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major Purchases

TermDefinition
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 contract -based system governed by law in the U.S. and Canada. It allows a person the use of property for a fixed term, and the right to buy that property for the agreed residual value when the term expires.
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 The failure to make required interest or principal repayments on a debt, whether that debt is a loan or a security.
Deficiency Any debt remaining after a creditor sells assets securing a loan.
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 An agreement between two parties ending a current contract earlier than the specified term.
Finance Charge Any charge associated with using credit.
Fixed Rate Loan When your interest rate is locked in/ fixed for a certain period, typically between one and ten years.
Inception Fees Any fees that are due at lease inception
Installment Loan Allow individuals to borrow a predetermined amount of money, disbursed in a lump sum, that can be repaid over time.
Invoice Price The price that the merchant pays for the product before marking it up to sell
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 any form of property; a tenant.
Lessor a person who leases or lends 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 deductibility of expenses car owners accrue while operating a personal vehicle for business, medical, charity, or moving purposes.
Money Factor The financing cost of a monthly lease payment.
MSRP The Manufacturer Suggested Retail Price- the price that the manufacturer – suggests that the dealer ask for the vehicle.
Open End Lease You are responsible for the condition of the vehicle at lease end
Purchase Option The opportunity to purchase a piece of property which is being leased after the lease is completed,
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 Loans that are secured by a specific form of collateral, including physical assets such as property and vehicles or liquid assets such as cash
Trade-In Value The amount that a car dealer pays you toward the purchase price of a new or used car in exchange for your old car
Unsecured Loan When a lender provides money to a borrower without any legal claim to the borrower's assets in case of default.
Upside Down you owe more on your car than it's actually worth.
Variable Rate Loan the interest rate on the loan changes as the index rate changes
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: pwood24
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