10 Terms
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Auto loans
Industry: Financial services
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Auto loans
Acceptance Fee
Financial services; Auto loans
A one-off payment to cover the administration of setting up the finance agreement & credit searches. Paid at the commencement of the finance agreement with the first payment or rental.
Accessories
Financial services; Auto loans
An extra which can be added to the vehicle, which is not part of the manufacturer's specification.
Administration fee
Financial services; Auto loans
A fee charged to cover the cost of amending an agreement.
Mercedes Advance .Agreement / document
Financial services; Auto loans
A legally binding contract made between a customer and a financial company for the purchase or use of a vehicle. The agreement is binding once it is signed on behalf of the finance company.
APR
Financial services; Auto loans
Also known as Annual Percentage Rate, it is the interest rate which a customer will pay on a finance agreement, including all fees.
Annual Statement of Accounts
Financial services; Auto loans
A statement outlining the payments made to date including any paid late etc.
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