Lease Terminology
The term that describes the owner of a lease vehicle. In our lease contracts it defines GM Financial.
What is a lessor?
This type of tax can be charged upfront, monthly, or not at all.
What is Sales Tax?
The owner of the leased vehicle on the title.
What is GM Financial?
The type of quote that should be given to the customer when they want to pay off their lease obligation.
What is a Remaining Payments quote?
The process of transferring a GMF lease from the current lease holder to another qualified individual.
What is a Lease Assumption?
Describes a leased vehicle that is turned in 30 days or more before the maturity date.
What is an early termination?
When Property Tax is due.
What is right away?
When a customer needs to process same state registration, this is who the team member should contact.
Who is Lease POAs?
The four steps to handling an IFS Payoff
What is...
Step 1: Refer customer back to the dealer
Step 2: Document why the customer does not want to go to the dealer
Step 3: Attempt to transfer to IFS
Step 4: Quote the Payoff and advise there will be a delay in title processing.
The system and screen you use to get the remaining payments quote.
What is AF and LASL?
The amount of value that the vehicle loses during the term. It is included in the Base Rent of the payment.
What is depreciation?
True or False: Property Tax can be charged after an account is closed.
What is true?
Property Tax can be charged up to 18 months after the account is closed.
When the customer pays off their leased vehicle, this document is mailed to them and used to transfer ownership.
What is the Bill of Sale?
This letter is what should be sent every time a Payoff is quoted.
What is a Lease Purchase Option Letter?
Includes a payoff letter, Odometer Statement, Damage Disclosure and Titling Instructions.
A lease where the customer pays all of their payments upfront at the dealership.
What is a single pay lease?
A fee required by GM Financial to cover the cost of getting the vehicle ready for auction. It is determined by the brand of the vehicle.
What is a disposition fee?
The only state that may offer the customer a property tax exemption.
What is Texas?
The pieces of information that must be received on ALL paid off lease accounts before the bill of sale can be mailed?
What is the Title Instructions and Odometer statement?
The reason we check if the sales tax is included in a lease payoff.
What is if the sales tax is not included, we must advise the customer that they may have to pay sales tax to the DMV at the time of registration?
True or False: The customer can purchase extra miles after the lease contract is signed.
What is false?
The estimated value of the vehicle at the end of the lease term. No it cannot change.
What is the Residual Value?
When the customer's account is due a refund for property tax because they moved to a different county during the property tax year.
What is an Abatement?
This document must be received for lease accounts in Iowa, Minnesota, New York, North Carolina, and South Dakota before the Bill of Sale can be mailed.
What is the Damage Disclosure Form?
The screen in DM (not the activity log) that can be used to see past payoff quotes.
Payoff Quote History
Washington, Idaho, and Connecticut give a tax credit for leasing or trading in this kind of vehicle.
What is an energy efficient vehicle?