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acquisition fee a charge from a lender or lessor to cover the expenses incurred for arranging a loan or lease agreement.
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 financial strategy used by manufacturers to motivate dealers to sell their products by offering discounts on those products
default failure to fulfill an obligation, especially to repay a loan or appear in a court of law.
deficiency the numerical difference between the amount of tax that a taxpayer, or taxpaying entity, reports on a tax return and the amount that the Internal Revenue Service (IRS) determines is actually owed.
depreciation fee the value of a fixed asset minus all of the accumulated depreciation that has been recorded against it
early termination the dissolution of a contract before the term of that contract has concluded.
finance charge the cost of consumer credit as a dollar amount
fixed rate loans a loan where the interest rate doesn't fluctuate during the fixed rate period of the loan.
inception fees Any fees that are due at lease inception
installment loan a type of agreement or contract involving 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 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 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
money factor a method for determining the financing charges on a lease with monthly payments.
MSRP The list price, or the recommended retail price, or the suggested retail price of a product is the price at which its manufacturer notionally recommends that a retailer sell the product.
open end lease 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 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 It describes the future value of a good in terms of absolute value in monetary terms and it is sometimes abbreviated into a percentage of the initial price when the item was new.
secured loan a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan
trade-in value a car dealership's valuation of your car when you opt for a trade-in.
unsecured loan refers to any type of debt or general obligation that is not protected by a guarantor, or collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment.
upside down the situation when you buy something on credit and now owe more for it than it is worth.
variable rate loan a type of loan where the interest changes according to changes in market interest rates.
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: Bellakmitch
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