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4WD
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This is the abbreviation for four-wheel drive vehicles. These either have full-time four-wheel drive engaged, or the option of having it engaged from rear-wheel drive.
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Co-Signer
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Refers to another person that signs the loan and assumes equal financial responsibility for its repayment.
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Warranty Rating
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The mileage or time limit for which a manufacturer guarantees a specific model of tire. Most tire warranties are pro-rated after a certain mileage or amount of time.
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UTQG
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The abbreviation for Uniform Tire Quality Grading. This refers to a rating system developed by the United States Department of Transportation for temperature rating, tread wear rating, and traction rating of a passenger tire.
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Best Car Lease
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This is another way of saying the best lease available. Best car leases are typically the leases which offer rebates, low interest rates, little-to-no money down, or a combination of any of the above. Dealerships run best car lease deals whenever they need to clear space from the lot for incoming inventory, or simply to boost sales during a slow period. These are also referred to as subvented leases.
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I4
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This is the abbreviation for the term Inline Four, which refers to an engine with four cylinders lined up in a row. Inline engines typically have one cylinder head.
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Lease Residual
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The term lease residual is another way of saying residual value. This is the value that is the main variable in determining the overall payment of the vehicle. The residual value of a vehicle is its determined value at lease end. This figure is found at the beginning of the lease by consulting the Automotive Leasing Guide, the prime source for determining residual values.
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NADA
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An acronym for National Automobile Dealers Association. The NADA sets vehicle values similar to Kelley Blue Book.
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Accident Report Form
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A report that contains information about an accident, including circumstances, parties involved, citations given. Typically called a police report.
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Lease Contract
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Also simply called the lease agreement, this is the term referring to the actual contract signed at the beginning of a lease. This is the actual legal document, and both parties should protect their copies once signed. The lease agreement states all terms, fees, mileage allowance, wear-and-tear charges, and definitions, as well as the lease length and financial terms. This is the document that must be presented in court should the need arise.
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Principal Balance
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This is the remainder, or unpaid balance, of a loan.
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Auto Lease
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This is the term that describes a specific type of vehicle financing process. It is not renting, but it is also not purchasing. A vehicle is purchased by a lease company, but given to a customer (the lessee). A certain monthly payment is negotiated during the moment of lease agreement. This payment is to offset any depreciation in the value of the vehicle for the lease period, and it is paid by the lessee. The lease company maintains ownership for the term of the lease, however many lease companies offer the opportunity for the lessee to purchase the vehicle at a discounted price upon lease termination.
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Replacement Parts
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Parts used to repair those damaged in a covered loss. Replacement parts may be new, from the original equipment manufacturer (OEM) and aftermarket, or recycled.
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Binding Receipt
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Evidence of a contract issued by an insurance company after the initial premium is paid.
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Hub Centric Ring
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Also simply known as Hub Rings, these are hard plastic or aluminum rings that fit into the center bore of a rim to allow for a tighter fit onto smaller wheel hubs.
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Dealer Invoice
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Amount the dealer is billed from the manufacturer for a vehicle.
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Inner Liner
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The layer of glossy rubber that coats the inside of a tubeless tire. It adds strength the tire, allowing it to hold a higher psi measurement of air.
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12-Cylinder Engine
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An engine that contains ten internal combustion cylinders, most commonly in a V-shape with six cylinders per side.
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Cold Air Psi
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The measurement of a tire's air pressure when it has not been driven for more than four hours or driven within that period of time for less than one mile.
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Inspection
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The examination and verification of a vehicle's physical condition.
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