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Definitions (19)
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AMORTIZATION
Reducing a debt by making payments in installments.
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ANNUAL PERCENTAGE RATE
Interest cost of a loan calculated on a yearly basis.
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APPRAISED VALUE
In leasing, the current value of a vehicle at the time of appraisal. Appraised value is important if a vehicle is stolen or at the end of the lease term.
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BALLOON PAYMENT
A final lump sum payment made at the end of a finance contract. The lump sum payment must be disclosed at the time of the sale.
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BUMPER-TO-BUMPER WARRANTY
Warranty that includes almost every part of the vehicle from the front bumper to the rear bumper. Check your warranty manual for a list of covered items.
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Closed-end lease
A lease where the lessee is NOT obligated to buy the vehicle. NOTE: Some closed-end leases offer lessees a purchase option at the end of the lease term, either for a pre-specified amount (residual) or [..]
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demonstrator
Vehicle used by a manufacturer, dealer, or distributor primarily for demonstration purposes.
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DEPRECIATION
Reduction in a vehicle’s value due to age and normal wear and tear.
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Gap insurance
Insurance covering the difference between what is owed on a retail or lease contract and the value of the vehicle upon its loss or destruction.
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gross capitalized cost
The total selling price of the vehicle (i.e., negotiated selling price plus optional equipment, extended warranties, etc.). Also referred to as “cap cost”.
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