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6.02personal finance

Transportation Options

TermDefinition
Public transit Public modes of transportation available in cities---bus,subway,trolley
Carpooling Grouping with others to share rides to and from work
Depreciate To decrease in value
Disclosure sheet Describes any repairs or replacements done on a used care
Make The brand of a vehicle
Model A line of vehicles made by a specific company, such as Ford Taurus
Domestic American-made
Imported Foreign-made
Auto Superstore Dealerships with huge inventories of new and used vehicles
fuel economy Type of fuel used and miles per gallon
Power A vehicle's ability to accelerate for speed
Perfomance A vehicle's ability to handle,brake, and acceleration the road
Invoice price The price the dealer pays the manufacturer
Base price The price of a vehicle with standard equipment
Options Features available at extra cost or special prices
Manufacturer's suggested retail price Base price+price options installed by manufacturer+manufacturer's transportation charge
Sticker price Dealer's initial asking price as found on the sticker in the vehicle window
Up front costs Costs wen singing a lease---Deposit, taxes,and registration fees
Leasing Monthly payments in exchange for exclusive use of vehicle for a time
Capitalized cost Price for a leased care
Capitalized cost reduction Payment similar to down payment that results in lower monthly payment
Lease term Length of the lease---usually, 24,36, or 48 months
Option to purchase At end of lease, the alternative to purchase the leased vehicle
Residual value The worth of a leased vehicle at the end of the lease
Installment loan A loan to be repaid in equal payments
Liability insurance Covers when liable or responsible for an accident were others are injured or killed
collision insurance Pays for loss or damages to insured person's care due to accident
Comprehensive physical damage insurance pays for loss or damage not resulting from a collision---E.g.,fire, theft, falling objects
No-fault auto insurance Pays claims regardless of who is at fault
Underinsured motorist insurance Covers difference between liability coverage and Underinsured motorist and the amount of losses
Rental reimburstement Covers cost of renting a care wile yours is being repaired
Premium The cost for insurance coverage for the term of the insurance policy
Deductible The amount an insured person must pay before the insurance company pays on a claim
Created by: coxke3 on 2013-05-21



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