Terminology | Description |
---|---|
AIA | Abbreviation of Annual Investment Allowance |
Balloon Payment | Final payment to be made on a particular type of finance agreement |
BVRLA | British Vehicle & Rental Leasing Association |
Early Settlement | Ending your agreement early and paying any outstanding fees |
Equity | The value in the vehicle after all fees have been made |
Excess Mileage | Miles in the vehicle over that agreed as part of your contract |
Fair Wear and Tear | The accepted condition of a vehicle as a result of normal use as defined by the BVRLA |
Finance Lease | Also known as Van Leasing |
Funder | The finance company |
HP | Abbreviation for Hire Purchase |
Optional Final Payment | Final payment due at the end of a Contract Purchase agreement |
Peppercorn Rental | Alternative terminology for Secondary Rental Period |
Rental | The monthly payment as agreed with the finance company |
Residual Value | The vehicle's estimated future value based on certain criteria, such as age, condition and mileage |
Secondary Rental Period | A requirement in order to keep the vehicle past the original agreed term on Finance Lease |
Term | The period of the finance agreement |
Title | Owner of the vehicle |
Van Leasing | Also known as Finance Lease |
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