OMVIC Practice Test

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Dive into the OMVIC Practice Test and test your knowledge on laws, regulations, and ethical practices in the automotive industry. Perfect for aspiring dealers and salespersons to validate their expertise!

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What information about financing must be provided if the dealer helps a consumer obtain it?

  1. Color of the bank's logo

  2. Bank manager's name and address

  3. Initial Disclosure Statement details

  4. Location of the nearest ATM

The correct answer is: Initial Disclosure Statement details

When a dealer assists a consumer in obtaining financing, they must provide details about the Initial Disclosure Statement. This statement includes important information such as the annual percentage rate, finance charges, and other fees associated with the loan. Options A, B, and D are all irrelevant to the question and do not provide any useful information about the financing process.

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