20 Terms
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Auto loans
Industry: Financial services
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Auto loans
Excess wear and tear
Financial services; Auto loans
When the vehicle is damaged beyond normal expectations in a contract term of a vehicle, charges are applied. Examples of excess wear and tear can be found in the Vehicle Return Standards section or ...
Final rental / payment
Financial services; Auto loans
This is the final payment due on the finance agreement.
Finance and Leasing Association (FLA)
Financial services; Auto loans
The FLA Lending Code 2004 sets out standards of good practise for the industry and is intended to reassure anyone who applies for finance from FLA’s full members that they are doing business with ...
FSA
Financial services; Auto loans
This is an acronym for the Financial Services Authority who has regulated all insurance activity within the market place since 14 January 2005.
GAP Insurance
Financial services; Auto loans
There are two options, 1. Finance GAP Insurance is an insurance policy designed to cover the difference between the amount owed to the Finance company and the insurance payout received in the event ...
Guaranteed Future Value (GFV)
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.
HPI
Financial services; Auto loans
A registered information-related cheque on a vehicle to ascertain if a vehicle is financed, previous ownership details etc.
