Alpha Leasing Company
Auto Leasing Terminology
Taking the mystery out of auto jargon
Below is a list of terms relating to vehicle leasing and purchasing.
Click on any term to show its definition or click the show definitions link to show all definitions.

Show Definitions


Gap protection

Insurance that covers the amount owed due to early termination of a lease agreement. Such early termination may occur when a car is stolen or seriously damaged in an accident. However, the auto insurer's payment may not be enough to pay off the lease balance and any early-termination penalties.

Annual percentage rate (APR)
Advertising fee
Average cost per year
Amortization
Appraisal
Base price
Capitalized cost
Capitalized cost reduction
Closed-end lease
Cost analysis
Dealer charges
Dealer holdback
Dealer incentives
Dealer invoice
Dealer sticker price
Depreciation
Destination charge
Down payment
Escrow
Gap protection
Gross income
Home equity line of credit
Home equity loan
Invoice price
Interest rate
Lien
Loan application
Loan-to-value ratio
Lock-in
Manufacturer's rebate
Money factor
Monroney sticker price
MSRP
Open-end lease
Preparation charges
Rate changes
Reconditioning reserve
Residual value
Revolving credit
Savings rate
Tax rates
Tax savings
Term
Title
Trade-in value
Underwriting
Upfront costs
Upside-down
Working condition fringe benefit
Qualified nonpersonal use vehicle
215 S HURSTBOURNE PKWY, SUITE 103  •  Louisville, KY 40222  •  PHONE: 800-800-5327 • fax: (502) 426-2793 •  email: Info@alphaleasing.com