First Car Guide for First Time Car Buyers
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Glossary
Glossary
Glossary of Automobile Buying and Financing | |
Glossary of terms related to automobile buying, leasing, financing, driving, and insuring. | |
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| Term | Definition |
| dealer | New-car dealers are independent businesses, not owned by car manufacturers, but authorized by them. Dealers are also licensed by the state in which they operate. By law, all new car sales must be conducted through an authorized, licensed dealer. |
| deductible | Related to auto insurance, a deductible is the amount that you pay if you file a claim. Higher deductibles result in lower insurance premiums because you pay a higher share of the cost of a claim. |
| disposition fee | Related to car leasing, it's a fee included in most leases that is paid at the end of a lease when a vehicle is returned to the lease company. It's an administrative fee and is not negotiable. The amount is usually about $350. |
| DMV | Department of Motor Vehicles. This the name applied (in most states) to the agency responsible for registering and licensing motor vehicles of all types. They also provide drivers' licensing services. |
| Glossary V2.0 | |