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Major Purchases
| Term | Definition |
|---|---|
| Acquisition fee | AF are charged by real estate firms as compensation to recoup the initial cost of finding, underwriting, and closing on a commercial real estate investment property. |
| Closed End Lease | cel is a contract-based system governed by law in the U.S. and Canada. |
| Collateral | c something pledged as security for repayment of a loan, to be forfeited in the event of a default. |
| Default | . failure to fulfill an obligation, especially to repay a loan or appear in a court of law. "it will have to restructure its debts to avoid default" |
| Deficiency | a lifelong genetic disorder that causes red blood cells to break down if you are exposed to triggers. |
| Depreciation Fee | an annual income tax deduction that allows you to recover the cost or other basis of certain property over the time you use the property |
| Early Termination | a contractual provision allowing one or both parties to end a contract before its scheduled completion date. |
| Finance Charge | he total cost of borrowing, representing any fee or interest paid for accessing credit, beyond the principal amount |
| Fixed Rate Loan | type of financing where the interest rate remains constant throughout the entire term of the loan or a specified, pre-defined period. |
| Inception Fees | upfront costs paid at the start of a lease agreement, typically covering administrative expenses, taxes, and initial payments. |
| Installment Loan | where a borrower receives a lump sum of money upfront and repays it over a set period (the loan term) through scheduled, regular payments—usually monthly. |
| Invoice Price | the amount a car dealership pays the manufacturer for a vehicle, typically including base costs, options, and destination charges. |
| 14. Lease | a binding contract where a property owner (lessor) grants a party (lessee) temporary possession, use, and enjoyment of an asset—such as real estate, vehicles, or equipment—for a specific period in exchange for rent. |
| lessee | is an individual or entity (such as a corporation) that holds temporary possession and usage rights to another party’s property or assets—including real estate, vehicles, or equipment—through a legally binding contract known as a lease. |
| lessor | an owner of property (tangible or intangible) who grants temporary possession and use of that asset to another party, known as the lessee, through a legally binding lease agreement |
| Mileage Allowance | a tax-free, per-mile reimbursement paid by employers to employees for using personal vehicles for business purposes. |
| Mileage Charge | a fee assessed based on the distance a vehicle travels, often applied to car rentals, leased vehicles exceeding limits, or for specialized services like ambulances. |
| Money Factor | financial elements, such as money supply, interest rates, and credit availability, that directly influence economic conditions like inflation, asset prices, and borrowing costs. |
| MSRP | Manufacturer’s Suggested Retail Price. |
| Open End Lease | a type of leasing agreement where the lessee assumes the risk of depreciation on the leased asset at the end of the lease term. |
| Purchase Option | contract that gives a buyer the exclusive right, but not the obligation, to buy a property at a predetermined price within a specified timeframe. |
| Rebates | a partial refund to someone who has paid too much money for tax, rent, or a utility: |
| Residual Value | the estimated worth of an asset at the end of its useful life or lease term, after accounting for depreciation and disposal costs. |
| Secured Loan | type of loan backed by collateral, which the lender can claim if the borrower fails to repay. |
| Trade-In Value | the amount a dealer offers for a used item, typically a vehicle, when it is applied toward the purchase of another item. |
| Unsecured Loan | a type of loan that does not require collateral and is approved based on the borrower’s creditworthiness and ability to repay. |
| Upside Down | the top and bottom reversed, or being in a state of disorder or confusion. |
| Variable Rate Loan | a type of loan where the interest rate changes over time based on a benchmark rate, causing monthly payments to fluctuate. |
| 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:
aconti29