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Base Price
The base price is the amount that the automobile will
cost without any added features or options.
The base price is also referred to as
“MSRP” or the “sticker price.”
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Basis Point
A basis point is equal to .01%.
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Bill of Sale
The bill of sale is a detailed document used to
show information on the sale of a vehicle.
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Billing Error
A billing error is any mistake on an individual’s
monthly statement as defined by the Fair Credit Billing Act.
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Black Book
The black book shows how much a used automobile would
be worth for auction.
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Blue Book
Blue book shows the wholesale and retail value of a
used automobile.
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Borrower
The borrower is the person that is getting the loan
from the lender.
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Broker
A broker acts as an intermediary by negotiating contracts
or arranging funding but does not actually loan the money themselves.
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Business Days
A company’s business days are the days in which
the company intends to be open for business. By contacting a particular company
you can obtain information as to which days are counted as business days under the
Truth in Lending and Electronic Fund Transfer Acts.
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Buydown
A buydown is when you can pay for extra points at the
beginning of a loan in order to permanently lower the interest rate. Another type
of buydown is when you pay upfront for part of the interest in order to have a lower
interest rate the first few years of the loan.
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Buyer
The buyer is the person that will be making the purchase
of the vehicle.
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Buyers Order
Buyers order is a legal document between the person
selling the car and the person buying the car.
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Buyers Guide
A buyers guide is required to be posted in every
car that a dealer wishes to sell according to the Federal Trade Commission’s (FTC)
Used Car Rule. This guide advises the buyer whether there is a warranty with the
vehicle and how much of the repair costs are covered by the dealer under the warranty.
The guide will advise that verbal promises are hard to enforce and that all promises
should be in writing. The consumer should keep the guide for reference after the
purchase of the vehicle. The guide will also list the major systems on the car and
give advice on what to look out for. It will also advise the buyer to take the car
to be inspected by an independent mechanic before it is purchased.
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