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Glossary - Auto Financing Terms
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Acceleration Clause :
If you default on a loan this clause allows the lender to speed up the rate in which the loan is paid off. This can include an entire balance to be paid off immediately.

Amortization :
Calculates the loan payment including interest on the outstanding balance to be paid off at the end of a fixed period.

Base Price :
The cost of a car without options. Also called the "sticker price" or "MSRP."

Balance :
The balance on a loan account is the amount remaining to be paid back.

Balloon Payment :
A large payment due at the end of a loan. Using a balloon payment, the individual monthly payments can be smaller.

Bill of Sale :
A document that shows the details of a sale. Your dealership will prepare a bill of sale to document your purchase.

Billing Error :
An estimate of the value of property, made by any mistake in your monthly statement as defined by the Fair Credit Billing Act.

Binder or "Offer to Purchase" :
A preliminary agreement, secured by the payment of earnest money, between a buyer and seller as an offer to purchase real estate. A binder secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money is forfeited unless the binder expressly provides that it is to be refunded.

Blue Book :
A publication of Kelley Blue Book, Inc. and one of several standard references used to determine the value of used vehicles. The value is sometimes called the "Blue Book Value." Blue books typically show a wholesale value and a retail value for each vehicle.

Broker :
A person who assists a client in negotiating contracts or assisting in the arrangement of funding, but does not loan the money themselves.

Building Line or Setback :
Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be set by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning ordinances.

Business Days :
The period of time during a given work week that a company considers itself open, national holidays and weekends are usually not considered business days. Feel free to make an inquiry at the company you are working with to find out what days it counts as business days under the Truth in Lending and Electronic Fund Transfer Acts.

 

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