Wednesday, January 30, 2013
Dealership Dictionary Vol. 1
Hey Fans! There are a lot of acronyms, sayings, and verbiage used in the auto industry nowadays. Sometimes, the savvy buyers can pinpoint exactly what they mean. On the other hand, buyers may be confused as to what these certain words mean. In today’s blog, we’re providing a quick list to reference before you come in to see us. We’ll be happy to elaborate!
APR – Annual Percentage Rate: this is a ruler used in comparing the various ways of computing interest or finance charges for all loans
Cap Cost Reduction – refers to any cash the leaseholder may pay upfront, this can include a down payment, trade-in credit, or rebate.
Dealer Trade – This is when a dealer will exchange one of his cars with another dealer to meet a customer’s likes or requirements in color, or model.
Free & Clear – A customer’s trade-in, which has no liens on it.
House Financing – This is a customer’s purchase, which is financed through the dealership
MSRP – Manufacturers Suggested Retail Price of a vehicle.
These are just a few terms that we use in order to make your experience simple, easy, and effective. For details, don’t hesitate to contact us!