10 Terms
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Auto loans
Industry: Financial services
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Auto loans
Balance to be financed
Financial services; Auto loans
Amount financed by the finance company on behalf of the customer to cover the cost of the vehicle.
Balance sheet
Financial services; Auto loans
One of the three essential measurement reports for the performance and health of a company, along with the Profit and Loss Account and the Cashflow Statement. The Balance sheet is a 'snapshot' in ...
Balloon Payment
Financial services; Auto loans
A payment agreed at the commencement of the contract that is deferred to the end of the finance agreement and payable by the customer.
CCA (Consumer Credit Act) 1974
Financial services; Auto loans
Government act which protects the individual by regulating the operations of financial institutions and financial providers.
Consumer Credit Licence
Financial services; Auto loans
To comply with the law, all retail businesses must have a credit licence to carry out certain activities in the field of credit and hire.
Credit amount
Financial services; Auto loans
This is the amount of money borrowed, calculated by the cash price of the vehicle, less any (excluding) the deposit.
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