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Car Loans Glossary For Consumers

Understanding car loan financial terms can be confusing.
Use this glossary of common car loan terms.



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Impound :

That portion of a borrower's monthly payments held by the lender or service to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also known as reserves.

Index :

A published interest rate against which lenders measure the difference between the current interest rate on an adjustable rate mortgage and that earned by other investments (such as one- three-, and five-year U.S. Treasury Security yields, the monthly average interest rate on loans closed by savings and loan institutions, and the monthly average Costs-of-Funds incurred by savings and loans), which is then used to adjust the interest rate on an adjustable mortgage up or down.

Interest :

A charge by the lender, expressed as a percentage of the total amount leant. The borrower pays this charge as payment for the loan.

Interest Rate :

Expressed as a percentage of 100, the annual rate of interest on a loan.

Joint Account :

An account with a financial institution, such as a bank, in which two or more people share the account. All parties involved share legal responsibility to repay loans or debts of this account.

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.

MSRP :

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.

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