Auto loans

Auto loans

Industry: Financial services

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Depreciation

Financial services; Auto loans

A reduction or decline in the vehicle value over the lease term caused by condition, age and mileage.

Direct Debit

Financial services; Auto loans

Banking term for monthly or annual payments that are taken from a banking account, upon written customer authorisation.

DVLA

Financial services; Auto loans

The Driver and Vehicle Licensing Agency, responsible for maintaining a national register of drivers and vehicles and collecting vehicle excise duty (road tax).

Early settlement (termination)

Financial services; Auto loans

The termination of a finance agreement by paying all monies outstanding before the lease end date.

Excess mileage

Financial services; Auto loans

Any miles that may exceed the initial mileage specified in a finance agreement.

A charge based on miles driven over the amount contracted in the lease agreement on return of the vehicle. The amount is calculated by taking the excess mileage rate of the vehicle and multiplying it ...

Excess wear and tear

Financial services; Auto loans

When the vehicle is damaged beyond normal expectations in a contract term of a vehicle, charges are applied. Examples of excess wear and tear can be found in the Vehicle Return Standards section or ...