Acceleration Clause :
If you default on a loan this clause allows the lender to speed up the rate in which the loan is paid off. This can include an entire balance to be paid off immediately.
Calculates the loan payment including interest on the outstanding balance to be paid off at the end of a fixed period.
Base Price :
The cost of a car without options. Also called the "sticker price" or "MSRP."
Building Line or Setbacke :
Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be set by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning ordinances.
Credit Bureau :
An agency that keeps your credit record.
Past and future ability to repay debts.
Grace Period :
The period of time after the due date that's allowed before a penalty is charged.
A claim upon a piece of property for the payment or satisfaction of a debt or obligation.
Point-of-Sale (POS) :
The physical location at which a purchase is made by the consumer. Additionally, a method a taking electronic payment from a consumer without the need for a traditional check.
To provide new financing for an existing loan. The existing loan is paid with the Proceeds from the new loan. Typically the new loan is at a lower rate, or has a longer term than the previous loan.
Security Interest :
The creditor's right to take property or a portion of property offered as security.