Major Purchases
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| Acquisition Fee | A fee charged by a lessor to cover the expenses incurred in arranging a lease.
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| Closed End Lease | A rental agreement that puts no obligation on the lessee
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| Collateral | something pledged as security for repayment of a loan, to be forfeited in the event of a default.
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| Dealer Incentives | A corporate sales strategy in which the price a dealer has to pay a manufacturer for a particular product is reduced
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| Default | failure to fulfill an obligation, especially to repay a loan or appear in a court of law.
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| Deficiency | a lack or shortage
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| Depreciation Fee | a method of allocating the cost of a tangible asset over its useful life.
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| Early Termination | a charge levied when a party wants to break the term of an agreement or long-term contract.
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| Finance Charge | any fee representing the cost of credit, or the cost of borrowing.
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| Fixed Rate Loan | a loan where the interest rate doesn't fluctuate during the fixed rate period of the loan.
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| Inception Fees | a fee that is charged by the bank that you are leasing through.
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| Installment Loan | a loan that is repaid over time with a set number of scheduled payments
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| Invoice Price | the automobile manufacturer's original charge to the dealer.
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| Lease | a contract by which one party conveys land, property, services, etc
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| Lessee | a person who holds the lease of a property; a tenant.
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| Lessor | a person who leases or lets a property to another; a landlord
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| Mileage Allowance | A deduction of automobile expenses for people using their vehicles for business, charity, moving, medical or any other purpose that qualifies for a deduction
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| Mileage Charge | Rental car charge for driven distance that exceeds maximum allowed mileage
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| Money Factor | the alternative method of presenting the amount of interest charged on a lease with monthly payments
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| MSRP | the amount of money for which the company that produces a product recommends that it be sold in stores
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| Open End Lease | A rental agreement that obliges the lessee
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| Purchase Option | The right, but not the obligation, to buy a leased item at a predetermined price
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| Rebates | a partial refund to someone who has paid too much money for tax, rent, or a utility.
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| Residual Value | the amount you can buy the car for at the end of the lease, if you decide you want to purchase the car
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| Secured Loan | a loan in which the borrower pledges some asset
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| Trade-In Value | A statistical method used to estimate the sources of value added when producing goods and services for export and import.
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| Unsecured Loan | a loan that is issued and supported only by the borrower's creditworthiness, rather than by a type of collateral
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| Upside Down | A situation in which one owes more on a loan used to pay for an asset than that asset's current market value.
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| Variable Rate Loan | A floating interest rate, also known as a variable or adjustable rate, refers to any type of debt instrument, such as a loan, bond, mortgage, or credit
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| 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
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