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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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- Underinsured driver
This part of an auto insurance policy covers injuries to you caused by a driver without enough insurance to pay for your medical expenses. Some states include damages to your car in this coverage.
- Uninsured driver or motorist
This part of an auto insurance policy covers injuries to you caused by a driver without insurance. Most states require drivers to carry uninsured motorist coverage. Some states include damages to your car in this coverage.
- Upside-down
A position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property purchased with the loan. In automobiles, it is most common in the early years of a lease or loan, when the car
- Usurious rate
A rate based on unnecessarily or unlawfully high interest; act or practice of lending money at high interest; sometimes intangible property taxes are applied to income from usurious rates.
- Usury
Illegal, excessive interest.
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| National
auto loan rates |
| 11/21/2009 6:19:58 AM
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