Appendix H — Glossary

Every term in this book that a working professional is expected to know cold, defined in plain language. If you can explain each of these to a nervous customer in one breath, you understand the business. Where a term has a friendlier nickname or a few names for the same thing, they're noted together so you recognize them on the floor, in the tower, and in the box. Laws and lender practices vary by state and by company and change over time — these definitions teach the durable shape, not the fine print of any one deal.

Terms are alphabetized. Cross-references point you to the chapter that owns the concept.

ACV (actual cash value) — What a trade-in is genuinely worth to the dealer at wholesale right now — roughly what it would bring at auction, minus reconditioning. The ACV is almost always lower than the allowance shown on the deal; the gap is part of how trades get presented. In the Okafor deal, the trade allowance is $18,000 but the ACV is $16,500. (Ch 11, Ch 19)

Absorption rate — The share of a dealership's total fixed expenses (rent, salaries, the lights) that the fixed operations departments — service, parts, body shop — cover on their own. At 100% absorption the store could pay all its overhead without selling a single car; every front-end deal is then pure upside. A core measure of dealership health. (Ch 35, Ch 37)

Add-ons — Products and accessories sold on top of the vehicle price, usually in F&I or at the desk: service contracts, GAP, paint/fabric protection, wheel-and-tire coverage, alarms. Legitimate when disclosed and wanted; a compliance and ethics problem when packed, forced, or hidden in a payment. (Ch 24, Ch 25)

ADESA — One of the two largest wholesale vehicle auctions in North America (with Manheim), where dealers buy and sell used inventory at wholesale. (Ch 18, Ch 19)

Allowance (trade allowance) — The number a customer is credited for their trade on the deal, shown on the worksheet. It can be higher than the car's true ACV because it interacts with selling price and taxes; what protects the customer is the trade differential (price minus allowance), not the allowance alone. (Ch 11, Ch 19)

Amount financed — The actual dollar figure the lender lends and the customer borrows: selling price, plus tax, title, fees, and any financed products, minus down payment and trade equity. It is the number the APR and payment are calculated on, and it appears in the TILA disclosure box. In the Okafor deal the amount financed is $41,030. (Ch 22, Ch 25)

Annual percentage rate (APR) — The yearly cost of a loan expressed as a percentage, including interest and certain finance charges, as required by the Truth in Lending Act. The APR is the rate the customer signs for — the sell rate — and is what should be compared lender to lender, not the monthly payment. (Ch 22, Ch 25)

Appraisal — The dealership's process for putting a number on a trade-in: inspecting condition, checking history and the market, and arriving at an ACV. (Ch 11, Ch 19)

Approval (loan approval) — A lender's answer that it will fund a customer's loan, often with conditions (proof of income, a maximum LTV or term, a required down payment). One credit application is typically shopped to many lenders, producing several approvals to choose among. (Ch 22, Ch 26)

APR — See annual percentage rate.

Auction (wholesale auction) — A marketplace (e.g., Manheim, ADESA, ACV Auctions) where dealers buy and sell used vehicles at wholesale prices, away from the retail customer. The source of much used inventory and the destination for trades a store won't retail. (Ch 18, Ch 19)

ACV Auctions — A digital, dealer-to-dealer wholesale auction platform that runs entirely from an app, allowing dealers to buy and sell cars without a physical auction lane. (Ch 18, Ch 19)

Back-end gross — The profit a deal makes in the F&I office: dealer reserve on the financing plus the margin on F&I products (service contracts, GAP, etc.). On many deals the back end out-earns the front end. (Ch 5, Ch 22, Ch 24)

BDC (business development center) — A dedicated team (or department) that handles incoming leads, internet inquiries, and phone calls — answering fast, setting appointments, and handing live customers to the floor. The home of speed-to-lead. (Ch 4, Ch 29)

Be-back — A customer who leaves without buying but returns later ("I'll be back"). Industry lore says most never return — which is why follow-up turns a maybe into a be-back instead of a memory. (Ch 13, Ch 16)

Black Book — A wholesale vehicle valuation guide used heavily by dealers and lenders to gauge auction-level (wholesale) values, distinct from retail guides like Kelley Blue Book. (Ch 19)

Buy rate — The interest rate at which a lender will actually fund a given customer's loan — the dealer's wholesale cost of the money. The dealer may offer the loan to the customer at a higher sell rate; the difference is dealer reserve. In the Okafor deal the buy rate is 6.9%. (Ch 22)

Cap cost (capitalized cost) — In a lease, the agreed-upon price of the vehicle being leased — the lease equivalent of selling price, and just as negotiable. A lower cap cost means lower payments. (Ch 23)

Cap cost reduction — Anything that lowers the cap cost at lease signing: a down payment, a trade, or a manufacturer rebate. The lease version of a down payment. (Ch 23)

Captive (captive lender / captive finance company) — A lender owned by a vehicle manufacturer that finances that brand's cars (e.g., the import line's or domestic line's own finance arm). Captives run the subsidized "0.9% APR" and special lease programs you can't get from an outside bank. (Ch 22, Ch 23)

Carfax — A widely used vehicle-history-report provider that compiles a car's reported accidents, title events, service records, and ownership history. A standard used-car due-diligence tool — useful but not perfect. (Ch 20, Ch 31)

AutoCheck — A vehicle-history-report provider (the main alternative to Carfax), known for its history-based scoring of a vehicle's record. (Ch 20)

Chargeback — When a customer pays off or cancels a loan or a financed product early, the lender or product provider claws back part of the dealer's (and often the salesperson's or F&I manager's) earned reserve or commission. The reason packed, oversold deals can pay negative once the customer bolts. (Ch 5, Ch 22, Ch 24)

Closing — The point in the sale where you ask the prepared, informed customer for the buying decision. Done right, after a real needs analysis, it's simply confirming what already fits — "are you ready?" — not overcoming resistance. (Ch 14)

Closing ratio (close rate) — The share of customers ("ups") a salesperson actually sells, e.g., 20 sold out of 100 = a 20% closing ratio. A core productivity metric, but a partial one — it ignores gross and repeat business. (Ch 5, Ch 33)

Conquest — Winning a customer away from a competing brand (or a competitor's customer base). Many manufacturers offer conquest rebates to buyers trading in a rival brand. (Ch 12, Ch 36)

Cooling-off period — A short window during which a buyer can cancel certain purchases. Crucially, it generally does not apply to vehicle purchases in most states — a car deal is usually final at signing, which is why "I'll bring it back tomorrow" is not a right the customer has. (Ch 31)

CPO (certified pre-owned) — A used vehicle that has passed a manufacturer-backed inspection and carries an extended factory-style warranty, sold at a premium over a comparable non-certified used car. Bridges the trust gap between new and used. (Ch 18, Ch 20)

Credit application — The form (and the data) a customer submits to be considered for financing: identity, income, residence, and the authorization to pull credit. Shopped to lenders to generate approvals. (Ch 22, Ch 25)

Credit bureau — One of the three nationwide agencies (Equifax, Experian, TransUnion) that compile consumer credit reports, from which scores like FICO are derived. (Ch 22)

Credit tier — A lender's bucketing of customers by credit quality, which sets the buy rate and terms offered. Illustrative tiers: super-prime ~780+, prime ~660–779, near-prime ~620–659, subprime ~580–619, deep subprime below 580. Exact cutoffs vary by lender. (Ch 22, Ch 26)

CRM (customer relationship management system) — The software that stores every customer, lead, note, and follow-up task. The salesperson's single most valuable asset — the difference between a transaction and a career. (Ch 4, Ch 16, Ch 29)

CSI (customer satisfaction index) — Standardized survey scores measuring how satisfied customers are with the sales and service experience. Manufacturers tie real money and privileges to CSI, so it drives behavior across the store. (Ch 15, Ch 33, Ch 35)

Cushion — See pack / packing. (Sometimes used for a small built-in margin in a quoted payment or cost; disclose, never bury.)

Days' supply — How many days the current inventory would last at the recent sales pace (units in stock ÷ average daily sales). The central inventory-health number: too high ties up cash and floor plan interest; too low starves the floor. (Ch 34, Ch 18)

Deal jacket — The file (paper or digital) holding every document for a single deal: credit app, contracts, disclosures, copies of ID and insurance, the Buyers Guide, and so on. The compliance record if anyone ever asks. (Ch 25)

Dealer holdback — A percentage of a new car's MSRP (or invoice) that the manufacturer pays back to the dealer after the sale, typically around 2–3%. It means "invoice" isn't truly the dealer's cost — and it's not really negotiable, so honest salespeople don't pretend it is. (Ch 1, Ch 12)

Dealer reserve (finance reserve, rate participation, dealer participation) — The dealership's profit on arranging financing: the spread between the buy rate and the sell rate, paid to the dealer by the lender. The gateway concept of the back end — the dealer is a broker, and reserve is the spread. (Ch 22)

Demo (demonstrator) — Either (1) the act of demonstrating a vehicle to a customer, or (2) a low-mileage vehicle that's been driven by staff or used as a test-drive car and is then sold at a discount as "new." (Ch 9, Ch 10)

Desk / desking — The act (and the place) of structuring a deal: the sales manager works the numbers — price, trade, payment, terms — and sends offers back and forth between customer and "the tower." To "desk a deal" is to build its structure. (Ch 12, Ch 33)

Disposition fee — A charge in a lease, paid at the end, to cover the dealer's or captive's cost of cleaning up and reselling the returned vehicle — typically a few hundred dollars, waived if the customer leases or buys again. (Ch 23)

Doc fee (documentation fee) — A fee dealers charge to prepare the paperwork on a deal. It's largely profit, is capped or regulated in many states, and varies widely — buyers should ask about it, and salespeople should be ready to explain it honestly. (Ch 12, Ch 22, Ch 31)

Down payment — Cash the customer puts toward the purchase up front, reducing the amount financed (and, for subprime buyers, often required by the lender to approve the loan). (Ch 22, Ch 26)

ECOA (Equal Credit Opportunity Act / Regulation B) — The federal fair-lending law prohibiting credit discrimination based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. The law behind scrutiny of discretionary rate markup. (Ch 22, Ch 25, Ch 31)

Equity (positive / negative) — The difference between what a vehicle is worth and what is still owed on it. Positive equity (worth more than the payoff) becomes a down payment on the next car; negative equity (owing more than it's worth — "upside down" / "underwater") gets rolled into the next loan or must be paid off. (Ch 11, Ch 22, Ch 23)

Extended service contract — See VSC (vehicle service contract).

FAB (features, advantages, benefits) — A presentation framework: state a feature (what it is), the advantage (what it does), and the benefit (what it means to this customer). The benefit, tied to the customer's stated needs, is what sells. (Ch 9)

FCRA (Fair Credit Reporting Act) — The federal law governing how consumer credit information is collected, accessed, and used — including the customer's permission to pull credit and the Red Flags Rule identity-theft protections. (Ch 25, Ch 31)

F&I (finance and insurance) — The dealership office (and function) that arranges financing and sells financial-protection products (service contracts, GAP, etc.) after the sale is made on the floor. Often the store's highest-margin department. (Ch 22–26)

FICO score — The most widely used consumer credit score (roughly 300–850), built from payment history, amounts owed, length of history, new credit, and credit mix. Lenders use it to assign a credit tier and buy rate. (Ch 22)

First pencil — The dealership's first written counter-offer to the customer after a worksheet is submitted — the opening number in the back-and-forth. How you set the first pencil shapes the whole negotiation. (Ch 12, Ch 33)

Fixed operations (fixed ops) — The service, parts, and body-shop departments — the "fixed" side of the business that runs on appointments and labor hours, as opposed to the "variable" sales side. The profit engine behind absorption rate. (Ch 35, Ch 36, Ch 37)

Flat (flat commission) — See mini.

Floor plan (floorplan financing) — The line of credit a dealer uses to finance its inventory: the dealer borrows to put cars on the lot and pays interest until each sells. Why aging inventory bleeds money and days' supply matters. (Ch 1, Ch 18, Ch 34)

Four-square — A worksheet (and an old-school technique) dividing a deal into four boxes — price, trade, down payment, and monthly payment — used to negotiate. Notorious for hiding price inside payment; this book teaches transparency instead. (Ch 12)

Front-end gross — The profit on the vehicle itself: selling price minus the dealer's cost (plus any pack), before financing and F&I products. On many new cars it's thin — which is why the back end matters. (Ch 1, Ch 5, Ch 12)

GAP (guaranteed asset protection) — A product that, if the car is totaled or stolen, pays the difference between what insurance reimburses and what's still owed on the loan — protecting a customer with negative equity from owing on a car they no longer have. In the Okafor deal GAP is $900 (dealer cost $300). (Ch 24)

GLBA (Gramm-Leach-Bliley Act) — The federal law requiring financial institutions, including dealers' F&I operations, to protect the privacy and security of customers' personal financial information (the "Safeguards Rule"). (Ch 25, Ch 31)

Green pea — Industry slang for a brand-new, inexperienced salesperson. (Jordan, the reader's stand-in, starts as a green pea.) (Ch 1, Ch 7)

Gross profit (gross) — The profit on a deal before the salesperson's commission and store overhead. Split into front-end gross (the car) and back-end gross (financing and products); together they're the deal's total gross. (Ch 1, Ch 5)

Holdback — See dealer holdback.

Invoice (dealer invoice) — The price the manufacturer bills the dealer for a new car. Often quoted as "dealer cost," but it isn't — holdback, incentives, and volume bonuses mean the dealer's real cost is usually below invoice. (Ch 1, Ch 12)

J.D. Power / NADA Guides — Reputable third-party vehicle-valuation resources (J.D. Power acquired the former NADA used-car guides) used to gauge retail and trade values. (Ch 19)

Kelley Blue Book (KBB) — A long-established, consumer-facing vehicle-valuation resource customers frequently quote for trade and retail values. Know how it generates numbers — and its limits — so you can discuss it credibly. (Ch 11, Ch 19)

Lease — A contract to use a vehicle for a set term and mileage while paying for its depreciation (plus rent and fees), rather than buying the whole car. At lease-end the customer returns, buys, or re-leases. The threshold idea: a lease pays for depreciation, not the whole car. (Ch 23)

Lease-end (lease maturity) — When a lease term ends and the customer must return the vehicle, buy it at the residual price, or lease again — a built-in moment to sell the next car. (Ch 23, Ch 36)

Lemon law — State laws that give buyers remedies (repair, replacement, or refund) when a new vehicle has a substantial defect the manufacturer can't fix in a reasonable number of attempts. Thresholds vary by state. (Ch 31)

Lender — The institution that actually puts up the money for a car loan — a bank, credit union, or captive. In retail financing the dealer is a broker, not the lender. (Ch 22)

Loyalty (loyalty rebate) — A manufacturer incentive for a customer who already owns that brand and buys or leases another. (Ch 12)

LTV (loan-to-value ratio) — The loan amount as a percentage of the vehicle's value (loan ÷ value). Lenders cap LTV to limit risk; a high LTV — common when fees, negative equity, and products are financed — can make a deal hard to fund. (Ch 22, Ch 26)

Magnuson-Moss Warranty Act — The federal law governing consumer product warranties, including what must be disclosed and the rules against unfairly tying warranty coverage to using only the dealer's parts or service. (Ch 31)

Manheim — The largest wholesale vehicle auction company in North America, a primary venue where dealers buy and sell used inventory and a widely watched source of wholesale-price data. (Ch 18, Ch 19)

Menu (F&I menu) — A standardized presentation showing every F&I product (service contract, GAP, etc.) to every customer in tiered packages, with prices. Presenting the same menu to everyone is both better selling and a fair-treatment compliance practice. (Ch 24, Ch 25)

Mini (mini-deal / flat) — The minimum commission a salesperson earns on a deal with little or no gross — a small flat amount (e.g., $100–$200) instead of a percentage. Too many minis is a sign to work on gross, not just volume. (Ch 5)

Money factor — The lease equivalent of an interest rate, expressed as a small decimal (e.g., 0.00250). Multiply by 2,400 to approximate the equivalent APR. Like a rate, it can carry markup — so it's worth understanding. (Ch 23)

Monroney label (window sticker) — The federally required label on every new car disclosing base price, options and their prices, total MSRP, fuel economy, and safety/origin information. Named for the senator behind the law. (Ch 12)

MSRP (manufacturer's suggested retail price) — The "sticker price" the manufacturer recommends — a starting point, not the dealer's cost and not necessarily the selling price. In the Okafor deal MSRP is $45,000 against a $43,500 selling price. (Ch 1, Ch 12)

NADA (National Automobile Dealers Association) — The major U.S. trade association for franchised new-car dealers, a source of industry data, training, and compliance guidance. (Ch 1, Ch 12)

NIADA (National Independent Automobile Dealers Association) — The trade association for independent (used-car) dealers, with compliance and training resources for the independent side of the business. (Ch 21)

Needs analysis (discovery) — The structured conversation, early in the sale, that uncovers what the customer actually needs and fears before any vehicle is shown. The threshold idea: the sale is won here, not at the close. (Ch 8)

Negative equity — See equity.

Note rate — See sell rate.

Off-lease — A vehicle returned at the end of a lease, which becomes used inventory — often low-mileage and well-kept, a prime source of CPO cars. (Ch 18, Ch 23)

Pack (packing / payment packing) — Quoting a customer a monthly payment that secretly includes the cost of products (a service contract, GAP) they haven't agreed to buy, so the products feel "free" or get slipped in. A deceptive practice — disclose every dollar, never bury it. (Ch 24, Ch 25, Ch 30)

Payoff (loan payoff) — The amount needed to fully settle the loan on a trade-in. Compared against ACV to determine equity. In the Okafor deal the trade payoff is $15,000. (Ch 11, Ch 22)

Pencil — See first pencil. To "pencil a deal" is to send a written offer; the "first pencil" is the opening one. (Ch 12, Ch 33)

Positive equity — See equity.

Pre-approval — A financing offer a buyer secures from their own bank or credit union before shopping, giving them a rate and amount to beat. A buyer's single most powerful move. (Ch 22)

Prospecting — Actively generating your own customers — past clients, referrals, your sphere of influence, the service drive — rather than waiting for "ups." The habit that makes income predictable. (Ch 16, Ch 17)

PTI (payment-to-income ratio) — A customer's car payment as a percentage of gross monthly income, used by lenders (especially in subprime) to judge affordability. A guardrail against putting someone in a payment they can't sustain. (Ch 26)

PVR (per-vehicle retail / per-vehicle retailed) — The average gross profit earned per vehicle sold, often quoted for F&I (back-end PVR) or for the whole deal. A key store and F&I performance metric. (Ch 5, Ch 24, Ch 37)

Rebate (customer cash) — A manufacturer incentive paid toward the purchase — it is the customer's money, not the dealer's to keep or hide. Targeted versions include military, college-grad, loyalty, and conquest rebates. (Ch 12)

Recon / reconditioning — The work and cost of getting a used vehicle retail-ready: mechanical repairs, detailing, tires, safety items. Recon cost is subtracted from a trade's value and added to a used car's cost basis. (Ch 18, Ch 19)

Red Flags Rule — An FCRA-based requirement that dealers maintain a program to detect and respond to signs of identity theft in credit and account activity. (Ch 25, Ch 31)

Residual value (residual) — The lender's projected value of a leased vehicle at lease-end, set at signing as a percentage of MSRP. A higher residual means less depreciation to pay for, and a lower lease payment. (Ch 23)

RISC (retail installment sales contract) — The actual contract a customer signs to finance a car through the dealer — the legal document the lender buys. It sets the amount financed, APR, payment, and total of payments (the TILA disclosures). (Ch 22, Ch 25)

Rollback — See title washing (and odometer fraud); slang for illegally winding back an odometer. A serious crime. (Ch 20, Ch 31)

Sell rate (contract rate / note rate) — The interest rate the customer actually signs for — the buy rate plus any dealer reserve markup, within lender and legal limits. The number that determines the payment. In the Okafor deal the sell rate is 7.9%. (Ch 22)

Service contract — See VSC (vehicle service contract).

Service drive — The lane and area where customers bring vehicles for service — a rich, under-worked source of sales leads (equity, lease-end, service-to-sales). (Ch 35, Ch 36)

Spiff (sales incentive / bonus) — A short-term cash bonus for selling a particular unit or hitting a target — e.g., $300 to move a specific aged car this weekend. Legitimate motivation; a problem only when it pushes the wrong car onto a customer. (Ch 5, Ch 34)

Spot delivery — Letting a customer drive home the same day before financing is fully, finally approved ("on the spot"). Convenient and common — but the source of yo-yo financing abuse when handled dishonestly. (Ch 22, Ch 25, Ch 31)

Stair-step (volume bonus) — A manufacturer incentive that pays the dealer escalating per-unit bonuses for hitting volume tiers (sell 50 and earn $X each; sell 75 and earn more on every unit). It can push a store to sell a car near or below invoice to reach the next stair. (Ch 1, Ch 34, Ch 37)

Subprime — Lending to customers with low credit scores (illustratively, below ~620), at higher rates and with stricter conditions. Done ethically, it can rebuild credit; done predatorily, it traps people. (Ch 26)

Subvented (subsidized rate / subvention) — A below-market APR or lease money factor funded by the manufacturer (through its captive) to move metal — the real "0% financing" offers. Usually limited to top credit tiers and sometimes traded off against a rebate. (Ch 22, Ch 23)

T.O. (turn over) — Handing a customer to another team member — typically a manager or a closer — to keep a stalling deal alive or to introduce F&I. A legitimate teamwork tool; abused when it becomes tag-team pressure. (Ch 13, Ch 14)

TCPA (Telephone Consumer Protection Act) — The federal law restricting unsolicited calls and texts (especially automated ones) without proper consent — directly governing how a BDC and salespeople may contact leads. (Ch 29, Ch 31)

TILA (Truth in Lending Act / Regulation Z) — The federal law requiring lenders to disclose the APR, finance charge, amount financed, and total of payments in a standard format — the "TILA box" on every RISC. (Ch 22, Ch 25, Ch 31)

Title washing — Fraudulently moving a vehicle across states or processes to erase a branded title (salvage, flood, lemon) so it appears clean. A serious deception that history reports try, imperfectly, to catch. (Ch 20, Ch 31)

Trade-in (trade) — The vehicle a customer gives the dealer as part of payment for another. Valued at ACV, credited as an allowance, and netted against any payoff to find equity. (Ch 11, Ch 19)

Trade differential — The difference between the selling price and the trade allowance — the figure that actually matters to the deal (and, with the trade-tax credit, to the customer's tax). It's what protects a buyer from being fooled by a big-sounding allowance on an overpriced car. (Ch 11, Ch 12)

Turn (inventory turn) — How many times a store sells through and replaces its inventory in a period. Faster turn means less floor plan interest, fresher cars, and healthier cash flow. (Ch 18, Ch 34)

Unwind — Canceling a deal after it was thought to be done — usually because financing fell through. An honest unwind returns the customer to where they started; a dishonest one pressures them into worse terms (see yo-yo financing). (Ch 22, Ch 25)

Up (an up) — A prospective customer who walks onto the lot, and (as a verb) whose turn it is to take them. "Taking an up" is the start of the sales process. (Ch 7)

Upside down (underwater) — Owing more on a vehicle than it's worth — i.e., having negative equity. (Ch 11, Ch 23)

vAuto — A widely used inventory-management and pricing software that helps dealers appraise, price, and merchandise used cars using live market data. (Ch 19, Ch 34)

VIN (vehicle identification number) — The unique 17-character code identifying a specific vehicle, used to pull history, decode equipment, and track the car through every system. (Ch 20, Ch 34)

VSC (vehicle service contract / extended service contract / "extended warranty") — A product that pays for covered repairs after the factory warranty ends. Technically not a "warranty" but a service contract; valuable for the right buyer and vehicle, a rip-off when oversold or padded. In the Okafor deal the ESC is $2,200 (dealer cost $800). (Ch 24)

Walk-around (vehicle walk-around / presentation) — The guided tour of a vehicle, following a deliberate path around and through it, presenting features as FAB benefits tied to the customer's needs. (Ch 9)

Wholesale — The dealer-to-dealer price level (auction prices, ACV), as opposed to retail (what a consumer pays). The gap between wholesale and retail, minus recon, is where used-car gross lives. (Ch 18, Ch 19)

Yo-yo financing (spot-delivery abuse) — A deceptive practice where a dealer delivers a car on the spot, then later claims financing "fell through" and pressures the customer back to re-sign at a worse rate or higher payment, even though a real approval existed. Abusive; the honest move is a clean unwind. (Ch 25, Ch 31)

A note on usage. Many of these terms have several names for the same thing (reserve / rate participation / dealer participation; mini / flat; VSC / service contract / "extended warranty") — recognizing all of them is part of being fluent. A few terms name practices this book tells you not to do (packing, yo-yo financing, title washing); they're defined here so you can name the bad practice when you see it, because you can't refuse what you can't recognize. For any term tied to law or lending, treat this glossary as the durable shape and your dealership's contracts, your compliance officer, and your state's regulators as the authority on the specifics.