Thursday Apr 24, 2014

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Credit Disability Insurance

Insurance coverage purchased at contract signing to cover the monthly payment should the customer become disabled or unable to meet the contract obligation. The customer should contact the Nissan dealer to file any claims against the insurance coverage.

Credit Life Insurance

Insurance coverage purchased at contract signing to cover the balance on an account should the customer die. An authorized family member will need to contact the Nissan dealer to file any claims against the insurance coverage.

Amount Financed

The agreed-upon sale price of the vehicle, plus any charges for accessories, taxes, title, and registration, government fees, optional products, less any down payment and/or net trade-in allowance. This is the amount that is subject to finance charges.

Annual Percentage Rate (APR)

The cost of credit, expressed as an annual percentage in a finance agreement. In a lease, there is no annual percentage rate or equivalent rate.

Co-Buyer

An additional party signing a finance contract, the co-buyer has the same rights and responsibilities as the buyer.

Down Payment (Finance Transactions)

In a finance contract, an amount of cash and/or the value of a net trade-in allowance applied to reduce the cash-selling price of a vehicle. A down payment can help reduce the customer's monthly payments.

Financial Privacy Regulations

The laws that govern privacy rights, including the Gramm-Leach-Bliley Act (GLB), Regulation P and other laws and regulations. Federal privacy laws define what types of consumer information must be considered private, and restrict sharing of that information.

Manufacturer’s Suggested Retail Price

Manufacturer's suggested retail price (MSRP), sometimes called the sticker price.

Retail Installment Contract (Finance Contract)

An installment sales contract representing a time sale of a product or service to a consumer. Includes Truth in Lending disclosures.

Sales Tax

The state and local taxes that you must pay at the time you acquire your vehicle or monthly in some lease jurisdictions.

Term

The scheduled period of time required to make payments under the provisions of a contract, usually expressed in months.

Trade-In

The net value of your current vehicle credited toward the purchase or lease of another vehicle. On a trade-in, the amount credited may be positive or negative depending on the agreed upon value of the trade-in and any remaining balance on your previous agreement.

Transfer of Equity

An NMAC plan which allows the transfer of the contract obligation from one individual to another. A new contract is prepared identifying the new party as the primary customer and defining the unpaid terms at which NMAC agrees to finance. The new party assumes all rights and liabilities of the contract, while the original remains liable on the contract as a general rule.

Vehicle Identification Number (VIN)

The unique designator assigned by the manufacturer to an individual vehicle. The VIN for Nissan vehicles has been 17 digits since 1989.