The Advertising Fee (also called a promo-fee or promotion-fee) is a fee charged by dealers and is typically between one and two percent of the dealer invoice. The fee may show as a line item on the sticker or may be included in the dealer invoice price. The fee is negotiable.

In a car lease agreement, wear and tear charges may be applied if the car shows significant damage beyond that which existed at the moment of the car’s initial inspection and what is considered “normal” wear and tear as clearly defined by the car lease agreement. Back to Top

A contract of assurance that a product will function properly within specified guidelines based upon assertions made by the seller. If the product fails to meet such guidelines, or is damaged under certain conditions, the buyer is compensated according to terms specified by the warranty.

A vehicle title that has had its status as a salvaged vehicle removed from the title. This occurs when a salvaged vehicle is sold in another state and issued a new title, which no longer shows that it has been classified as “salvaged” by an insurer in the car’s original location. New and late model flood-damaged cars are most often disposed of in t [..]

A standard evaluation of a vehicle’s road-worthiness, and passenger protection established by the National Highway Traffic Administration (NHTSA). A vehicle’s safety rating is determined by its performance in a series of tests including an array of crash simulations. Back to Top

Vehicle Identification Number. A unique identity given to all cars when leaving the factory. This number is then recorded at the time of licensing and registration and used as a means for tracking ownership, accident statistics, and illegal activity.

A comprehensive document recording all activity involving a particular vehicle based on the VIN of that vehicle. This includes history of ownership, repossessions, accidents and illegal activity.

See Auction. Back to Top

The standard set of features found on a specific vehicle; not including options, special equipment, and paint. Most vehicles come in at least two trims, and some models may have many different trims. Back to Top

In this situation, the car buyer owes more money on their trade-in than car can be sold for or that the dealership is willing to offer for the trade-in. The difference is then rolled into a new loan. This is also known as being “Under Water” on a loan.