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Major Purchases

TermDefinition
Acquisition Fee A fee charged by a lessor to cover the expenses incurred in arranging a lease.
Closed End Lease A rental agreement that puts no obligation on the lessee
Collateral something pledged as security for repayment of a loan, to be forfeited in the event of a default.
Dealer Incentives A corporate sales strategy in which the price a dealer has to pay a manufacturer for a particular product is reduced
Default failure to fulfill an obligation, especially to repay a loan or appear in a court of law.
Deficiency a lack or shortage
Depreciation Fee a method of allocating the cost of a tangible asset over its useful life.
Early Termination a charge levied when a party wants to break the term of an agreement or long-term contract.
Finance Charge any fee representing the cost of credit, or the cost of borrowing.
Fixed Rate Loan a loan where the interest rate doesn't fluctuate during the fixed rate period of the loan.
Inception Fees a fee that is charged by the bank that you are leasing through.
Installment Loan a loan that is repaid over time with a set number of scheduled payments
Invoice Price the automobile manufacturer's original charge to the dealer.
Lease a contract by which one party conveys land, property, services, etc
Lessee a person who holds the lease of a property; a tenant.
Lessor a person who leases or lets a property to another; a landlord
Mileage Allowance A deduction of automobile expenses for people using their vehicles for business, charity, moving, medical or any other purpose that qualifies for a deduction
Mileage Charge Rental car charge for driven distance that exceeds maximum allowed mileage
Money Factor the alternative method of presenting the amount of interest charged on a lease with monthly payments
MSRP the amount of money for which the company that produces a product recommends that it be sold in stores
Open End Lease A rental agreement that obliges the lessee
Purchase Option The right, but not the obligation, to buy a leased item at a predetermined price
Rebates a partial refund to someone who has paid too much money for tax, rent, or a utility.
Residual Value the amount you can buy the car for at the end of the lease, if you decide you want to purchase the car
Secured Loan a loan in which the borrower pledges some asset
Trade-In Value A statistical method used to estimate the sources of value added when producing goods and services for export and import.
Unsecured Loan a loan that is issued and supported only by the borrower's creditworthiness, rather than by a type of collateral
Upside Down A situation in which one owes more on a loan used to pay for an asset than that asset's current market value.
Variable Rate Loan A floating interest rate, also known as a variable or adjustable rate, refers to any type of debt instrument, such as a loan, bond, mortgage, or credit
Warranty a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time
Created by: droehner19