American Bankers Association Exam CRCM Topic 5 Question 97 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 97
Topic #: 5

[All CRCM Questions]

Roberta Milton's car lease with First National Bank reached its termination on August 1. Roberta and the bank agreed to extend the lease on a month-tomonth basis without charging her a fee for doing so. What disclosure responsibilities does the bank have now?

ANone are needed now.

BNone, until after six months of the month-to-month lease

CThe bank must make an entirely new initial disclosure

DThe bank must disclose the estimated residual value at the end of six months

Show Suggested Answer

Suggested Answer: D

by Melita at Sep 18, 2024, 02:38 PM

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Salome

1 days ago

I'm not sure, but I think the bank must disclose the estimated residual value at the end of six months.

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Tawny

2 days ago

I agree with Joseph, the bank should disclose all the necessary information again.

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Joseph

3 days ago

I think the bank must make an entirely new initial disclosure.

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