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Exam CRCM topic 1 question 41 discussion

Actual exam question from ABA's CRCM
Question #: 41
Topic #: 1
[All CRCM Questions]

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

  • A. A warning to the consumer that a substantial charge may result from early termination (required only in a motor vehicle lease)
  • B. A statement of the conditions under which the lessee or lessor may terminate the lease prior to the end of the lease term
  • C. The purchase option at the end of the lease term
  • D. The amount of any penalty or other charge for early termination (the penalty must be reasonable)
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Suggested Answer: ABD 🗳️
by Cam22 at March 15, 2024, 1:05 a.m.

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Cam22
4 months ago
Selected Answer: D
In the context of an early termination notice within a consumer leasing agreement, it is critical to disclose the amount of any penalty or other charge for early termination, ensuring that these charges are reasonable. This provides clarity to the consumer about the financial implications of terminating the lease agreement ahead of schedule.
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