Glossary of Terms
Business Line of Credit
Credit Card Accounts
Business Line of Credit
Debts your business owes to creditors.
Debts owed to your business.
Inspection and verification of financial accounts, records, and accounting procedures.
This is the approval from the financial institution that issued the cardholder’s card that allows you to accept the transaction for a given amount.
Notifies that you have obtained the authorization for a specific Visa® card transaction.
Automatic Bill Payment
An arrangement between a merchant or service provider and a customer that allows recurring automatic charges for a service to an agreed-upon credit or debit account.
Better Business Bureau
A national member organization that uses codes of ethics, news alerts, databases, and other programs to maintain a high level of trust between businesses and the public.
The code that a lodging or car rental merchant gives to a cardholder. The cancellation code confirms that the cardholder did, indeed, cancel a reservation.
Card-Not-Present (CNP) Transactions
Credit or debit card transactions which take place over the phone or in the e-commerce environment.
Cardholder Information Security Program (CISP)
Defines a standard of due care and enforcement for protecting cardholder information.
The difference between your incoming cash and your outgoing cash.
Also known as a “Debit Memo,” a chargeback is a reversal of a sales transaction. So if you deposited a $50 transaction in your merchant bank account, a chargeback for that transaction means that the $50 has now been debited from your merchant account.
Firms, like Experian or Equifax, that gather information about your finances, especially loans you have taken out. In turn, they sell the information to businesses and lenders, which helps them decide if they will approve your loan.
This tracks your or your business’ history of paying back loans. Your credit rating determines your chances of getting future loans.
These are the terms or conditions for refunds, cancellations, or modifications made to reservations.
A record (usually paper) used to document that a good or service was purchased.
Employer Identification Number (EID)
This is an IRS-assigned number given to a business after it files an application form called “SS-4.” Once you receive it, put your EID on all business tax returns and other significant documents.
When you subtract all your business’ debts from its current market value, that’s your business’ amount of equity. For example, if your debts come to $75,000, but your business could sell today for $275,000— you have $200,000 worth of equity.
A kind of holding pen for money, which is released after a specific event has occurred. A buyer might put money into an escrow account, which is supervised by a neutral party, such as a financial institution. The financial institution (which would be called the “escrow agent” in this case) releases the money to the seller only after the seller has carried out certain agreed-upon tasks (e.g., deliver a product, complete a work, or perform a service).
Account that business people use expressly to pay for business-related travel and entertainment costs.
This is a physical impression made from a customer’s card which appears on the draft. This proves that the card was present when the sale was made.
Note: An imprint can be created electronically if you use a magnetic-stripe-reading terminal that includes the correct point-of-sale (POS) entry code.
Internet Payment Gateway Service (IPGS)
Provides a standard Internet connection for merchants and merchant aggregators (businesses that provide hosting and other e-commerce processing services for multiple merchants) to securely and reliably send and receive payment transaction messages.
A term for when you leverage your business by intentionally taking on debt(s) to expand the size or scope of your company.
This is the legal right to hold onto a piece of intangible property that secures someone’s debt on personal or real property. If the person or company owing the debt defaults, the property can be taken or sold.
Line of Credit
This is a financial institution’s commitment to lend your business up to a certain amount of money during a specified period.
Merchant Identification Number
This is the number a financial institution assigns to a merchant to identify your business.
Business expenses—such as property taxes, utilities, and insurance—that are not directly connected to the goods or services you produce.
Small Business Administration (SBA)
A government agency committed to helping entrepreneurs become successful through programs ranging from counseling to financing.
A business in which you have complete control and responsibility.
Tax Identification Number (TIN)
Your state department of revenue assigns you your business tax number. The number makes it possible for your business to buy items at wholesale costs and not pay sales tax.
Money available to invest in new, and/or risky, enterprises.
Verified by Visa
Visa’s online security program that enables consumers to add their own password to their existing Visa card, giving them added confidence that their personal information is safe when they buy online.
The Visa logo that denotes your acceptance of Visa debit and credit cards, as well as Visa Corporate and Business cards, at the point of sale.
Visa’s policy that virtually eliminates consumer liability in cases of card fraud for all Visa card transactions processed through the Visa network, including online purchases.
Credit Card Accounts
20-25 Day Grace Period On Purchases
A balance calculation method under which the accountholder has 20-25 days to repay purchases made with a credit card account before a finance charge is imposed. If the total balance on the previous statement is paid in full by the due date, there are no finance charges applied to the account.
A charge for any cards in addition to the primary cardholder’s card or a fee for replacement cards.
Annual Percentage Rate (APR)
The rate used to calculate interest on an outstanding balance.
When a cardholder takes a cash advance or uses a convenience check, he or she can be subject to a fee in connection with the transaction and also a higher interest rate for the associated balance.
Credit Account Protector (CAP) Insurance
Credit Account Protector (CAP) is an insurance option that ensures the payment of your Visa Card bill up to a maximum of $5,000 in the event of unemployment, family leave, death or total disability.
Gross Monthly Household Income
Pre-tax monthly household income for the applicant. If self employed, please report gross monthly salary less business expenses. Alimony, child support or separate maintenance need not be revealed if you do not wish to have it considered as a basis for repaying this obligation.
Fees charged when a cardholder’s payment is received after the due date.
The minimum payment due on an account when there is an outstanding balance.
NSF (Non Sufficient Funds) or Returned Check Charge
Fees charged when a payment on the cardholder’s account is returned for non-sufficient funds.
Additional sources of gross monthly income not listed elsewhere on the application. Example: Retirement/Pension Income, Rental Income, Income for Investments, Stocks, Dividends, Etc. NOTE: Alimony, child support or separate maintenance need not be revealed if you do not wish to have it considered as a basis for repaying this obligation.
A charge imposed when a cardholder charges over the credit limit.
Cards which carry a $2,000 minimum credit line (gold card) or $5,000 minimum credit line (platinum) and added benefits.
Identification number assigned to a financial institution by the Federal Reserve. Also referred to as the Bank Routing/Transit number. The ABA number is used for the processing of wire transfers.
The person, corporation, partnership, trustee, custodian or other entity in whose name the account is opened.
The name(s) that the owner(s) of the account list(s) on the bank record to indicate ownership of the account.
Every person designated on the signature card to sign checks on the account, make deposits to the account, endorse any check or draft payable to any accountholder for deposit to the account or otherwise receive information, statements and canceled checks on the account, cash checks drawn on the account or made payable to any accountholder on the account, sign any document in connection with the account and dispose of or deal with the account as freely and fully as accountholder might do in person.
Annual Percentage Yield (APY)
The effective interest rate on a deposit account, taking into consideration the term, compounding and payment frequency of interest.
Automated Clearing House (ACH)
The electronic payments system used to process preauthorized direct deposits and payments. You can set up, in advance, for your creditors to receive payments like insurance, loan, utility and brokerage electronically. The payment amount is debited automatically from your bank account at a prearranged time of the month. You can also arrange with you employer to deposit your paycheck directly into your bank account.
Bank Routing/Transit Number
Identification number assigned to a financial institution by the Federal Reserve. Also referred to as the Bank’s ABA number. The ABA number is used for the processing of wire transfers.
A status referring to an account that can only accept deposit transactions. A signed signature card must be on file to honor debits to the account.
Account holder may authorize automatic recurring deposits of their payroll to a designated account. Eligibility of direct deposit is dependent on whether customer’s employer offers this feature. Customers should inquire and initiate with their employers payroll department.
A status referring to an account with no customer generated activity (withdrawal or deposit other than the crediting of interest and automatic transactions) posted to the Account for a certain period (six months or longer) of time. Bank’s obligation to pay interest terminates after the Account has been dormant for five years. Funds held in any dormant Account will escheat to the State of Nevada under applicable law.
Electronic Funds Transfer
An accountholder may authorize automatic or on-demand Electronic Funds Transfers (EFT) to and from the account. The accountholder may authorize the transfer of funds between accounts on which accountholder is an owner or to or from accounts owned by third parties, subject to written permission by such third parties.
Any account owned by two or more people.
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. Government. It was established by Congress in 1933 to insure bank deposits, help maintain sound conditions in our banking system, and protect the nation’s money supply in case of financial institution failure. FDIC-insured deposits are backed by the full faith and credit of the United States. For additional information, please refer to the FDIC website.
Fiduciary Account (Trust; Estate; Guardianship)
An account established by a trustee/guardian pursuant to a written trust agreement or court order, which shall include Letters Testamentary/Administration. The account can be set up by one or more trustee/guardians as accountholder(s) for one or more beneficiaries. If the Fiduciary Account is being established for a trust, Account Holder must provide a copy of the complete written trust agreement or the Bank’s Memorandum of Trust along with the title and signatures pages (with notaries) of the trust agreement. Fiduciary Accounts may also be used for estate administration, guardianships and other court-ordered accounts. If the Fiduciary Account is being established for Estate Administration, Letters Testamentary are required if there is a will, or if there is not a will, Letters Administration are required. Guardianship accounts require a copy of the court order.
Indemnity & Hold Harmless Agreement
Bank document which is required in order to establish a joint account with a minor (under age 18). This agreement releases the Bank of all liability which may arise from the minor’s use of the account. The joint account holder must be a parent or guardian. The parent or guardian signature is required.
An Account payable to, or on the order of, one Account Holder while that Account Holder remains living. Account holder must be age 18 or older.
Visa Check Card
Used to access the checking account indicated on your application or by subsequent written request. Provided funds are available, you may use your Card at more than 300,000 ATMs worldwide to withdraw cash, or it can be used with any merchant that accepts Visa.
The amount of the last deposit (whether customer- or bank-generated).
Memorandum of Trust
Bank document which is required in order to establish a Fiduciary Trust Account without providing a copy of the entire trust agreement. Trust account can be established with a copy of the title and signature pages (including notaries) of the trust agreement along with a completed Memorandum of Trust.
Service provided which allows a checking account to be protected from overdrafts by another account.
Power of Attorney (POA)
A witnessed document authorizing an individual as a representative (attorney in fact) for the signer of the document. The powers may be general or specific.
Payable on Death (POD)
An account opened by one or more accountholders which, upon the death of all accountholders on the account, is payable upon demand to one or more named beneficiaries.
The portion of a deposit application which serves as the contractual agreement between the account holder(s) of an account and the Bank. By signing the signature card, the account holders acknowledge receipt of the Bank’s Depository Agreement and agree to all the terms contained therein. The laws of the State of Nevada shall govern all matters pertaining to the account. Withdrawals from a new account will not be permitted until a signature card is on file with the bank. A signature card must also be on file to honor debits to an account. An account will be automatically closed if the initial deposit is not received within 75 days from the date the account is established.
A trust established by a will and inoperative until the death of the creator.
Voice Banking System
Automated telephone voice response unit providing 24-hour access to banking services and personal account information.
Enables customers to wire funds rapidly from one institution to another. Account Holder may, upon verification of signature or upon identification satisfactory to Bank, authorize wire transfers to and from an Account. Such wire transfers will be subject to Federal Reserve Board Regulation J, which governs wire transfer through the Fedwire system. Wires are to be initiated with the “transfer from” bank by providing them wiring instructions for the “transfer to” bank. Wiring instructions must include the bank name, address, phone number, transit routing/ABA number, account name and account number to be credited.
Any account authorized, by signature, to be used for funds transfer by primary and/or secondary users. Written authorization is required by law.
An automatic transfer is scheduled in advance of the date the transfer is to be made, using pre-authorized accounts. You may schedule automatic transfers up to a year in advance.
An on-demand transfer is initiated by you as needed, using pre-authorized accounts.
Equity shares in a corporation may be divided into different classes of stock; the differences are described in the corporation’s charter and bylaws.
An interest bearing bond issued against the general credit of the corporation, that has a junior claim to all other creditors.
Abstract of Title
A condensed version of the history of title to land, consisting of a summary of the various links in the chain of title, along with a statement of all liens, charges, or encumbrances affecting the property.
Adjustable Rate Mortgage (ARM)
A loan that allows the interest rate to change periodically. These changes, up or down, are linked to changes in a financial index, such as Treasury bills. Most ARMs have a ceiling on interest rate increases.
The gradual repayment of a mortgage by periodic installments.
Annual Percentage Rate (APR)
A measure of the cost of credit, expressed as a yearly rate.
The process through which market value of the property is established.
The value a public tax assessor assigns to property, as the basis of levying property taxes.
Anything of monetary value that is owned by a person. Assets can include bank accounts, stocks, mutual funds, and personal property.
A fee for membership in a home owner’s association which is normally used for enforcing deed restrictions or management of common areas within a subdivision or project.
An agreement permitting the buyer to assume responsibility for a mortgage owed by the seller.
Paying a lump sum up front to reduce the interest rate on a mortgage.
A real estate professional who helps the buyer find the house, price, terms and conditions most favorable to the buyer. This relatively new service may not be available in every city.
The maximum amount an interest rate or monthly payment can change, either at established intervals and/or over the life of the mortgage.
The cash that a borrower can receive upon refinancing all existing loans against a property with a new loan or loans that is greater than the amount needed to pay off the existing loans.
The final step in transferring ownership of a property from the seller to the buyer. Also refers to the actual meeting where this occurs.
Funds paid by sellers and borrowers for the consummation of a real estate transaction which conveys title to a property. Where a loan is involved, this usually includes title insurance, survey, appraisal, attorney’s fees and proration of taxes and insurance.
Combined Gross Annual Income
Your pre-tax earnings, or the pre-tax amount earned by you and your spouse if you are married.
A loan that is not backed by the federal government in the form of insuring (FHA) or guaranteeing (VA).
A lender-initiated study to determine creditworthiness based on credit history.
Term used for any liability or financial obligation owed to another person or persons.
Deed of Trust
A written and signed instrument in which a borrower conveys certain rights to title, usually as security (collateral) for a loan, to the lender. These rights normally are only used when a default exists.
Department of Housing And Urban Development (HUD)
A U.S. government agency established to implement certain federal housing and community development programs.
Department of Veterans Affairs (VA)
A government agency that provides services for eligible veterans of the armed forces. Among other programs, it guarantees mortgage loans made by private lenders to veterans.
Dollar amount paid to a lender as a consideration for making the loan and to lower the interest rate. A discount point is 1 percent of the loan amount. Also called points.
Lump sum the buyer pays at closing. The amount varies according to the price of the house, and the requirements of the seller, lender, or underwriting agency (e.g. FHA or private mortgage insurance company).
Portion of the down payment, given to the seller by a potential buyer. Earnest money indicates the buyer’s intent to complete the purchase of the property.
Lien, claim, charge, or liability attached to and binding upon a property, such as unpaid taxes, a right of way, or judgment.
The difference between the market value and the amount of the owner’s indebtedness on a property.
Loan based on the borrowers’ equity in their home.
The placement of money and documents with a third party (e.g. escrow company) for safekeeping until a home sale closes or until specific contractual obligations have been fulfilled. Also an account, maintained by a loan servicing department, which serves as a trust fund to pay taxes, insurance or other costs associated with home ownership.
A written statement independently and impartially prepared by an Evaluator setting forth the Evaluator’s calculations, supporting assumptions for the estimate of value, and if utilized, a discussion of comparable property values.
Federal Housing Administration (FHA)
An agency within the Department of Housing and Urban Development (HUD) that administers loan insurance programs to make more housing available.
A loan with an interest rate that remains constant throughout the term of the loan.
A legal process in which title is transferred from borrower to a lender due to non-payment of related debt.
Future Sale Price
An estimate, based on a national average, of appreciation that is possible on a property over a set period of time.
Gross Monthly Income
The pre-tax income earned monthly. Salary is generally the principal source, but other income may qualify if it is significant and stable.
The increase in the value of a property due to changes in market conditions, inflation, or other causes.
An insurance policy that covers the dwelling, the contents of your home, and your personal liability. Your lender normally requires that you have a policy in effect at the time of closing.
A commonly published interest rate, such as the Treasury Security Index. Lenders set the rate on adjustable-rate mortgages according to an Index over which they have no control.
Money charged over time for the use of money.
A decision by a court of law ordering someone to pay a certain amount of money.
Length of Mortgage (Term)
The period of a loan, generally measured in years. Mortgage loans are typically 15, 20 and 30 years in length.
A legal claim against a property as security for a debt, judgment, mortgage, or taxes.
Line of Credit (LOC)
A second lien which may be available for borrowers to utilize the equity available from real estate owned. Generally a LOC will allow the borrower to utilize the funds as needed by writing checks against the line of credit.
A real estate professional who works for a broker who, ordinarily, will “list” the house that is for sale with a multiple listing service.
Loan to Value (LTV)
The percentage or ratio that is derived by dividing an extension of credit by the total value of the collateral that secures the credit.
A lender’s commitment to freeze a mortgage loan rate during loan processing. Lock-in periods and fees vary.
Activity required to compensate for wear and tear of property (such as painting, plumbing repairs and landscaping).
What a lender adds to the specified index when your adjustable rate mortgage adjusts; compare margins when shopping for a mortgage.
Market Approach to Value
In appraisal, a market value estimate of property based on actual prices paid in similar market transactions.
The highest price a buyer will pay for a property and/or the lowest price the seller will accept.
Also referred to as Deed of Trust or security deed in some states, is the lien that secures the debt (mortgage loan). A second mortgage (second lien) has secondary rights to foreclosure to a first mortgage (first lien) on the property.
An individual or company that obtains mortgages for others by finding lending institutions, insurance companies, or private sources to lend the money; may also handle collections and disbursements for the mortgage lender.
Mortgage Insurance Premium (MIP)
An insurance premium homebuyers pay on FHA loans to protect the lender against default.
Multiple Listing Service
A computerized database listing pertinent information about local homes and properties that are for sale.
A fee charged by a lender to cover certain processing expenses in connection with making a real estate loan. Usually a percentage of the loan amount.
See Discount Points.
Recurring charges such as taxes, prepaid interest and insurance. These costs can be paid by the buyer or seller–or jointly–if the parties agree and if the type of loan chosen does not prohibit it. Usually only the buyer incurs prepaid items.
A special charge assessed the borrower when a mortgage is repaid before it becomes due. In many states, such a payment is limited to one percent of the outstanding principal.
Prime is the highest rate on corporate loans posted by at least 75% of the 30 largest banks in the United States, known as the Wall Street Journal Prime Rate and is published in the Wall Street Journal.
Principal and Interest
The loan payment including the actual payment on the property and payment for use of the borrowed money, but excluding homeowner’s insurance premium, private mortgage insurance (if applicable) and property tax.
An individual who is licensed to operate a real estate office. Brokers may work independently or hire other agents. All real estate professionals must work under a principal broker’s license.
Principal, Interest, Taxes and Insurance (PITI) Payment
Periodic (usually monthly) payment which includes the principal and interest payment, plus a contribution to the escrow account established by the lender o pay insurance premiums and property taxes on the mortgaged property.
Private Mortgage Insurance (PMI)
Insurance written by a private company protecting the lender against loss if the borrower defaults on the mortgage. Many lenders require PMI for conventional loans with down payments of less than 20 percent.
The process of establishing a property’s value through comparing recently sold homes of similar size and amenities and adjusting for current real estate market conditions.
Also called real estate taxes. These taxes are paid to the local taxing authority or municipality. Property taxes are often levied as a percentage of your home’s assessed value.
A detached home is single-family, free-standing, home. An attached home/townhouse is a single family home attached to another where there is not common ownership of grounds. A condominium is a single unit of a multiple unit building. A co-op or “cooperative” is a share of ownership in a multiple unit building where your share is represented by the unit you own. A planned unit development (PUD) is a single family home in a development of lots which may have common amenities. A 2-3 or 4-unit multi-family is a dwelling that consists of up to 4 residences from which the owner may receives rental income.
Real Estate Agent
The generic name for any licensed real estate professional.
Often called real estate, this consists of: land; anything affixed to it which can be regarded as a permanent part of the land; and that which is immovable by law.
A real estate broker or agent holding an active membership in a real estate board affiliated with the National Association of Realtors.
A real estate agent who finds and works with the home buyer. This agent legally represents the seller.
The costs related to the selling of real property. These include but are not limited to realtor fees and closing costs the seller typically would pay in that specific area.
The process by which a property is measured and its area ascertained.
The savings realized by deduction of mortgage interest and property taxes on the homeowner’s tax return.
Estimate of market value or value as determined by the specific county tax assessment.
Term of Mortgage
The period of a loan, generally measured in years. Mortgage loans are typically 15, 20 and 30 years in length.
The right to or ownership of land. The means whereby the owner of land has the possession of his property. A title deed specifies in whom the legal estate is vested and from where the title was obtained.
Protection for lenders and homeowners against financial loss resulting from legal defects in the title.
Total Housing Cost
Expenses that are incurred for housing over a specified period of time. Includes mortgage interest paid, homeowners insurance premiums, and property taxes.
A short-term Treasury obligation issued at a discount under competitive bidding, with a maturity of up to one year. It is issued payable to the bearer only, and is not sold in amounts of less than $10,000.
A fiduciary relationship under which one holds property (real or personal) for the benefit of another. The party creating the trust is called the “Settlor”, the party holding the property is the “Trustee” and the party for whose benefit the property is held is called the “Beneficiary.”
Generally, to be eligible for a VA loan, you must have served at least 181 days of active duty or at least 6 years in the National Guard. If you need information, contact your regional VA office or call 1-800-827-1000.
VA Funding Fee
A fee the Department of Veterans Affairs (VA) charges homebuyers to guarantee a portion of each loan against default.
Value is either the market value – “The highest price a buyer will pay for a property and/or the lowest price the seller will accept.” or the tax value – “Estimate of market value or value as determined by the specific county tax assessment.” of your home.
Warranty Deed (General Warranty Deed)
A deed transferring interest in land, by which the seller guarantees good, clear title to the property. This deed warrants the title, not the fitness or quality of construction of the premises.
The amount borrowed to purchase the vehicle. The loan calculator on our website calculates this amount as the Total Purchase Price minus down payment.
Annual Percentage Rate (APR)
The rate used to charge interest on an outstanding balance.
Any person who requests or has received an extension of credit from a creditor.
Automated Clearing House (ACH)
A method of loan payment that is accomplished by automatically deducting the amount of an installment payment from a borrowers checking account on an established due date.
The market value of a vehicle as defined by any one of various references. This value may refer to the average selling price (retail value), average trade-in price (wholesale value), or the amount a lender may finance on similar vehicles (loan value). The value of a given vehicle may be calculated differently in different references.
A person or legal entity who obtains funds from another by way of credit for a period of time.
Cash Purchase Price (CPP)
The “drive off” price of a new vehicle, including title, license registration fees and extended warranty.
Any person applying for credit jointly with another applicant who shares liability for the debt.
The property pledged by a borrower to secure a loan.
A person who assumes liability for a debt without receiving goods, services or money in return for the obligation. This liability occurs in the event of a borrower’s default.
An assessment of an individual’s creditworthiness, usually based on information on previous payment patterns on other debt. Usually relies in whole or in part on information obtained from a credit report.
A report, usually from a credit bureau, to a prospective lender on the credit standing of a prospective borrower.
Ratio determined by dividing the outstanding monthly obligations by the total gross monthly income.
Failure to keep a promise made in a loan agreement.
A reduction from the base price of the vehicle.
A loan in which the Annual Percentage Rate is fixed for the term of the loan.
Optional insurance paying the difference between the loan balance and an insurance settlement if a vehicle is totaled or stolen.
The amount charged for borrowing money, usually stated as a percentage.
A charge assessed by various government bodies for permits that allow the vehicle to be legally operated on public roadways. You may obtain information about how to estimate this fee by contacting the Department of Motor Vehicle Registration for the state you plan to register the vehicle in. The fee varies from state to state and county to county.
An interest in property granted by a borrower as security for a debt.
The address that indicates the actual street address of your primary residence.
An increase in price from the base price of the vehicle.
A negotiated price from an automobile dealer. The purchase price does not include taxes, title and license fees, trade-in allowance or down payment.
A portion of the purchase price returned to the buyer. The buyer may assign the right to receive a rebate to the seller of the vehicle (usually the dealer).
A charge assessed by various government bodies for registering the ownership of the vehicle.
A fee assessed on purchases, usually calculated as a percentage of the purchase price. The percentage amount and the base used for calculation of the tax varies by location.
A loan in which the borrower has pledged specific property that may be used by the lender to satisfy the debt if the borrower defaults.
An agreement wherein a borrower grants a lender an interest in specific property which is collateral for a loan.
An instrument that is used by a lending institution to fund a loan for a vehicle that is purchased from a dealer.
Fees assessed in connection with processing vehicle registration and lien paperwork.
Total Purchase Price
The cost of the vehicle plus any applicable sales taxes, licensing and registration fees. The loan calculator on our website calculates this amount as the MSRP minus any discounts or rebates and trade-in value and plus any dealer premiums, sales taxes, registration fees, licensing fees and any balance owed on your trade-in.
The vehicle sold to the dealership as part of the new vehicle purchase. May also refer to the value assigned to the vehicle being traded.
A loan not secured by collateral. A lender agrees to make such a loan based on the credit history, reputation and integrity of the borrower.
Variable Rate Loans
Loans with Annual Percentage Rates that may fluctuate if there is a change in an index (e.g. the prime rate, treasury bills, etc.) during the term of the loan.