Sunday Apr 20, 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.

Acquisition Fee

An acquisition fee is required on all NMAC leases. The fee is charged to process the contract paperwork.

Closed-End Lease or True Lease

A lease structure under which, if the lessee has observed the agreed terms and conditions of the lease, the lessee will have no responsibility to the lessor for the market value of the used vehicle (or other leased product) at lease expiration.

Disposition Fee

A fee set and billed by NMAC for the sell or "disposing" of a vehicle. The fee is NOT charged if you purchase your lease vehicle.

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.

Early Termination

When a lease is terminated before the scheduled maturity date, it is called an Early Termination. Your contract allows you to terminate your lease prior to your scheduled maturity date, provided you meet the required criteria. You may have to pay a substantial charge for ending your lease early. The earlier you end your lease, the greater the charge is likely to be. Please see the back of your lease contract for details.

Early Termination Charge

An early termination charge is the difference, if any, between the unpaid contract obligation and the Fair Market Wholesale value of the vehicle.

Excess Mileage Charge

Mileage in excess of the contractual amount will be charged a per mile rate. Additional miles can be purchased when signing the contract, but any unused miles, including any additional miles purchased by you is not refundable.

Excess Wear and Use

You may be charged for excessive wear based on our standards for normal use. Please refer to your lease agreement for details.

Federal Odometer Statement

Federal regulations require you to state the odometer mileage upon transfer of ownership.

First Monthly Payment

Your first payment is made at lease signing. Customer's pay for the upcoming usage of their vehicle (i.e. mortgage, or rent).

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.

Garaging Address

The garaging address is the physical address where the vehicle is located. For tax and collateral reasons, the address cannot be a PO Box number.

Lease

An agreement under which the owner of the property (lessor) permits its use by the user (lessee) for a specific period of time and for predetermined, periodic payments. Ownership of the property is not transferred to the lessee.

Lessee

The customer leasing the vehicle. The lessee is required to make payments and to meet other obligations specified in the lease agreement.

Lessor

The entity that regularly leases, offers to lease, or arranges for the lease of the vehicle(s).

Manufacturer’s Suggested Retail Price

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

Personal Property Tax

A tax on personal property. State laws govern whether personal property taxes apply to a leased vehicle

Purchase Option

The right of the lessee to purchase the leased property as outlined in the lease agreement.

Residual Value

The projected market value of the vehicle at the end of the lease term. This amount is fixed (will not change) and is used to determine your monthly lease payment.

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.