A verbal or written verification of an individual’s employment.

The value of a used vehicle that you trade in to a dealership as part of a purchase. Truth-in-Lending

The value of a used vehicle that you trade in to a dealership as part of a purchase. Truth-in-Lending

When a balance owed on a vehicle is more than the current value of that vehicle. Usury

Charges that may include both costs incurred by the dealership to deliver the vehicle and the finance company to fund the loan. Servicing

The manufacturer’s suggested retail price for a vehicle. Also called “list price” or “MSRP.” Stips

The amount paid when purchasing a vehicle to satisfy state and other government tax requirements. Term

A document that proves legal ownership of a vehicle. Title Loan

Financing an existing car loan with a new lender. This process is usually used when a borrower wants to lower their monthly payment, interest rate or change their auto loan term. Repossess

Also known as POI, this includes paystubs, employment verifications and/or bank statements to prove a borrower’s income. Proof of Residence