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CFM#5 MajorPurchases

QuestionAnswer
Acquisition Fee A charge from a lessor or lender to cover the expenses incurred for arranging a lease or loan
Closed End Lease A rental agreement that puts no obligation on the lessee (the person making periodic lease payments) to purchase the leased asset at the end of the agreement
Collateral A borrower's pledge of specific property to a lender, to secure repayment of a loan
Dealer Incentives A financial strategy used by manufacturers to motivate dealers to sell their products by offering discounts on those products.
Default Failure to meet the legal obligations (or conditions) of a loan, for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity
Deficiency The amount by which cash flow falls short of debt service
Depreciation Fee A certain percentage you pay (depending on your car’s age or depreciated value) for the cost of new parts to replace damaged ones
Early Termination The Executive’s Separation from Service before attainment of Normal Retirement Age except when such Separation from Service occurs within twenty-four (24) months following a Change in Control or due to death or Termination for Cause
Finance Charge Any fee representing the cost of credit, or the cost of borrowing
Fixed Rate Loan A loan with an interest rate that does not change over the life of the loan
Inception Fees Any fees that are due at lease inception. Inception fees may include a down payment, security deposit, acquisition fee, first month’s payment, taxes or title fees
Installment loan A type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan
Invoice Price A commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer
Lease A contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment
Lessee A person who holds the lease of a property
Lessor A participant of the lease who takes possession of the property and provides it as a leasing subject to the lessee for temporary possession
a term the IRS uses to refer to the deductibility of expenses car owners accrue while operating a personal vehicle for business, medical, charity, or moving purposes
Mileage Charge The default cost per mile set by the Internal Revenue Service (IRS) for taxpayers who deduct the expense of using their personal vehicles for business, charitable, or medical purposes
Money Factor The financing charge a person will pay on a lease
MSRP The manufacturer’s suggested retail price
Open End Lease A type of rental agreement that obliges the lessee (the person making periodic lease payments) to make a balloon payment at the end of the lease agreement amounting to the difference between the residual and fair market value of the asset
Purchase Option A contractual option granted by the lessor or owner under an Aircraft Agreement (including pursuant to a conditional sale agreement) as to the purchase of the applicable Aircraft
Rebates A partial refund to someone who has paid too much money for tax, rent, or a utility
Residual Value The estimated value of a fixed asset at the end of its lease or at the end of its useful life
Secured Loan A loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan
Trade-In Value A car dealership’s valuation of your car when you opt for a trade-in
A loan that is not secured by an asset or lien, but rather by the all issuer's assets not otherwise secured
Upside Down The situation when you buy something on credit and now owe more for it than it is worth
Variable Rate Loan A loan with an interest rate that changes periodically
Warranty A warranty is a promise which is not a condition of the contract or an innominate term
Created by: kprocknal21
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