OMVIC Practice Test

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Study for the OMVIC Exam with our comprehensive quiz featuring multiple choice questions, flashcards, and detailed explanations. Equip yourself with the knowledge needed to succeed in the automotive sales industry!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

True or False: If the dealer "inflated" the selling amount of a vehicle and the dollar amount of a trade-in, and the contract ends up being rescinded, the dealer would have to return the inflated trade-in dollar amount.

False
True

The correct answer is: True

If the dealer "inflated" the selling amount of the vehicle, they would have to return that amount, but the trade-in is a separate transaction with its own set of terms. If the contract is rescinded, it would invalidate the terms of the trade-in and the dealer would not be obligated to return any inflated trade-in amounts. Therefore, the statement as a whole is true.