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Glossary Terms

Annual Percentage Rate

The interest rate used in the calculation of the monthly lease payment.

Cap Cost Reduction

This is simply a down payment to reduce the vehicle price or "Cap Cost" of the vehicle. It can take the form of either a cash down payment or a vehicle trade-in and is applied to the cost of the lease to help reduce your monthly payment.

Capitalized Cost

Commonly referred to as the "Cap Cost", this is the lease price plus any administrative fee and other items included in the lease such as extended service contracts, life, accident and health policies.

Closed-End Lease

A lease arrangement under which you, as the lessee, will have no responsibility to the lessor for the market value of the vehicle at scheduled lease termination, provided the vehicle does not have excess kilometres or wear. This type of lease is sometimes called a "walk-away lease".

Current Market Value

The value of your vehicle at today's market price.

Excess Kilometre Charge

A charge per kilometre that is assessed for kilometres driven in excess of what is stipulated in the lease agreement.

Excess Wear and Tear

Excess wear and tear is evaluated at lease end. Broken or missing parts on the inside and out, poor quality repairs, mechanical and electrical damage, and alterations to the car's appearance all constitute wear and tear. Be sure to talk about this with your dealer when you lease. Please know that normal wear and tear is okay. It includes such minor items as small door dings and scratches that don't penetrate the paint finish.

Lease

An agreement under which the vehicle owner (the lessor) permits its use by a customer (the lessee) for an agreed upon period of time (the term).

Lease Rate

The interest rate used to compute your monthly lease payment.

Lease Termination Report

Official notification that you are returning your vehicle.

Lien

Legal claim or charge against property for the satisfaction of a debt.

Lessee

You, the user of the leased vehicle.

Option to Purchase Price

This is the amount you can pay to purchase your vehicle at the end of your lease. This amount is established up-front when you sign your lease agreement.

Provincial Personal Property Security Law

Every province has legislation dealing with personal property security law. The legislation allows lenders to protect their interest in personal property by registering it in a centralized provincial registry.

Purchase Finance Rate

The interest rate used to compute your monthly financing payment.

Residual Value

An estimate of your vehicle's worth at lease-end as set by the lessor for the purpose of calculating your monthly lease payment. Residual values vary by term, usage and for different vehicle makes and models, depending on predicted rates of depreciation. Taxes, costs and expenses incurred if you exercise your option to purchase are extra.

Security Deposit

A refundable dollar amount that you pay at the time of lease signing. This amount can be used by the lessor to pay for all or part of your excess kilometres or excess use charges you may have at lease-end.

Term

The length of time of a finance or lease agreement.

Transfer of Lease

When somebody takes over your lease.