Page - prev
1 2 3
4 5
6 7
8 9
10 11
12 13
14 15 16
next
Refinancing
Refinancing is when someone gets a new loan to replace
or pay off an existing loan. This is usually done to get a better interest rate or lengthen the duration of the loan.
|
Regulation Z
Regulation Z is the part of the Truth-In-Lending
Act that requires the lender to disclose the terms of the loan.
|
Repossession
Repossession is when the lender takes back the vehicle
that they financed because the borrower has not made payment or abided by the contract that was agreed upon.
|
Retail Blue Book Value
The retail blue book value shows how much
a used car is worth if sold by an individual or if sold by a car dealership.
|
Revolving Credit
Revolving credit is credit that does not have
a specific monthly payment and do not have specific duration of time. This is reusable
credit such as credit cards.
|
Salvage / Branded Title
A salvage or branded title is a car that
has been totaled and the insurance company has purchased it and then resells the
vehicle once repaired.
|
Secured Loan
A secured loan requires the borrower to provide
collateral.
|
Security
Security is property that the borrower offers as collateral.
|
Security Interest
Security interest is the lenders right to be
able to take the property that the borrower offered as security.
|
Service Charge
A service charge is a fee charged for a certain act performed.
|
Simple Interest
Simple interest is usually computed annually
as a flat rate. The daily amount of interest is figured by taking the amount of
the loan and multiplying it by the interest rate.
|
Snake Oil
Snake oil are items or services that can be added on to the automobile by the dealership. These items are usually overpriced and dealers refer to them as snake oil because it bites you.
|
Page - prev
1 2 3
4 5
6 7
8 9
10 11
12 13
14 15 16
next