Terms with Tag Lease
- All Bills Paid (ABP) — Acronym,
- Amount Due at Lease Signing — Definition,
- The total amount due before the consumer can take delivery of a leased vehicle. It can include any security deposit, title fee, capitalized cost reduction, monthly payments paid at signing and registration fees.
- Average Lease Value (ALV) — Acronym,
- Canadian Finance & Leasing Association (CFLA) — Company, Canada, ➥ Represents the asset-based financing, equipment and vehicle leasing industry in Canada.
- Closed-end Lease — Definition,
- The most common type of car lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over. In a closed-end lease, the lender assumes the risk of predicting the value of the vehicle (its residual value) at the end of the lease's term. Closed-end lease payments are somewhat higher than open-end lease payments.
- Dell Financial Services Canada (DFSC) — Company, Canada,
- Double Net (NN) — Acronym,
- Excess Wear Charge — Definition,
- Most leases set limits for wear and tear on the car during the lease term. The lessee must pay charges for exceeding the limits when turning in the car at the end of the lease.
- Factory Based Price (FBP) — Acronym,
- Full Service Gross (FSG) — Acronym,
- Honda Canada Finance, Inc (HCFI) — Company Est. 1987, Canada, ➥ Provides financing and leasing options for Canadian consumers.
- Lease (lse) — Abbreviation,
- A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
- Lease Extension — Definition,
- The continuation of an existing lease, at the original monthly payment, usually on a month-by-month basis.
- Lease Option — Definition,
- A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period
- Leasehold (l/h) — Abbreviation,
- Land or property held under a lease for a term of years.
- Leasehold Mortgage — Definition, Important,
- A mortgage given by a lessee on the security of his leasehold interests in the land.
- Net Lease (N lease) — Abbreviation,
- A net lease is a lease agreement, usually long-term commercial or industrial, in which the tenant (lessee) agrees to pay all or a portion of the property expenses in addition to periodic rent. It is called a net lease because the rent paid is "net" to the lessor.
- Open-end Lease — Definition,
- Sometimes called a finance lease. It usually offers lower payments, but carries a risk for the consumer. Under an open-end lease, the lessee must pay any difference between the residual value of the car as stated in the lease and the fair market value of the car, if lower, at the end of the lease. The lessor pays for the appraisal that sets the value. If the consumer doesn't agree with it, the consumer may pay for a binding, independent appraisal by someone agreed to by both parties.
- Sale-leaseback — Definition,
- A transaction in which the seller transfers the title to the buyer, then rents the property from the new owner. Generally not done in Canada, more an American practice.
- Step Down Lease — Definition,
- A lease providing for decreases in rental payment at specified dates.
- Step Up Lease — Definition,
- A lease providing for increases in rental payment at specified dates.
- Triple Net (NNN) — Acronym,
- A real estate lease agreement for commercial rental properties whereby the lessor charges the lessee (tenant) for their share of taxes, insurance and maintenance costs.
- Walk-away Lease — Definition,
- The most common type of car lease, also known as a closed-end lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over. In a closed-end lease, the lender assumes the risk of predicting the value of the vehicle (its residual value) at the end of the lease's term. Closed-end lease payments are somewhat higher than open-end lease payments.
