Acceleration Clause :
If you default on a loan this clause allows the lender to speed up the rate in which the loan is paid off. This can include an entire balance to be paid off immediately.

Amortization :
Calculates the loan payment including interest on the outstanding balance to be paid off at the end of a fixed period.

Base Price :
The cost of a car without options. Also called the "sticker price" or "MSRP."

Building Line or Setbacke :
Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be set by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning ordinances.

Credit Bureau :
An agency that keeps your credit record.

Creditworthiness :
Past and future ability to repay debts.

Grace Period :
The period of time after the due date that's allowed before a penalty is charged.

Lien :
A claim upon a piece of property for the payment or satisfaction of a debt or obligation.

Point-of-Sale (POS) :
The physical location at which a purchase is made by the consumer. Additionally, a method a taking electronic payment from a consumer without the need for a traditional check.

Refinancing :
To provide new financing for an existing loan. The existing loan is paid with the Proceeds from the new loan. Typically the new loan is at a lower rate, or has a longer term than the previous loan.

Security Interest :
The creditor's right to take property or a portion of property offered as security.