37 Terms
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Auto loans
Industry: Financial services
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Auto loans
Re-polling
Financial services; Auto loans
When a monthly payment is returned by the bank as unpaid, the finance company will call for the payment again.
Residual value
Financial services; Auto loans
The amount the vehicle is worth at the end of the lease.
Restructure
Financial services; Auto loans
A charge in the monthly payments to accomodate a customer's requirements.
Sale proceeds
Financial services; Auto loans
With a Finance Lease agreement, at the end of an agreement the vehicle may be collected and sold on a customer's behalf with the amount returned to the customer, minus fees.
Secondary Period
Financial services; Auto loans
An extension period to a lease, also known as a Peppercorn rental.
Security Deposit
Financial services; Auto loans
A lease deposit collected at the lease signing which is used to cover lessee amounts owed, but not paid, at contract lease end and is refundable.
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