- A way to make an exchange of property equal. For example, if you trade in a work vehicle for a new model, the cash you pay on top of your trade in is called boot. Property or assets can also be considered boot because it does not always have to be cash to make an exchange equal.
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Related Terms and Acronyms
- Swap — Definition,
- An agreement between two businesses to exchange commodities, payments or other financial products to reduce the risk of volatile market conditions or to obtain a better price or rate. For example, interest rate swaps, where floating rate interest is exchanged for fixed rate interest, protects a corporation against rises in rates or allows it to take advantage of a better rate. A cross-currency swap enables two parties to enter into an agreement in which one exchanges its currency for the other's to meet their separate requirements.
- Trade Equity — Definition,
- A swap of property, such as real estate or a car, as part of a down payment for other real estate.
- Trade-in Value — Definition,
- The amount that the dealership will credit you for the vehicle you provide as partial or full payment for another vehicle. Amount credited is frequently about 5 percent below the wholesale value of the vehicle.