General
Financial Glossary - Auto Loan Terms Q to T
Refinancing
- Obtaining a loan to pay off the original loan balance.
Many time automobiles can be refinanced to lower interest
rates.
Repossess
- When a lender takes possession of an automobile due to
failure to pay or for defaulting on the loan.
Right
to Repossess - The lender has the right to repossess
said property if the debtor fails to uphold his/her agreement
with the lender. Right to Repossess laws and procedures
vary from one state to another. Check with your states Attorney
Generals office for laws in your state.
Security
- Property that is held by lender in case of default on
the borrowers part.
Security
Interest - A lenders right to repossess property
which was offered as security.
Tax
- Amount that is applied to the purchase price of an automobile
which usually consists of federal taxes and state taxes.
Title
- A document that shows evidence of ownership of an automobile
or property.
Truth
in Lending - A federal law which requires lenders
to fully disclose the Annual Percentage Rate APR to an applicant.
General
Financial Glossary - Auto Loan Terms Q to T
Auto
Finance Terms A - D
Auto Finance Terms E -
H
Auto Finance Terms I -
L
Auto Finance Terms M -
P
Auto Finance Terms Q -
T
Auto Finance Terms U -
Z
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time buyers, no credit, bad credit, bankruptcy, charge-offs,
foreclosure and even auto repossessions.
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