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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.