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Definitions (79)
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accident
The incident auto insurance is designed to cover. Accidents may be considered either at fault or not at fault. If you have at fault accidents on your driving record, your rates will be higher.
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acceleration clause
A clause or stipulation that allows a lender to demand payment of the total outstanding balance or demand additional collateral under certain circumstances, such as failure to make payments, bankruptc [..]
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agreed-upon selling price
The dollar amount the buyer agrees to pay the dealer or seller of a vehicle.
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agreement of sale
(or contract of purchase or sales agreement or purchase agreement) - A contract in which a seller agrees to sell and a buyer agrees to buy, under specific terms detailed in writing and signed by both [..]
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amortization
The process of paying the principal and interest on a loan through regularly scheduled installments.
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amount financed
The dollar amount of the credit that is provided to the buyer.
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annual percentage rate
The cost of credit for one year expressed as a percentage. In other words, APR is the total cost of credit to the consumer expressed as an annual percentage of the amount of credit granted. APR is int [..]
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assignee
The bank, finance company, credit union, or other financial institution that purchases the finance contract from a dealer.
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balance
The amount remaining to be paid back on a loan.
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balloon loan
A loan which creates smaller individual monthly payments, however there is usually a large payment due at the end of a loan. This type of loan will often have the advantage of very low interest paymen [..]
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