Vendor’s Single Interest (VSI) insurance
What is Vendor’s Single Interest (VSI) insurance? VSI insurance protects the lender, but not you, in the event that the vehicle is damaged or destroyed. […]
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Variable-rate financing
Variable-rate financing Variable-rate financing is where the interest rate on your loan can change, based on the prime rate or another rate called an “index.” […]
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Truth in Lending disclosure
Truth in Lending disclosure The federal Truth in Lending Act—or “TILA” for short—requires that borrowers receive written disclosures about important terms of credit before they […]
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Total cost
Total cost This is how much you will pay to buy your vehicle, including the principal, interest, and any down payment or trade-in, over the […]
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Risk-based pricing
What is risk-based pricing? Risk-based pricing occurs when lenders offer different consumers different interest rates or other loan terms, based on the estimated risk that […]
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No credit check or “buy here, pay here” auto loan
What is a “no credit check” or “buy here, pay here” auto loan? A “no credit check” or “buy here, pay here”auto loan is offered […]
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Negative equity
Negative equity If you owe more on your current auto loan than the vehicle is worth—referred to as being “upside down”—then you have negative equity. […]
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Manufacturer Suggested Retail Price (MSRP)
What is a Manufacturer Suggested Retail Price (MSRP)? The Manufacturer Suggested Retail Price (MSRP) is the price that the automaker – the manufacturer – suggests that the […]
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Manufacturer incentives
What are manufacturer incentives? Manufacturer incentives are special deals, like 0% financing or cash rebates that you may have seen advertised for new vehicles. Often, […]
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