Terms and Definitions
- SETTLEMENT
- An amount agreed upon by the insured and the insurance company as to the extent of liability in damage claims. For example, under collision coverage, the insurance company pays for agreed repairs, less any deductible.
- SIMPLE INTEREST PAYMENT
- A payment plan where payments are made in equal monthly installments of principal plus interest on the unpaid principal remaining. As the principal decreases so does the monthly interest.
- TIME PURCHASE
- Purchase made by the customer over a specified period of time through regular monthly installments.
- USED CAR GUIDE BOOKS
- Black Book, NADA Guide, Kelly Blue Book, etc... are used by dealer appraisers to establish used car values. These guides show the appraisers a description of vehicles by make, model, year, and price depending on condition and mileage. This information gives them a fairly accurate picture of the going price for a specific vehicle in the dealer's geographical area.
- VEHICLE SERVICE CONTRACT
- Under the Magnuson-Moss Act, "service contract" means a "written contract to perform, over a fixed period of time or for a specified duration, services relating to the maintenance or repair (or both) of a consumer product."
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