Also known as DTI, this ratio expresses the percentage of a borrower’s debt compared to their total income.
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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Default
Breaching a credit agreement, usually due to failure to repay based on the terms of the agreement.
Delinquency
Making car loan payments late or past the due date.
Depreciation
The gradual decline of a vehicle’s value due to age, wear and tear.
Destination Charge
A fee charged to a dealership by the manufacturer for shipping a vehicle to their location. This fee is part of the MSRP or base sticker price of a vehicle.
Disclosures
Any information about a vehicle’s history that is provided to a customer, which may include damages, repairs or title issues.