Auto loans

Auto loans

Industry: Financial services

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Auto loans

Indemnities / guarantor

Financial services; Auto loans

An indemnity is a form of guarantee which may be requested by a finance company. If the consumer fails to pay an instalment, the person who gives the indemnity / guarantor will be required to make ...

Late charge

Financial services; Auto loans

This is a penalty / fee charged from the finance company to a consumer for failing to make payments within a grace period or on the contractual due date.

Leasing

Financial services; Auto loans

A term referring to the 'use only' of a vehicle, by a customer entering into an agreement with a finance company, it includes both payout and residual risk leasing such as Contract Hire or an ...

Lessor

Financial services; Auto loans

Usually the finance / leasing company or the legal owner of the vehicle who sets the lease terms.

Lessee

Financial services; Auto loans

The vehicle hirer, customer or user of the vehicle who signed the lease agreement.

List Price

Financial services; Auto loans

The price of the vehicle. This can be used for taxation purposes if the vehicle is used for business use, but will not include discounts that were applicable.