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Credit Scoring System
The credit scoring system is used by creditors
to determine someone’s creditworthiness based on their credit history.
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Creditor
A creditor is someone who lends money.
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Credit-related Insurance
Insurance to protect your creditworthiness
for instance in the event of a disabling accident
(disability insurance) or total loss of the vehicle
where the value of the vehicle is less than the amount owed
(GAP insurance).
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Creditworthiness
Creditworthiness is whether someone has repaid
loans in the past and will be able to pay off loans in the future.
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Customer Incentive
Customer incentive is also known as a rebate.
It is where the manufacturer will send the
buyer money back to help encourage the
sales of a particular product.
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Dealer Charges
Dealer charges are fees charged by the dealership
for any additional services or products that are not included in the automobile’s
price.
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Dealer Holdback
Dealer holdback is when the manufacturer pays
an allowance to the dealer so that the dealer can buy the automobile for
less than the invoice price.
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Dealer Incentive
Dealer incentive is where the dealership is sent a special payment
from the manufacturer to help promote sales of a particular vehicle.
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Dealer Invoice
A dealer invoice is the price that the manufacturer
charges the dealership for the automobile and any extra features.
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Dealership
A dealership is an agency that is authorized by a
manufacturer to sell their products.
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Dealer Sticker Price
The dealer sticker price is the manufacturer’s
suggested retail price or the amount that the
manufacturer recommends selling the
vehicle for. This is also called “MSRP” or “List Price”.
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Debit Card (EFT Card)
A debit card or EFT card is similar to
a credit card in the way that it is used but instead of the money coming from a
lender it comes from the cardholder’s bank account.
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Debt
Debt is the responsibility of the borrower to pay back money
borrowed.
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Debt Ratio
Debt ratio is how much a person makes compared to
their debt. It is figured by taking the amount owed each month and
dividing it by
your income before taxes.
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