20 Terms
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Auto loans
Industry: Financial services
Add a new termContributors in Auto loans
Auto loans
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.
Excess mileage charge
Financial services; Auto loans
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 ...
