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Acquisition Fee A fee charged by a lessor to cover the expenses incurred in arranging a lease. May also refer to charges and commissions paid for the acquisition or purchase of property, such as closing costs, real estate commission, and development/construction fees.
Closed End Lease A rental agreement that puts no obligation on the lessee (the person making periodic lease payments) to purchase the leased asset at the end of the agreement.
Collateral a property or other asset that a borrower offers as a way for a lender to secure the loan.
Dealer Incentives strategy in which the price a dealer has to pay a manufacturer for a particular product is reduced, allowing the dealer to make a higher profit or to reduce the price at which the product is sold to consumers.
Default failure to meet the legal obligations (or conditions) of a loan
Deficiency the numerical difference between the amount of tax that a taxpayer, or taxpaying entity, reports on a tax return and the amount that the IRS determines is actually owed
Depreciation Fee an accounting method of allocating the cost of a tangible asset over its useful life. Businesses depreciate long-term assets for both tax and accounting purposes.
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. This allows the borrower to accurately predict their future payments.
Inception Fees up-front money that is due at the time a car lease agreement is signed (“lease signing”)
Installment Loan a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan
Invoice Price a manufacturer charges a dealer before any applicable discounts or rebates.
Lease a contract by which one party conveys land, property, services, etc., to another for a specified time, usually in return for a periodic payment.
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 , usually levied on per mile basis.
Money Factor the alternative method of presenting the amount of interest charged on a lease with monthly payments.
MSRP manufacturer's suggested retail price (MSRP) is the amount of money the producer of a product recommends the product be sold for in retail stores.
Open End Lease A rental agreement that obliges the lessee to make a balloon payment at the end of the lease agreement amounting to the difference between the residual and fair market value of the asset.
Purchase Option an option in a lease agreement that allows the lessee to purchase the leased asset at the end of the lease period at a price substantially below its fair market value.
Rebates a partial refund to someone who has paid too much money for tax, rent, or a utility.
Residual Value the remaining value of an asset after it has been fully depreciated. The residual value derives its calculation from a base price, calculated after depreciation.
Secured Loan a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
Trade- In Value the amount of money offered to you by a car dealer for your old car, to be applied as a credit toward your purchase of a new vehicle.
Unsecured Loan a loan that is issued and supported only by the borrower's creditworthiness, rather than by any 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. ... Negative equity is most common after the burst of an asset bubble. One with negative equity is said to be upside down in the loan.
Variable Rate Loan loans that have an interest rate that will fluctuate over time in line with prevailing interest rates.
Warranty a security that entitles the holder to buy the underlying stock of the issuing company at a fixed price called exercise price until the expiry date.
Created by: Makhdar17