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Major Life Purchases

TermDefinition
Acquisition Fee A fee charged by the leasing company to set up the lease (also called an administrative fee).
Closed End Lease A lease that allows you to return the vehicle at the end of the term with no further financial obligation, provided mileage and wear limits are met.
Collateral An asset (like a car or house) pledged by a borrower as security for a loan.
Dealer Incentives a financial reward or discount provided by a car manufacturer to a dealership
Default Failure to fulfill a legal obligation, such as making a loan payment.
Depreciation Fee The portion of a lease payment that covers the projected decline in the vehicle's value over the lease term.
Early Termintation the premature end of a contract or agreement before its originally scheduled expiration date
Finance Charge The total dollar amount you pay to use credit, including interest and other fees.
Fixed Rate Loan A loan where the interest rate remains the same for the entire term.
Inception Fees The total amount due at the time of signing a lease (e.g., first month's payment, security deposit, taxes).
Installment Loan An installment loan is a type of loan where you borrow a lump sum of money upfront and pay it back over a set period of time
Invoice Price the amount a dealer or retailer pays a manufacturer or distributor for a product before adding their retail markup
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 The person who rents the property under a lease (the "customer").
Lessor The person or company that owns the property and grants the lease (the "owner/dealer").
Mileage Allowance The maximum number of miles you are permitted to drive the vehicle per year without paying extra.
Milage Charge The fee per mile charged for exceeding the mileage allowance.
Money Factor A number used to determine the interest rate on a lease (multiply by 2,400 to get the approximate APR).
MSRP Manufacturer’s Suggested Retail Price; the "sticker price" recommended by the producer.
Open End Lease A lease where the lessee is responsible for the difference between the residual value and the actual value of the vehicle at the end of the term.
Purchase Option
Rebates A partial refund to someone who has paid too much money for tax, rent, or a utility
Residual Value The estimated worth of the vehicle at the end of the lease term.
Secured Loan a loan backed by a valuable asset, known as collateral (such as a home or car).
Trade-In Value The amount a dealership credits you for your used vehicle when purchasing or leasing a new one.
Unsecured Loan a type of debt that is not backed by collateral.
Upside Down When you owe more on a loan than the asset is currently worth (negative equity).
Variable Rate Loan A loan where the interest rate can fluctuate over time based on an underlying index.
Warranty Explicitly written or stated promises made by the seller about a product’s features, lifespan, or performance.
Created by: ncross26
 

 



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