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Major purchases

QuestionAnswer
Acquisition Fee a fee you pay when leasing a car or other types of vehicles.
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 something pledged as security for repayment of a loan, to be forfeited in the event of a default.
Dealer Incentives A dealer incentive is 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.
Depreciation Fee an amount in accounting that is commonly a fixed percentage of the original cost of a property and that is periodically charged off to expense or against revenue in order to compensate for the depreciation of the property.
Early Termination the dissolution of a contract before the term of that contract has concluded.
Finance Charge the cost of borrowing money, including interest and other fees.
Fixed Rate Loan the interest rate stays the same for the loan's entire term.
Inception Fees Any fees that are due at lease inception.
Installment Loan closed-ended credit accounts that you pay back over a set period of time.
Invoice Price the initial price that the manufacturer charges 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 a person who leases or lets a property to another; a landlord.
Mileage Allowance is a term the Internal Revenue Service (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 the rate assessed by a surface or water ambulance service, measured in miles from the point at which the ambulance receives the patient to the point of final destination (loaded miles).
Money Factor a method for determining the financing charges on a lease with monthly payments.
MSRP Manufacturer Suggested Retail Price and it's the figure that the manufacturer recommends Elk River dealership sell a vehicle at.
Open End Lease 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 a right to purchase or lease land or other property interests without any obligation to do so.
Rebates a partial refund to someone who has paid too much money for tax, rent, or a utility.
Residual Value the estimated value of a fixed asset at the end of its lease term or useful life.
Secured Loan loan backed by collateral—financial assets you own, like a home or a car—that can be used as payment to the lender if you don't pay back the loan.
Trade-In Value a car dealership's valuation of your car when you opt for a trade-in.
Unsecured Loan a loan provided solely based on the creditworthiness of the borrower without pledging any collateral as security in the event of default or non-payment of dues.
Upside Down you owe more on your car than it's actually worth.
Variable Rate Loan a loan in which the interest rate charged on the outstanding balance varies as market interest rates change.
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: Agiberson22
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