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Auto loan glossary
Was it the gleam of the chrome on that shiny new car that dazzled you? Or the bright cheery smile and baffling terms tossed around by the car salesperson? Before you sign a loan or lease contract for a car, know what you're getting into with our glossary of terms about auto loans and leasing. Bookmark this glossary so you'll always have a quick reference at hand. |
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- Early termination charge
In a lease, a fee for not keeping the vehicle for the full term of the lease.
- EFT
Electronic funds transfer. It can refer to any digital transfer of money between accounts, whether by ATM machine or online bill paying.
- Electronic check presentment
Encouraged by the passage of the Check 21 act, it refers to the conversion of a check from paper to an electronic image. It allows banks speed and efficiency. For consumers, it effectively eliminates the float that let consumers continue to use their money while it was in the mail.
- Electronic funds transfer
Or EFT. It can refer to any digital transfer of money between accounts, whether by ATM machine or online bill paying.
- Equal Credit Opportunity Act
The federal law that prohibits discrimination in credit. While it mandates an equal chance to obtain credit, it doesn't guarantee anyone will actually get credit.
- Equifax
One of the three largest credit bureaus. Experian and TransUnion are the others.
- Excess wear charge
A charge for exceeding the set limits for wear and tear on the car during the lease term.
- Exclusion (insurance)
In insurance policies, an exclusion is a clause that exempts certain losses. Exclusions can be written to prevent pre-existing conditions from coverage.
- Experian
One of the three largest credit bureaus. Equifax and TransUnion are the others.
- Extended warranty
A type of service contract that, as its name suggests, extends the original warranty. It can extend the existing warranty in either the time covered or the conditions it covers.
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| National
auto loan rates |
| 11/21/2009 7:01:07 AM
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