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Definitions (76)
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usury limit
The maximum interest rate allowed by law in a given state. back to top
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vehicle identification number
An individual serial number assigned by the manufacturer to a motor vehicle. The alphanumeric number consists of seventeen (17) digits is located on the auto's dashboard and visible through the w [..]
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warranty
A guarantee from the dealer or manufacturer that an auto (item) will perform as expected or specified. Warranties usually cover specific mechanical problems for a specific number of miles or amount of [..]
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underwriting
The process of verifying data and approving a loan or insurance policy. Usury Law
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title
The evidence one has of right to possession. See Certificate of Title. Total Sales Price
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trade-in
An auto exchanged for a credit amount on the purchase of a new (auto) item. Trade-In Allowance
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truth-in-lending act
A federal law requiring a disclosure of credit terms using a standard format. This is intended to facilitate comparisons between the lending terms of different financial institutions. back to top
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substitution of collateral
The substitution of a comparably valued auto (property). back to top
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tax
A percentage of the final sales price that is required to be paid to local, state, and/or federal government entities. Term
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security interest
An interest in property that secures performance of a credit obligation. Service Contract
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