due at lease signing are pretty detailed, but I'm not sure if all of them are required for every lease type.

Myra 11 months ago

I'm a bit unsure about this one. The wording is a bit tricky, asking for the EXCEPTION rather than the requirements. I'll need to double-check my understanding of the Act to make sure I don't miss anything.

Xochitl 12 months ago

This question is testing our knowledge of the specific disclosure requirements. I'll need to rely on my understanding of the Act to eliminate the choices that are required and select the one that is not.

Lindsay 12 months ago

Okay, let me think this through. The key is to identify the one item that is not required to be disclosed under the Consumer Leasing Act. I'll read through the choices and try to spot the odd one out.

Nakisha 12 months ago

Hmm, I'm a little unsure about this one. The question is asking what is NOT required, so I'll need to carefully review each option to determine which one doesn't belong.

Denise 1 year ago

This looks like a pretty straightforward question on the content requirements for the Consumer Leasing Act. I think I can handle this one.

Dorthy 1 year ago

D seems like the obvious choice here. The other options are all clearly required disclosures, so D must be the odd one out.

Armanda 1 year ago

Hmm, this is a tricky one. I'm torn between B and D, but I'll go with D since the question specifically asks for the EXCEPTION.

Arlyne 9 months ago

↳ replying to Armanda

I’m still unsure, but D does seem like the best pick for an exception.

Carissa 10 months ago

↳ replying to Armanda

I agree with Levi. D doesn’t fit with the others.

Ben 10 months ago

↳ replying to Armanda

I’m leaning towards B. It seems too straightforward to be an exception.

Levi 10 months ago

↳ replying to Armanda

I think D is the right choice too. It feels like the odd one out.

Gene 1 year ago

I think the answer is D. The other options are all required disclosures under the Consumer Leasing Act, so D must be the EXCEPTION.

Princess 1 year ago

↳ replying to Gene

I agree, D is the exception because it is not a required disclosure under the Consumer Leasing Act.

Yvette 1 year ago

I think the answer is D.

American Bankers Association CRCM Exam - Topic 1 Question 116 Discussion