An Aid to Understanding the Auto Loan: WFS Glossary
Wachovia appreciates the challenges that can face anyone who has chosen to seek information on an auto loan. The WFS glossary demonstrates that fact. The WFS glossary contains the terms that one is apt to hear when he or she speaks with a lender or an automobile salesman about a car loan. Wachovia has given careful thought to the things that might hinder a customer's readiness to accept the terms of an auto loan. WFS terms, as listed in the online glossary, provide the novice car buyer with valuable assistance. This article will give the reader a closer look at those terms. The WFS glossary contains the term "accrued interest." That is the interest on a loan, as accumulated over time. The WFS glossary contains the term "amortization." That is the decrease in debt, a decrease achieved by making regular and on-time payments on a loan. The WFS glossary contains the term "dealer charges." Those are what the car dealer charges for services, such as rust proofing or undercoating. The WFS glossary contains the term "Monroney sticker." That sticker must by law appear on every new vehicle that is for sale. That sticker lists all of the options on the identified vehicle and gives the sticker price for that same vehicle. The WFS glossary explains that the sticker price is the manufacturer's suggested retail price.
