Glossary of Auto Loans Terms
May 25th, 2009Bad credit auto loans, Bankruptcy, Car Loans, Economics, Identity Theft, car buying process No CommentsBook Value: the estimated value of any used automobile in a specific region. These estimates are recorded in appraisal guidebooks (i.e. Black Book, Kelley Blue Book) and provide guidance on the value of a car at any given time.
Lemon Law: refers to various state laws that protect consumers against persistently defective automobiles.
Manufacturer’s Suggested Retail Price (MSRP): the manufacturer’s recommended selling price for a vehicle and accompanying options.
Upside-down: when the balance owed on a loan (including auto loans) is greater than the current value of a vehicle.
