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Major purchases

QuestionAnswer
Acquisition Fee A fee charged to cover the expenses incurred in arranging a lease.
Closed end Lease A rental agreement that puts no obligation on the person making the lease payment, to purchase the leased asset at the end of the agreement.
Collateral Security for repayment of a loan.
Dealer Incentives A sales 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.
Default Failure to fulfill an obligation, especially to repay a loan or appear in a court of law.
Deficiency A lack of shortage.
Depreciation Fee Purchase price.
Early Termination A fee that is levied when a party want 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 change during the fixed rate period of the loan
Inception fees Down payment, security deposit, acquisition fee, first month payment, taxes or title fees.
Installment loan A loan that is repaid over time with a set number of scheduled payments.
Invoice price Automobile manufacturer's original charge to the dealer.
Lease A contract which one party conveys land, property etc. to another for a specified time.
Lessee Person who holds the lease of a property.
Lessor Person who leases a property to another (a landlord).
Mileage allowance Expenses for people using their vehicles for business, charity, moving etc.
Mileage charge Rental car charge for driven distance that exceeds maximum allowed mileage.
Money factor Alternative method of presenting the amount of interest charged on a lease with monthly payments.
MSPR Term used to mean the price at which a manufacturer will recommend a retailer sell a product for.
Open end lease A rental agreement that obliges the lessee to make a balloon payment at the end of the lease agreement.
Purchase Option Option in a lease agreement that allows the lessee to buy the leased asset at the end of the lease period at a lower price.
Rebates A partial refund to someone who has paid too much money for tax or rent.
Residual value Estimate of much a fixed asset will be worth at the end of its lease.
Secured loan A loan in which the borrower pledges some asset as a collateral for the loan.
Trade-In value Amount of money offered to you by a dealer for your old car.
Unsecured loan Loan that is issued and supported only nu 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 that that asset's current market value.
Variable rate loan A loan over time, because it is based on an underlying index that changes periodically.
Warranty A written guarantee issued to the purchaser of an article by its manufacturer.
Created by: jeik17