This glossary contains definitions for many of the financial terms that you will see on this site. To browse the definitions, click any of the letters below.
A B C D E F G H L M N O P R S T V W
Personal Property Tax
A tax imposed by local authorities based on the assessed value of the leased vehicle on a given date each year. This tax is also known as Ad Valorem or Excise tax. State laws govern whether personal property tax may apply to a leased vehicle.
Pre-filled Odometer Statement
A Federal Odometer Statement that is pre-printed with customer and vehicle information. The pre-filled form is sent to the original Dealer in anticipation of the vehicle's return.
Pre-Inspection
A vehicle inspection that takes place prior to the return of a leased vehicle. This process provides the customer with the opportunity to have any damage properly repaired before the vehicle's return, thereby reducing any charges that might be incurred for excess wear and use.
Purchase Option
A customer's option to buy a leased vehicle at the termination of the lease agreement, at a price established at lease inception.
Purchase Option Fee
An amount a customer may have to pay, in addition to the purchase option price, to exercise any purchase option in a lease agreement.
Purchase Option Price
The price a lessee will pay to purchase the leased vehicle at the end of the lease term.
