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Auto loans
Industry: Financial services
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Auto loans
Secondary Period
Financial services; Auto loans
An extension period to a lease, also known as a Peppercorn rental.
Security Deposit
Financial services; Auto loans
A lease deposit collected at the lease signing which is used to cover lessee amounts owed, but not paid, at contract lease end and is refundable.
Settlement figure / quote
Financial services; Auto loans
A termination figure calculated on the outstanding amounts including any applicable penalties.
Transfer of legal title
Financial services; Auto loans
Where all amounts outstanding have been paid and the customer retains the vehicle. Legal title will then pass from the finance house to the customer.
Termination Fee
Financial services; Auto loans
The cost imposed by a financial / leasing company for terminating a contract early.
V5c
Financial services; Auto loans
A registration document (logbook). Depending on the finance contract, this must be returned at the end of the finance agreement.
VAT
Financial services; Auto loans
Value Added Tax. This is a tax on consumer expenditure. Businesses (that are VAT registered and fully taxable) do not bear the final costs of VAT. They are able to charge VAT on the supplies that ...
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