Contributors in Auto loans

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.

Lump sum

Financial services; Auto loans

A single, one time payment; usually in a large sum

Featured blossaries

Konglish

Category: Languages   1 20 Terms

Addictive Drugs

Category: Law   3 20 Terms