A car loan payment received after the monthly contract due date.
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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Lease
An alternative way to finance an automobile in which an individual borrows the vehicle for a period of time while the leasing company remains the owner of the vehicle.
Lessee
The individual who has temporary use of a vehicle in a lease agreement.
Lessor
The company that provides temporary use of a vehicle during a lease agreement.
Lien
Ownership of a vehicle by a finance company until a debt has been repaid.
List Price
The manufacturer’s suggested retail price for a vehicle. Also called “MSRP” or “sticker price.”