Car Loan Glossary For Consumers |
Understanding car loan financial terms can be confusing.
Use this glossary of common car loan terms.
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Elderly Applicant :
As defined in theEqual
Credit Opportunity Act, a person 62 or older.
Electronic Fund Transfer (EFT) Systems :
A technology for transferring funds electronically rather than by
check.
Equal Credit Opportunity Act (ECOA) :
Is a federal law that requires lenders and other creditors to make
credit equally available without discrimination based on race, color,
religion, national origin, age, sex, marital status or receipt of
income from public assistance programs.
Equity :
The residual value of a business or property beyond any mortgage thereon
and liability therein.
Finance Charge :
The total dollar amount credit will cost.
General Warranty Deed :
A deed which conveys not only all the grantor's interests in and title
to the property to the grantee, but also warrants that if the title
is defective or has a "cloud" on it (such as mortgage claims,
tax liens, title claims, judgments, or mechanic's liens against it)
the grantee may hold the grantor liable.
Gross Monthly Income :
The total amount the borrower earns per month, before any expenses
are deducted (such as taxes or 401k plan).
Guarantee :
A promise by one party to pay a debt or perform an obligation contracted
by another if the original party fails to pay or perform according
to a contract.
Hazard Insurance :
A form of insurance in which the insurance company protects the insured
from specified losses, such as fire, windstorm and the like.
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