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Lender
The lender is the person or company that loans the borrower
money with a contractual obligation to pay them back under the specific terms that
they agreed upon.
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Lessee
A lessee is someone who has temporary use of an automobile because they signed a lease.
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Lessor
A lessor is a business that lends vehicles temporarily
in exchange for regular payments.
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Liability Insurance
Liability insurance covers the policyholder
for up to a certain amount for the damage to another person’s property or the injury
of another person.
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Liability on an Account
Liability on an account is a debt that
one is legally obligated to pay back.
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List Price
The list price is the price that the manufacturer
suggests selling the car for.
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Loan
A loan is where a company lends a person money with an agreement
that it will be paid back under certain terms.
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Loan Agreement
The loan agreement is the contract between the
borrower and the lender that shows all of the details of the loan.
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Loan Balance
The loan balance is the amount that the borrower
still owes the lender on a loan.
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Loan Term
The loan term is the amount of time that the borrower
has to pay the loan back in its entirety.
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Loan-to-Value Ratio (LTV)
Loan-to-value ratio or LTV is expressed
as a percentage where the amount of the loan is divided by the amount that the vehicle
is worth.
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Lock Term
A lock term is an amount of time that the borrower
is guaranteed a particular percentage rate. This is usually the time period between
the time that a loan is applied for and when the loan closes to ensure that the
rate does not increase.
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Manufacturer
The manufacturer is the maker of the vehicle.
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Manufacturer’s Rebate
The manufacturer’s rebate is a promotion
that is offered by the manufacturer to the consumer to increase the sales of a particular
product.
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Market Value
Market value is the highest amount that a buyer will pay for a vehicle and the lowest that the dealer would be willing to sell the
vehicle for.
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