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Earnest Money
Earnest money is money given by the consumer to
the seller to show that they are serious about the
purchase. This is included in the purchase price.
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Elderly Applicant
An elderly applicant is someone who is 62 years
of age or older as stated in the Equal Credit Opportunity Act.
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Electronic Fund Transfer (EFT) Systems
Electronic Fund Transfer or EFT Systems are a way to
transfer money electronically instead of by using a
check.
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Employment Insurance
Employment insurance covers your monthly payment
if you loose your job involuntarily but unfortunately this
is not available in every state.
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Equal Credit Opportunity Act (ECOA)
The Equal Credit Opportunity Act or ECOA is a federal law that
prohibits lenders from discriminating based off of someone’s race,
color, religion, national origin, age, sex, marital status or
if the person receives some type of financial assistance
from a public source.
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Equity
Equity is the difference in what is owed on a vehicle and how
much the vehicle is worth.
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Extended Service Contract
An extended service contract will cover
repairs on a vehicle that are not related to normal wear and tear.
The customer will normally have a deductible on each visit.
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Extended Warranty
An extended warranty covers certain problems
with the vehicle that are outlined in the contract after the
manufacturer’s warranty has expired.
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Extension
An extension is a change that is made to the loan causing
the duration of the loan to be longer.
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Fair Credit Reporting Act
The fair credit reporting act is a
law that protects the consumer by
having guidelines that creditors and reporting
agencies must follow to exchange or correct
information on one’s credit report.
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Fair Market Value
Fair market value is the amount that is agreed
upon by the buyer and seller as being a reasonable
price for the vehicle.
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FDIC
FDIC stands for Federal Deposit Insurance Corporation.
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Finance Charge
A finance charge is the amount that credit will
cost the borrower.
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Finance Company
A finance company is a business that loans a
borrower funds and the borrower pays them back
based on the terms of the contract.
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