Auto Loan Glossary

A vehicle that’s sold with no guaranteed level of quality in terms of its condition, maintenance, road-worthiness and ability to register it.

A law that requires the price of a vehicle to include all fees and charges.

The total amount owed on a lease contract. It’s calculated by subtracting the vehicle’s expected value at the end of the term from the vehicle's original price.

The annual cost of borrowing, expressed as a percentage of the total vehicle price.

A used vehicle that has undergone and passed an inspection process certified by the manufacturer.

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