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Caps (Interest)
Caps (interest) is when there is a limit on an
adjustable rate loan that the interest rate cannot exceed.
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Caps (Payment)
Caps (payment) is when there is a limit on the
amount that the payment cannot exceed on an adjustable rate loan.
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Captive Finance Company
A captive finance company is one that
is owned by the automobile manufacturer that
finances the vehicles that they sell.
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Cash Price
The cash price is the price that the dealership will
agree to sell the vehicle for.
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Certificate of Title
A certificate of title is a document showing
evident ownership of a particular vehicle that is
issued by the Department of Motor
Vehicles once ownership is confirmed.
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Charge Off / Write Off
A charge off or write off is where a creditor
has given up on collecting the amount due. This usually shows
up under applied for
credit and unapplied for credit on a credit report.
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Cloud (On Title)
A cloud (On Title) is when there is a pending
claim on the title that prevents it from being transferable.
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Co-Buyer
The co-buyer is a person who is purchasing a vehicle
with another person and will be equally financially responsible.
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Collateral
Collateral is property owned by the borrower that
can be taken away by the lender if payments are not made on the loan.
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Collision Insurance
Collision insurance is an insurance that
is purchased to cover any damage to an automobile in the event
that it was to collide with another vehicle or object.
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Commission
Commission is money paid to the broker for their services once
they complete a sale.
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Commitment
A commitment is when a lender and a borrower agree
to loan money under certain conditions for a future date.
This is usually in writing.
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Comprehensive Insurance
Comprehensive insurance is insurance
that is purchased to cover any damage to the automobile that is not caused by a
collision but by a crime or natural disaster.
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Compound Interest
Compound interest is interest that accumulates
based on the principal and interest accumulated in the past.
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