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SSN - SSN stands for social security number.
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Sticker Price
The sticker price is another term used for MSRP
or the list price. This price is the amount recommended by the manufacturer.
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Tax
A tax differs from state to state and is based on how expensive
the automobile is. There are additional taxes for different types of vehicles as
well depending on the state.
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Term
The term is the duration of the loan.
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Title
The title is the official evidence that a person owns the
vehicle.
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Title Search
A title search is done to find out who legally owns
a certain property by a detailed exam of municipal and public records. A title company would be the best choice to do a title search.
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Trade-in Value
Trade-in value is the worth of the vehicle that
the buyer is using as a portion of the purchase.
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Truth-In-Lending Act
The Truth-In-Lending Act is a law that requires
that the terms of the loan agreement and all costs involved appear on the contract between the lender and the borrower.
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Unapplied for Credit
Unapplied for credit is where credit was not applied for but show up because they are unpaid bills.
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Underwriting
Underwriting is verifying the applicants information and deciding whether to approve or deny the application for the loan.
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Upside-down
Upside-down is a term used to refer to a customer
who owes more on a vehicle than the vehicle is worth.
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Vehicle Identification Number (VIN)
The vehicle identification
number or VIN is a code that is seventeen characters long and identifies each vehicle
in the world individually.
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Verification of Employment
Verification of employment is when
the borrower’s place of employment gives written documentation that the borrower is employed there, their position, and income.
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