Late Payment :
Manufacturer's Suggested Retail Price. This is the recommended selling price for a vehicle, set by the manufacturer. Options added or removed from a vehicle effect this price.

Lease :
A form of financing in which you can use a vehicle for a period of time in exchange for making payments to the leasing company. In a lease, the leasing company continues to own the vehicle.

Lessee :
The person who signs a lead to have temporary use of a vehicle.

Lessor :
The company that provides temporary use of a vehicle in return for periodic payment.

Liability on an Account :
Legal responsibility to repay debt.

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

List Price :
The manufacturer's suggested retail price for a vehicle. Also called "MSRP" or "Sticker Price."

Loan-To-Value Ratio :
The relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage.

Lock Term :
A lender's guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time.