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.
Teaser rate Often called the introductory rate. A below-market rate used to encourage people to borrow.
Term The time to the maturity of a loan.
Title Ownership of real property to the exclusion of anyone else's right to claim the property. Evidence of title is recorded in a deed and held in a county recorder's office.
Trade-in value The amount that the dealership will credit you for the vehicle you provide as partial or full payment for another vehicle. Amount credited is frequently about 5 percent below the wholesale value of the vehicle.
Truth in Lending Act A federal law that requires lenders to provide certain information so borrowers can compare one loan to another. The most important facts lenders must provide are: finance charges in dollars and as an annual percentage rate (APR); the credit issuer or comp.
(See balloon reset)
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