Terms with Tag Automotive

  • Alberta Motor Association (AMA) Company, Alberta, Canada, Important,
      Provincial branch of Canadian Automobile Association / American Automobile Association.
    • Alberta Motor Vehicle Industry Council (AMVIC) Company Est. 1999, Alberta, Canada,
      • All Terrain Vehicle (ATV)Acronym,
        • Amount Due at Lease Signing Definition,
          • The total amount due before the consumer can take delivery of a leased vehicle. It can include any security deposit, title fee, capitalized cost reduction, monthly payments paid at signing and registration fees.
        • Anti-lock Braking System (ABS)Acronym,
          • Automobile Liability Insurance Definition,
            • Insurance coverage for damages caused in traffic collisions.
          • Automobile Protection Association (APA) Company Est. 1969, Toronto, Ontario, Canada,
            • Average Lease Value (ALV)Acronym,
              • Base Price Definition,
                • The cost of a car without options. This price includes standard equipment and the manufacturer's warranty.
              • Blue Book Definition,
                • Formally, it refers to the Kelley Blue Book, an industry guide dealers use to estimate wholesale and retail vehicle pricing.
              • Boot Bank,
                • Cash or other property used in an exchange to make the values of property traded equal. For instance, if you trade in a delivery truck on a new model, the cash you pay in addition to your old truck is boot.
              • Canadian Loss Experience Automobile Rating (CLEAR)Acronym, British Columbia, Canada,
                • Capitalized Cost Definition,
                  • A leasing term that refers to the price of the car. The lower the capitalized cost, the lower the monthly lease payment. The cap cost is negotiable and can be reduced by a cash down payment, trade-in or a manufacturer's rebate; it can be increased by the loan acquisition fee or costs left over from a previous lease.
                • Casualty and Collision (CASCO)Acronym,
                  • Casualty Insurance Definition,
                    • Insurance that covers losses and liability from injuries to others and/or damage to the property of others.
                  • Closed-end Lease Bank,
                    • The most common type of car lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over. In a closed-end lease, the lender assumes the risk of predicting the value of the vehicle (its residual value) at the end of the lease's term. Closed-end lease payments are somewhat higher than open-end lease payments.
                  • Collision Insurance Definition,
                    • Auto insurance that provides coverage for damages to the policyholder's vehicle in the event that the policyholder is at fault in a traffic collision.
                  • Comprehensive Insurance Definition,
                    • Auto insurance that covers damages not resulting from a collision, and for vehicle theft.
                  • Destination Charge Definition,
                    • A fee charged for transporting a vehicle to the dealer from the manufacturer or port of entry. This charge is passed on to the buyer without any mark-up.
                  • Disposition Fee Definition,
                    • A fee charged by some lessors at the end of a lease where the customer pays for the privilege of returning the vehicle.
                  • Driver's Fatal Accident Policy (DFAP)Acronym,
                    • Early Termination Charge Definition,
                      • Charges that the leasee must pay if the car is turned in early before the term of the lease is over.
                    • Excess Wear Charge Definition,
                      • Most leases set limits for wear and tear on the car during the lease term. The lessee must pay charges for exceeding the limits when turning in the car at the end of the lease.
                    • Extended Warranty Bank,
                      • A service contract that covers certain vehicle repairs or problems after the manufacturer's or dealer's warranty expires. Extended warranties are sold by vehicle manufacturers, dealers, and independent companies. With a new vehicle, the extended warranty must be purchased by the end of the first year of ownership.
                    • Factory Based Price (FBP)Acronym,
                      • Financial Responsibility Laws Definition,
                        • A type of law that requires an entity to be capable of paying for damages in the event of a potential claim.
                      • First Dollar Coverage Definition,
                        • Insurance coverage that does not require the insured to pay a deductible.
                      • Gap Insurance Definition,
                        • A type of insurance offered to auto lease customers. This type of insurance covers the difference in value between a vehicle's book value and the amount remaining on a vehicles financing or lease, if such a difference exists.
                      • General Motors (GM) Company Est. 1908, International,
                        • Glass Damage Waiver (GDW)Acronym,
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