Auto loans

Auto loans

Industry: Financial services

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Indemnities / guarantor

Financial services; Auto loans

An indemnity is a form of guarantee which may be requested by a finance company. If the consumer fails to pay an instalment, the person who gives the indemnity / guarantor will be required to make ...

Late charge

Financial services; Auto loans

This is a penalty / fee charged from the finance company to a consumer for failing to make payments within a grace period or on the contractual due date.

Leasing

Financial services; Auto loans

A term referring to the 'use only' of a vehicle, by a customer entering into an agreement with a finance company, it includes both payout and residual risk leasing such as Contract Hire or an ...

Lessor

Financial services; Auto loans

Usually the finance / leasing company or the legal owner of the vehicle who sets the lease terms.

Lessee

Financial services; Auto loans

The vehicle hirer, customer or user of the vehicle who signed the lease agreement.

List Price

Financial services; Auto loans

The price of the vehicle. This can be used for taxation purposes if the vehicle is used for business use, but will not include discounts that were applicable.

Maintenance Contract

Financial services; Auto loans

This is a contract that can be added to a vehicle contract for an extra cost, from the finance / leasing company which can take care of servicing needs, repairs and day-to-day costs such as tyres, ...