| Additional monthly payment |
Your proposed extra payment per month. This payment will be used to reduce your principal balance. |
| Amount owed on trade |
Total loan balance still outstanding on the trade-in. |
| Annual interest rate |
Annual interest rate. Maximum interest rate is 20%. |
| Cash down |
Total amount of cash used in this purchase. |
| Down payment |
Amount paid as a down payment, which for leases is often called a capital reduction. |
| Interest rate |
Annual interest rate for your loan or your lease. |
| Investment rate of return |
Rate of return on investments. This is the return that you would make if you were to invest your down payment or security deposit instead of using it in your auto purchase or lease. |
| Loan amount |
Total amount of your auto loan. |
| Loan length (months) |
Total length, or term, of your original auto loan in months. |
| Market value of vehicle |
Value of your auto after the lease term is over. |
| Monthly accelerated payment |
Scheduled payment plus additional monthly payment. |
| Monthly scheduled payment |
Monthly principal and interest payment based on your original loan amount, term and interest rate. |
| Net trade in |
Net amount for trade in applied to your purchase. |
| No sales tax deduction for trade-in |
If you live in a state where your sales tax is calculated on your full purchase price check this box. If this box is unchecked sales tax is calculated on the purchase price less trade-in. Currently California, the District of Columbia, Hawaii, Maryland and Michigan allow no deductions for trade-ins when calculating sales tax. In addition, Alaska, Delaware, Montana, New Hampshire, and Oregon have no sales tax on autos. |
| Non-taxable fees (optional) |
Any additional fee that is not subject to sales tax. This usually includes document fees or any other fees that may be due at delivery and not taxable. |
| Original loan amount |
The original amount financed with your auto loan, not to be confused with the remaining balance or principal balance. |
| Other fees |
Any fee, other than a capital reduction or down payment, required to be paid at the close of the lease or loan. This may include license, title transfer fees, etc. |
| Purchase price |
Total purchase price. Price should be after any manufacturer's rebate. |
| Rate of depreciation |
The rate of depreciation gauges how fast your new automobile will lose its market value. A high depreciation rate is about 20% per year, medium is 15% per year and low is 10% per year. |
| Residual percent |
For leases, this is remaining value after the lease term expires. The higher this amount, the lower your lease payment will be. |
| Sales price |
Total price for this auto purchase. |
| Sales tax rate |
Percentage sales tax to be charged on this purchase. Sales tax is included in each lease payment. Sales tax for buying is charged on the total sale amount. |
| Sales tax |
Total amount of sales tax on this purchase. |
| Taxable fees (optional) |
Any additional fee that is subject to sales tax. This usually includes title transfer fees or any other fees that may be due at delivery and are taxable. |
| Term in months |
Term in months for your auto lease or your auto loan. |
| Total savings |
Total amount you would save in interest if you made the accelerated payment until your loan was paid in full. |
| Trade allowance |
Total dollar amount given on your trade-in. |
