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major purchases

TermDefinition
Acquisition Fee charged by a lessor to cover the expenses incurred in arranging a lease
Close End Lease is 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 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, allowing the dealer to make a higher profit or to reduce the price at which the product is sold to consumers.
Default failure to fulfill an obligation, especially to repay a loan or appear in a court of law.
Deficiency a failing or shortcoming
Depreciation Fee is the value of a fixed asset net of all accumulated depreciation that has been recorded against it.
Early Termination is a charge levied when a party wants to break the term of an agreement or long-term contract.
Finance Charge is any fee representing the cost of credit, or the cost of borrowing.
Fixed Rate Loan where the interest rate doesn't fluctuate during the fixed rate period of the loan
Inception Fees may include a down payment, security deposit, acquisition fee, first month's payment, taxes or title fees.
Installment Loan is a loan that is repaid over time with a set number of scheduled payments
Invoice Price is the automobile manufacturer's original charge to the dealer.
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 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 Funds provided to an individual as reimbursement for mileage placed on their vehicle from performing a duty for another person or business
Money Factor is the alternative method of presenting the amount of interest charged on a lease with monthly payments.
MSRP The list price, also known as the manufacturer's suggested retail price
Open End Lease is a type of rental agreement that obliges the lessee (the person making periodic lease payments) 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 is a clause 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 is an estimate of how much it will be worth at the end of its lease, or at the end of its useful life
Secured loan is 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 of a car is the amount of credit that a car dealer is willing to offer you toward the purchase price of a new or used car in exchange for ownership of your old car.
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 They owe more than the car is worth as soon as they sign the contract.
Variable Rate Loan 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 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: jscheffer18