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Terminology Description
AIA Abbreviation of Annual Investment Allowance
Balloon Payment Final payment to be made on a particular type of finance agreement
BVRLA British Vehicle & Rental Leasing Association
Contract Purchase Also known as Lease Purchase
Early Settlement Ending your agreement early and paying any outstanding fees
Equity The value in the vehicle after all fees have been made
Excess Mileage Miles in the vehicle over that agreed as part of your contract
Fair Wear and Tear The accepted condition of a vehicle as a result of normal use as defined by the BVRLA
Finance Lease Also known as Pickup Truck Leasing
Funder The finance company
HP Abbreviation for Hire Purchase
Lease Purchase Also known as Contract Purchase
Optional Final Payment Final payment due at the end of a Finance Lease agreement
Peppercorn Rental Alternative terminology for Secondary Rental Period
Rental The monthly payment as agreed with the finance company
Residual Value The vehicle's estimated future value based on certain criteria, such as age, condition and mileage
Secondary Rental Period A requirement in order to keep the vehicle past the original agreed term on Finance Lease
Term The period of the finance agreement
Title Owner of the vehicle