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TermDefinition
Acquisition Fee DEFINITION of 'Acquisition Fee' A fee charged by a lessor to cover the expenses incurred in arranging a lease.
Closed End Lease DEFINITION of 'Closed-End Lease' A rental agreement that puts no obligation on the lessee (the person making periodic lease payments)
Collateral something pledged as security for repayment of a loan, to be forfeited in the event of a default
Dealer Incentives Dealer incentives are factory-to-dealer incentives that reduce the dealer's true cost to buy the vehicle from the factory.
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 Depreciated Cost = Purchase Price (or cost basis) – {Cumulative Depreciation} Depreciated cost is also known as the "net book value" or "adjusted cost basis"
Early Termination An early termination fee is a charge levied when a party wants to break the term of an agreement or long-term contract
Finance Charge In United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing
Fixed Rate Loan A fixed interest rate loan is a loan where the interest rate doesn't fluctuate during the fixed rate period of the loan
Inception Fees The term, lease inception or lease inception cash, refers to the up-front money that is due at the time a car lease agreement is signed (“lease signing”
Installment Loan An installment loan is 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 Invoice Price: This is roughly what the dealer paid the carmaker for the vehicle
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 DEFINITION of '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 (or kilometers), usually levied on per mile (or kilometer) basis
Money Factor A money factor is the alternative method of presenting the amount of interest charged on a lease with monthly payments
MSRP A: The Manufacturer's Suggested Retail Price — also known as “sticker” price
Open End Lease What is an 'Open-End Lease' A rental agreement that obliges the lessee (the person making periodic lease payments)
Purchase Option The right, but not the obligation, to buy a leased item at a predetermined price. With a fixed price purchase option, the purchase price is established when the lease terms are agreed upon
Rebates a partial refund to someone who has paid too much money for tax, rent, or a utility
Residual Value Residual value is one of the constituents of a leasing calculus or operation. ... In accounting, residual value is another name for salvage value, the remaining value of an asset after it has been fully depreciated
Trade-In Value The net trade-in value is 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 An unsecured loan is a loan that is issued and supported only by the borrower's creditworthiness, rather than by any type of collateral
Upside Down owe more on your car loan than your car is actually worth
Variable Rate Loan A variable interest rate is an interest rate on a loan or security that fluctuates over time, because it is based on an underlying benchmark interest rate or index that changes periodically
Warranty (in an insurance contract) an engagement by the insured party that certain statements are true or that certain conditions shall be fulfilled, the breach of it invalidating the policy
Created by: bturner17