1. Vocabulary: Automobile purchasing decisions What Does It Mean? Match the terms relating to the basic terminology and concepts of personal finance—those associated with making automobile purchasing decisions—on the left with the descriptions of the terms on the right. Read each description carefully and select the letter of the description in the Answer column next to the correct term.

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Match the terms relating to the basic terminology and concepts of personal finance—those associated with making automobile purchasing decisions—with the descriptions of the terms.

Rebate

Impulse purchase

Lease

Dealer holdback

Closed-end lease

Sticker price

Residual value

Low-balling

Gross capitalized cost

Gap insurance

A partial refund of a car´s purchase price that the dealer gives as an inducement to purchase.

The value of a leased asset at the end of the lease period.

This rebate, calculated as a percentage of the vehicle´s invoice price, that increases the dealer´s profit and allows a vehicle to be sold for less than either the vehicle´s sticker price or the dealer´s invoice price.

The purchase of a good or service without fully considering your priorities and the availability of any alternatives.

This is the total price of the leased vehicle, including its negotiated cost and any applicable fees and taxes.

The practice involving unethical car dealers who first quote a low sales procce to induce a potential customer to make an offer and the attempt to add costly add-ons to the transaction prior to the signing of the cotract.

A contract and business transaction in which the user of an item, such as a car or house, receives the right to use it in exchange for scheduled payments for a fixed period.

The popular name given to the manufacturer´s suggested retail price (MSRP), which by federal regulation is posted on the vehicle´s window.

An insurance policy that pays the policyholder the differencec between the actual cash value (ACV) that the insurance company pays when a vehicle is declared a total loss and the outstanding loan amount on the purchase of the vehicle.

A lease transaction, often called a walkaway lease, that allows the lessee, at the end of the lease period, to merely return the vehicle-assuming that he or she has not exceeded the preset mileage limit or abused the vehicle.

Rebate: A partial refund of a car´s purchase price that the dealer gives as an inducement to purchase.

Impulse purchase: The purchase of a good or service without fully considering your priorities and the availability of any alternatives.

Lease: A contract and business transaction in which the user of an item, such as a car or house, receives the right to use it in exchange for scheduled payments for a fixed period.

Dealer holdback: This rebate, calculated as a percentage of the vehicle´s invoice price, that increases the dealer´s profit and allows a vehicle to be sold for less than either the vehicle´s sticker price or the dealer´s invoice price.

Closed-end lease: A lease transaction, often called a walkaway lease, that allows the lessee, at the end of the lease period, to merely return the vehicle-assuming that he or she has not exceeded the preset mileage limit or abused the vehicle.

Sticker price: The popular name given to the manufacturer´s suggested retail price (MSRP), which by federal regulation is posted on the vehicle´s window.

Residual value: The value of a leased asset at the end of the lease period.

Low-balling: The practice involving unethical car dealers who first quote a low sales procce to induce a potential customer to make an offer and the attempt to add costly add-ons to the transaction prior to the signing of the cotract.

Gross capitalized cost: This is the total price of the leased vehicle, including its negotiated cost and any applicable fees and taxes.

Gap insurance: An insurance policy that pays the policyholder the differencec between the actual cash value (ACV) that the insurance company pays when a vehicle is declared a total loss and the outstanding loan amount on the purchase of the vehicle.

Explanation:

A lease refers to the act of renting a product, such as a car. When leasing a car, is important to avoid impulse buying, without sufficiently examining priorities and alternatives, and be careful of unethical sales tactics.

The gross capitalized cost includes the price of the car, plus any extra fees. Low balling refers to a sales tactic that entices the client with a low price to get a verbal agreement, only to raise it when signing the contract

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