Auto Loan Learn the Terms
Car Talk
Below are some terms you may hear when shopping for a new or used vehicle or auto loan. Some words may have more than one meaning. Only those meanings relating to this site will be used.
Definitions A - Z
R
Rebate
A manufacturer's reduction on the price of the car as an incentive to buyers.
Reconditioning
The process of preparing a vehicle for resale or re-lease if you return it.
Reconditioning Reserve
An amount you may pay at the beginning of the lease that may be used by the lessor (the leasing company) or assignee to offset any amounts you may owe at the end of the lease term for excessive wear and use and excess mileage. Any remaining amount may be refunded to you.
Registration Fee
A fee charged by a state motor vehicle department to register a vehicle and authorize its use on the public roadways.
Repossess
When a creditor takes possession of your vehicle after you default on your loan or lease. For credit rating purposes it does not matter if the repossession was voluntary or involuntary.
|