A federal law requiring disclosure of the Annual Percentage Rate to borrowers when purchasing a vehicle.
Glossary of Terms
We know some auto loan terms can be confusing, so we've put together a useful glossary to better help you understand the industry language.
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Upside Down
When a balance owed on a vehicle is more than the current value of that vehicle.
Usury
A law requiring that lenders do not exceed the state maximum interest rate when financing an auto loan. States can have multiple usury laws that apply differently to vehicles based on type or age.
Verification of Employment
A verbal or written verification of an individual’s employment.