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Independent Dealer
An independent dealer is a dealership that
has no affiliation with the manufacturer of the product they sell.
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Inspection
Inspection is an action to determine the worth or
condition of the vehicle.
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Installment Plan
An installment plan is a form of credit where
the buyer pays regular payments for specific time frame.
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Insurance
Insurance is purchased by the consumer to reimburse
them in the event that there is a loss.
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Insurance Premium
An insurance premium is the amount that the
insured has to pay in order for the insurance company to cover them in the event
of a loss.
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Interest
Interest is the percentage that the borrower will owe
above the amount of the loan to the lender as payment for the loan.
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Interest Rate
The interest rate is mostly relevant to the lender
because it is used to determine how much the lender will receive on the principal of the loan in a year’s time. The interest rate makes up part of the annual percentage
rate which is mostly relevant to the borrower.
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Investor
An investor is a lender’s source of funding.
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Invoice Price
The invoice price is what the manufacturer charges
the dealer for the automobile.
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Joint Account
A joint account is when two or more people have an account with a financial company and are equally financially responsible for
all transactions.
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Judgments
Judgments are when a debt is ordered by a court that
it must be repaid. The creditor may ask that wages be garnished in order for it
to be repaid.
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Kelley Blue Book
Kelley blue book lists the wholesale and retail
value of a used automobile.
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Late Fee
A late fee is charged in the event that the lender receives
the borrower’s payment after the agreed upon due date.
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Late Payment
A late payment is a payment that is received after
the due date.
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Lease
A lease is where a person can pay to use an automobile
for a certain time period but they never own the vehicle.
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Lemon Law
The lemon law is a collection of state laws that protects
the buyer from the sale of vehicles that are continuously defective.
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