Hey
Fans! There are a lot of acronyms, sayings, and verbiage used in the auto
industry nowadays. Sometimes, the savvy
buyers can pinpoint exactly what they mean.
On the other hand, buyers may be confused as to what these certain words
mean. In today’s blog, we’re providing a
quick list to reference before you come in to see us. We’ll be happy to elaborate!
APR
– Annual Percentage Rate: this is a ruler used in comparing the various ways of
computing interest or finance charges for all loans
Cap
Cost Reduction – refers
to any cash the leaseholder may pay upfront, this can include a down payment, trade-in credit, or rebate.
Dealer
Trade – This is when a dealer will exchange one of his cars with another dealer
to meet a customer’s likes or requirements in color, or model.
Free
& Clear – A customer’s trade-in, which has no liens on it.
House
Financing – This is a customer’s purchase, which is financed through the
dealership
MSRP
– Manufacturers Suggested Retail Price of a vehicle.
These
are just a few terms that we use in order to make your experience simple, easy,
and effective. For details, don’t
hesitate to contact us!
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