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Major purchases

TermDefinition
Acquisition Fee An acquisition fee, sometimes built into a price of a lease or loan, is charged by a lessor to cover the expenses.
closed end lease A closed-end lease is a rental agreement that puts no obligation on the lessee.
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 default is failure to meet the legal obligations (or conditions) of a loan
deficiency A deficiency balance, a critical concept in finance, represents the financial gap between a borrower’s outstanding secured loan and the actual amount received by the creditor after selling the collateral securing the loan.
depreciation fee Depreciation is the recovery of the cost of an asset over a number of years
early termination allows one or both parties involved to end the contract before its specified completion date.
finance charge fee charged for the use of credit or the extension of existing credit.
fixed rate loan type of loan that is secured by real estate and has an interest rate that remains unchanged during the mortgage term.
inception fees Inception fee is a term used in leasing, and refers to the initial set of fees that are due at lease inception
installment loan lump sum of money that you borrow and repay in regular payments — or installments
invoice price direct cost incurred by the seller to produce or procure the goods or services being sold.
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 an amount of money paid for every mile traveled
Mileage Charge Mileage charge is a fee that covers the cost of vehicle operations such as gasoline, oil, tires, maintenance, and repairs, as well as fixed costs such as insurance, registration, depreciation, and leasing
Money Factor Money factor is a method for determining the financing charges on a lease with monthly payments.
MSRP Manufacturer’s suggested 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
Purchase Option A purchase option is a legal document that gives an investor or a tenant the exclusive right to decide whether or not to purchase a property during a set period of time
Rebates a partial refund to someone who has paid too much money for tax, rent, or a utility
Residual Value Residual value, also known as salvage value, is the estimated value of a fixed asset at the end of its lease term or useful life.
Secured Loan A secured loan is a type of loan that requires collateral as a condition of borrowing
Trade-In Value The trade-in value refers to how much a dealership thinks your car is worth.
Unsecured Loan An unsecured loan is a debt product offered by banks, credit unions, and online lenders that aren’t backed by collateral1
Upside Down In finance, "upside down" or "negative equity" refers to a situation where the borrower owes more on a loan than the asset is worth.
Variable Rate Loan A variable rate mortgage is a type of home loan in which the interest rate is not fixed.
Warranty A warranty is a written guarantee provided by the manufacturer or seller of a product that promises to repair or replace it if necessary
Popular Finance sets

 

 



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