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Lending
To provide money temporarily on condition that the amount borrowed be returned, usually with an interest fee.
Lease
A contract between a lessor and a lessee for the use of a vehicle or other property, subject to stated terms and limitations, for a specified period and at a specified payment.
Lessee
The company or individual to whom a vehicle is leased.
Lessor
The party to a lease agreement who holds legal or tax title to the vehicle and receives the lease payments.
Lien
The right to take and hold or sell the property of a debtor as security or payment for a debt or duty.
Loan
That which one lends or borrows, especially a sum of money lent at interest.
Lock or Lock In
A commitment obtained from a lender assuring a particular interest rate or feature for a definite time period. Provides protection should interest rates rise between the loan application, loan approval, and closure and receipt of the borrowed funds.
Manufacturer's Rebate
A program offered directly to the buyer by manufacturers to increase the sales of slow-selling models or to reduce excess inventories.
Manufacturer’s Suggested Retail Price (MSRP)
The suggested retail price listed on the Moroney label. Also referred to as the “sticker price.”
Money Factor
A percentage representing the cost of the money required to lease a vehicle, similar to the interest rate paid on a loan.
Monroney Sticker Price
Required by federal law, the price which appears on a label affixed to the car window showing the base price, the manufacturer's installed options with the manufacturer's suggested retail price, the manufacturer's freight or transportation charge, and the fuel economy (mileage). The label may not be removed by anyone other than the purchaser.
Mortgage
A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.
Mortgagee
One that holds a mortgage.
Mortgagor
One that mortgages property.
National Independent Automobile Dealers Association (NIADA)
Formed in 1946 to represent independent automobile dealers nationwide, the organization provides its 16,000 members with solutions to help them operate businesses that are more successful.
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