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Major Life Purchases

TermDefinition
Acquisition Fee a charge from a lessor or lender to cover the expenses incurred for arranging a lease or loan.
Closed End Lease A closed-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 financial inducement used by manufacturers to motivate dealers to sell a particular product by offering discounts on that product
Default failure to fulfill an obligation, especially to repay a loan or appear in a court of law.
Deficiency a lack or shortage.
deprecation fee a reduction in the value of an asset with the passage of time, due in particular to wear and tear.
Early Termination Termination of Employment before Normal Retirement Age for reasons other than death, Disability, Termination for Cause or following a Change of Control.
Finance Charge the cost of borrowing money, including interest and other fees
Fixed Rate Loan unchanging rate charged on a liability, such as a loan or mortgage.
Inception fees fees that are due at lease inception. Inception fees may include a down payment, security deposit, acquisition fee, first month's payment, taxes or title fees.
Installment loan type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments;
Invoice price DescriptionThe actual price paid to the manufacturer or distributor by the end-customer retailer
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 Allowances a term the IRS uses to refer to the deductibility of expenses car owners accrue while operating a personal vehicle for business, medical, charity, or moving purposes.
Mileage Charge usually associated with automobile leases or car rentals. These are the per mile fees imposed when a vehicle is driven beyond the miles allowed in the lease or rental agreement.
Money Factor method for determining the financing charges on a lease with monthly payments.
MSRP known as the manufacturer's suggested retail price, or the recommended retail price,
Open end lease 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 opportunity to purchase a piece of property which is being leased after the lease is completed, is part of the many options available in a lease agreement
Rebates a partial refund to someone who has paid too much money for tax, rent, or a utility.
Residual value is the estimated value of a fixed asset at the end of its lease term or useful life
Secured Loan borrower will have to put up valuable collateral to obtain the loan,
Trade in value 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 loan isn't backed by any collateral
Upside Down more on a loan used to pay for an asset than that asset's current market value
Variable rate loan a loan in which the interest rate charged on the outstanding balance varies as market interest rates change
Warranty A guarantee that the manufacturer of a product will repair damage or defects for free for a certain period of time
Created by: Abeadle21
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