Car Buying
Depreciation
decline in the value of property due to wear and tear
Resale Value
the value that your car holds over the course of its life, it is the price at which something can be sold for.
Principal
he initial amount invested or borrowed.
MSRP
suggested retail price as recommended by the manufacturer
TCO (Total Cost of Ownership)
an estimate of all the direct and indirect costs involved in acquiring and operating a product or system over its lifetime
Resume
a document created and used by a person to present their background, skills, and accomplishments
Credit Score
The total of assigned points used to determine the likelihood that you will repay debt as agreed.
VIN
unique code or serial number to each vehicle
Cover Letter
a letter sent with, and explaining the contents of, another document or a parcel of goods.
Interest Rate
the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
Parts of Credit Score
Your Payment History, Amounts Owed, Length of Credit History, Your Credit Mix, Any New Credit
Dividends
a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits
Warranty
a vehicle service contract wherein the provider agrees to fix parts broken due to defects in the manufacturer’s design or installation
Lease
a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party