29 Terms
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Auto loans
Industry: Financial services
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Auto loans
Settlement figure / quote
Financial services; Auto loans
A termination figure calculated on the outstanding amounts including any applicable penalties.
Transfer of legal title
Financial services; Auto loans
Where all amounts outstanding have been paid and the customer retains the vehicle. Legal title will then pass from the finance house to the customer.
Termination Fee
Financial services; Auto loans
The cost imposed by a financial / leasing company for terminating a contract early.
Terms and conditions
Financial services; Auto loans
Legal terms and conditions which apply to the finance agreement. These may be found in the Welcome Pack.
Total amount financed
Financial services; Auto loans
Amount borrowed including accessories or extras.
Total amount payable (TAP)
Financial services; Auto loans
The sum of all the monthly payments or rentals including the Final Repayment.