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Definitions (36)
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ANNUAL PERCENTAGE RATE
This is the annual cost of your financing plan; on a loan, this is often called an "interest rate." For example, an APR of 12% is equal to about 1% per month.
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Auto Pay
A convenient way to have your monthly Ally auto payment automatically withdrawn from your checking or savings account.
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Closed-end lease
With this type of SmartLease, your business assumes maintenance of the leased vehicle but isn't responsible for the residual value when you return the vehicle at the end of the lease.
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Contract end date
If you don't prepay on the Special Prepayment Date by selling the vehicle to Ally, this date will mark the end of your Ally Buyer’s Choice contract term.
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Disposal Fee
This is a fee for selling a vehicle when you return it at the end of a ComTRAC lease. The fee is $250 (or $500 for medium-duty vehicles).
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Essential government work
Essential government work includes police and fire department activities, school bus service, ambulance service, snow removal work, Department of Transportation travel, and Department of Public work a [..]
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Essential use vehicles
Includes all vehicles that a municipality uses to maintain day-to-day governmental operations.
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Finance charge
A fee for the cost of credit, or how much it costs to finance. The fee is established at the time the financing agreement or contract is signed.
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gm
Includes GM brand family vehicles: Buick, Cadillac, Chevrolet and GMC; Chrysler Group brand family vehicles: Chrysler, Dodge, Jeep®, and Ram; Mitsubishi vehicles; Maserati vehicles; Aston Martin vehic [..]
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guarantor
An individual who agrees to sign the financing agreement and pay another’s obligations if the buyer/lessee or cobuyer/colessee default on the purchase contract or lease.
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