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Glossary of Terms

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Amortization

The repayment of a loan by installments with regular payments to cover the principal and interest

Annual Percentage Rate (APR)

The Annual Percentage Rate (APR) is a yearly rate of interest that includes all of the fees and expenses paid to acquire the loan. A term used in the Truth-in-Lending Act to represent the percentage relationship of the total finance charge to the amount of the loan.

List Price

The manufacturer's suggested retail price for a vehicle. Also called "MSRP" or "Sticker Price."

Co-Signer

An individual who agrees to pay the amount due (payment) and to perform all the agreements stated on the contract if the buyer fails to meet contractual obligations.

Destination Charge

The price added into the dealer invoice for moving the auto from the manufacturer to the dealer.

Guaranteed Automobile Protection (GAP)

A product that pays any remaining balance owed on a loan after payment of a total loss insurance claim.

Monroney Sticker

The price sticker required by federal law for all new vehicles. The Monroney Sticker lists all the vehicle's options along with the manufacturer's suggested retail price (MSRP).

MSRP

Manufacturer's Suggested Retail Price. This is the recommended selling price for a vehicle, set by the manufacturer. Options added or removed from a vehicle effect this price.

Title Search

Best performed by a title company, this is thorough examination of municipal and public records to determine legal ownership of property.

 

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