| | |  South Florida is a place were you need to have reliable transportation. Knowing and understanding all that goes into purchasing, financing, and upkeep of an automobile can be alot of work. You may wonder whether to purchase, lease, or find out how to finance, what are your realistic options., or how to find a reliable mechanic. You need to be well educated so that you can make the best decisions regarding your investments with a car.
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| | | Automotive Buying & Financing Terms
From "Acquisition Cost" to "Write Down," every car-buying term you ever wanted to know the meaning of.
Acquisition Cost
Definition(1) : The agreed vehicle purchase price. Definition(2) : Term for the total cost of vehicle, plus lessor's markup, minus the lessee's down payment. This will be the financed value of the vehicle at the start of the lease.
Actual Cash Value
Definition: The amount of money invested in the purchase and repairs of a used vehicle. Also known as ACV, this represents the amount of out of pocket expense a dealer or broker is "into" a car. For insurance purposes, ACV is the actual cash value of the vehicle prior to collision damage, usually derived from an automotive price guidebook. Definition: The amount of money invested in the purchase and repairs of a used vehicle. Also known as ACV, this represents the amount of out of pocket expense a dealer or broker is "into" a car.
Adjusted Capitalized Cost
Definition: Capitalized cost minus the capitalized cost reduction.
Advertising Allowance
Definition: An incentive program sponsored by car manufacturers to promote dealer advertising. The amount is shown on the factory invoice under "advertising." This amount is credited or paid to the selling dealer by the manufacturer.
Advertising, Dealer
Definition: Manufacturers charge a percentage of the total MSRP minus the destination charge for each car the dealership purchases. Most manufacturers charge 1% for national advertising. Some import makes have a flat fee charged to each vehicle. This money assists in the national marketing efforts for that make of vehicle. Since each dealer benefits from this exposure the manufacturer required each dealer to contribute. The dealership may pass this cost on to the consumer in the base invoice price for each vehicle. In some areas, dealers may be required to participate in local dealership marketing efforts. Each dealer is required to contribute to additional local advertising based on the quantity of vehicles sold. This may result in an additional.5% to 1% of MSRP being added to the invoice price.
After Market
Definition: Optional equipment, not factory installed, that is sold and installed by the dealer or an outside reseller.
As Is
Definition: Vehicle sold in existing condition with no arbitration available.
Assignee
Definition: A third party that buys a lease agreement from a lessor. You become obligated to the assignee, and the assignee generally assumes the responsibilities of the lessor, although some obligations may remain with the lessor. An assignee may be a lessor for purposes of Regulation M when the assignee has substantial involvement in the lease.
Assignment Fee
Definition: A fee that covers the transfer of the lease from the lease originator to the financial lease sponsor. After the dealer or leasing agent negotiates the lease with a lessee, the dealer transfers the (assigns) interest in the lease to the finance group sponsoring the lease. Although this process primarily protects the dealership, the lessee often pays this fee.
Back-End
Definition: Dealer profit on financing including service contracts and insurance products
Balloon Contract
Definition: A loan that is amortized only down to the expected end-of-term value, with a remaining balance to be paid in a lump sum at the end of the term.
Balloon Payment
Definition: The final principal payment required from the lessee where the amortization rate provides for less than full principal repayment during the lease term. (e.g., a $10,000 car with a 36- month lease term at 2 percent amortization per month would have a balloon payment of $2,800 in the 37th month).
Binder
Definition: Insurance company's commitment to insure an item, prior to issuance of actual insurance policy.
Book Value
Definition: Value placed on a vehicle by a guidebook such as AMR, NADA, Kelley Blue Book, Black Book, and others. May be either wholesale or retail.
Broker
Definition: An entity that arranges for the sale or lease of vehicles through another party.
Bumper to Bumper Warranty
Definition: Commonly used to describe the manufacturer's comprehensive warranty. It covers the bumpers but not all in between. Read carefully for exclusions: brake pads, belts, battery, etc.
Buried
Definition: A customer who is severely upside down will sometimes be called "buried". Definition: A vehicle that was returned to the original seller, because of arbitration problems.
CAFE
Definition: The acronym for Corporate Average Fuel Economy. This single mileage figure is determined by taking a sales weighted average of the fuel consumption for all models produced by a manufacturer. The minimum required figure is an established U.S. government standard. Manufacturers which do not meet the minimum standard are fined.
Cap Cost Reduction
Definition: An initial payment on a lease that can further reduce a lessee's monthly payments by lowering the capitalized cost of the vehicle. Typical reductions could be made for additional down payment, dealer discounts, or trade- in.
Capitalized Cost
Definition: The agreed-on value of the unit in the lease agreement. Generally, this value includes the actual cost of the unit plus dealer mark-up and delivery costs.
Captive Finance Company
Definition: A leasing or finance company that is affiliated with an automobile manufacturer or distributor. Examples would be (GMAC) General Motors Acceptance Corp and (FMC) Ford Motor Credit.
Certificate of Origin
Definition: The bill of sale on a unit from the manufacturer to the dealer conveying title of the unit to the dealer.
Charge Back
Definition: A charge made to the lessee by the lessor for any expense that is incurred by the lessor that is not a part of the lease agreement, e.g., damage in excess of fair wear and tear, unauthorized purchases, etc.
Closed End Lease
Definition: A lease in which the lessee is not responsible for the value of a vehicle when the lease is done. Under this arrangement the lessee may return the vehicle at the end of the term and have no further obligation for the car. Also know as a "walk-away" lease.
Courtesy Delivery
Definition: Refers to a unit that is ordered directly from the manufacturer and is delivered to a client through a dealer other than the one ordering the car.
Dealer
Definition: An individual who has been licensed by the state to transact the sale and purchase of new or used vehicles.
Dealer Cost
Definition: The actual cost of a new vehicle to the selling dealer after manufacturer holdbacks and wholesale incentives; the amount the dealer must pay the manufacturer.
Dealer Invoice
Definition: The amount listed on the manufacturer's bill to the dealer. Wholesale incentives may not be listed. Definition: The purchase price of the vehicle that the dealer is obliged to pay the manufacturer.
Dealer Mark-up
Definition: The amount that a dealer charges over dealer cost, similar to gross profit.
Dealer Principal
Definition: The individual or corporation that owns and controls one or a number of auto dealerships.
Dealer Trade
Definition: The swapping of vehicles between dealers to balance inventory or fill a retail customer request.
Debt to Equity
Definition: A ratio used in credit analysis expressing the degree of debt "pressure" based on the relationship between borrowed and invested capital. The ratio may be calculated in a variety of ways; however, the most comprehensive would be total debt divided by total equity. The higher the ratio, the greater the risk being assumed by creditors. A lower ratio generally indicates greater long-term financial safety.
Disclaimer
Definition: Any one of several statements required to protect the car guy from being held responsible for the things written, spoken or even imagined while conducting car business.
Disposition Fee or Disposal Fee
Definition: Charged by the leasing company to cover the cost of moving, cleaning and disposing of the car at the end of the lease. Should be waived if the purchase option is exercised.
Documentation Fee
Definition: A charge that some dealers make when applying for and obtaining the license and title.
Domestic
Definition: A vehicle produced in Canada, United States or Mexico.
Drivetrain
Definition: The power-transmitting components in a car, including clutch, gearbox (or automatic transmission), driveshaft, universal joints, differential and axle shafts.
Early Termination
Definition: Ending of the lease before the scheduled termination date for any reason. The reason may be voluntary or involuntary (for example, the vehicle is returned early, the vehicle is stolen or totaled, or you default on the lease). In most cases of early termination, you must pay an early termination charge.
Early Termination Fee
Definition: The net amount you owe if your lease ends before its scheduled termination date, calculated as described in your lease agreement. The earlier your lease is terminated, the greater this charge is likely to be. The charge is generally the difference between the early termination payoff and the amount credited to you for the vehicle. Suppose, for example, that your early termination payoff amount is $16,000 and the amount credited for the vehicle is $14,000. The early termination charge would be $16,000 minus $14,000, or $2,000 in this case.
Early Termination Payoff
Definition: The total amount you owe if your lease is terminated before the scheduled end of the term before subtracting the value credited to you for the vehicle. The payoff is calculated as described in your lease agreement. The early termination payoff may include the unpaid lease balance and other charges.
Equal Credit Opportunity Act
Definition: A federal law that prohibits discrimination in credit transactions on the basis of race, color, religion, national origin, sex, marital status, age, source of income, or the exercise of any right under the Consumer Credit Protection Act.
Excess Mileage Charge
Definition: A charge that is assessed, at a pre-determined rate, on mileage in excess of the amount agreed to in the lease agreement for a closed-end lease.
Excess Wear Charge
Definition: A fee, above the amount for excess mileage, that may apply at the termination of a lease. Normal wear and tear is wear typical of vehicles on a similar age and may include minor dings, dents, and scratches. Excessive wear is more severe type of wear that may include physical damage as well as mechanical damage from not following recommended scheduled maintenance. The lease contract may also specify who determines excessive wear and tear.
Executive Car (Vehicle) Program
Definition: Company-provided vehicles for high-level executives. Executive vehicles are often not vital to the executive's job performance, whereas sales and service personnel, among others, depend on their business vehicles to perform their jobs. In many cases, executive vehicles are viewed as perquisite-an added bonus for achieving a certain job status.
Factory Incentive Programs
Definition: Programs offered by vehicle manufacturers to encourage the purchase of their products. Can consist of "free" optional equipment or incentives, payments. See "Front Money" or "Back-End Money".
Fair Market Value
Definition: The current value of a particular vehicle in the marketplace, based on mileage, exterior and interior condition, mechanical fitness and such.
Federal Motor Vehicle Safety Standards
Definition: The U.S. Department of Transportation (DOT) establishes minimum safety standards that apply to motor vehicles as well as specific vehicle components.
Floor Plan
Definition: A dealer's line of credit to finance the cost of carrying vehicles in inventory.
Franchised Dealer
Definition: A licensed vehicle dealer authorized to sell and service a specific brand of new vehicles.
Gap Amount
Definition: In the event a leased vehicle is stolen or totaled, the difference between the early termination payoff amount, not including any past-due amounts, and the amount for which the vehicle is insured before the insurance deductible and any other policy deductions are subtracted. The definition of gap amount may vary in different states or in different lease agreements.
Gap Insurance
Definition: In the event a leased vehicle is stolen or damaged beyond repair, gap insurance covers the "gap" between what insurance would pay, less any deductible, and the remaining amount owned under the vehicle lease.
Gas Guzzler Tax
Definition: The Energy Tax Act of 1978 established a Gas Guzzler Tax on the sale of new model year vehicles whose fuel economy fails to meet certain statutory levels. The purpose of this tax is to discourage the production and purchase of fuel inefficient vehicles. The assessment is usually not included in the base invoice price and may add $1000 to $3000 the cost of the vehicle. The level of fuel economy is not just based on EPA Mileage Ratings, but rather on a gas consumption value that includes several performance factors. The federal government derives this value from a formula based on engine displacement, horsepower, vehicle weight and fuel type.
Gray Market Vehicle
Definition: Cars that have been imported into the country but not through authorized dealers. They may not meet American safety and emission standards. These cars may have significantly lower values than cars imported through normal channels.
Gross Capitalized Cost
Definition: The agreed-upon value of the vehicle, which generally may be negotiated, plus any items you agree to pay for over the lease term (amortized amounts), such as taxes, fees, service contracts, insurance, and any prior credit or lease balance.)
Holdback
Definition: Money, held by the manufacturer to be refunded to dealer at a date after the sale of vehicle. The invoice price minus the amount of holdback is often referred to as dealer net price. Holdback can be as much as 3% of the MSRP less destination charge.
Incentives
Definition: A form of reward offered to boost sales; a special price reduction or rebate from vehicle manufacturers to influence the sale of a particular model. Incentives can be low to zero percent financing rates, no down payment, cash back offers, "free" options, etc. Definition: Amounts rebated or credited, or special programs offered to encourage the lease of certain vehicles.
Kelley Blue Book
Definition: A guidebook that provides values on new and used vehicles for the automotive buyer and the industry that builds and sells the vehicles.
Last Six
Definition: Last six characters of a VIN/serial number of a vehicle.
Lease Rate
Definition: A percentage used by some lessors and assignees to describe the rent charge portion of your monthly payment. However, no federal standard exists for calculating the lease rate. Any rates or factors used in lease calculations do not have to be disclosed under federal law. If a lease rate is given as a percentage in an advertisement or on any lease form, the ad or form must also state, "This percentage may not measure the overall cost of financing this lease." Some states may require lease rate disclosure using the state's definition.
Lemon Laws
Definition: State laws that provide remedies to consumers for vehicles that repeatedly fail to meet certain standards of quality and performance. Lemon laws vary by state and may not cover leased vehicles.)
Lessee
Definition: Party who leases vehicle. Holds temporary possession of the vehicle.
Lessor
Definition: The company funding the lease.
LKQ
Definition: Parts marketed from salvage vehicles, re-sold by recyclers. Also called recycled OEM.
Low Ball
Definition: A quote on a new vehicle that is under a legitimate price. If a buyer responds she may be offered a switch car at a higher price. A low ball quote may be made on a trade in vehicle, offering less than wholesale to "adjust" the customer's expectation.
Mileage Allowance
Definition: Mileage limit for lease term.
Money Factor
Definition: A number, often given as a decimal, used by some lessors to determine the rent charge portion of your monthly payment. This number is not a lease rate and cannot be converted to a lease rate by moving the decimal point. The equivalent interest rate formula is: Money Factor x 2400 = Interest Rate
MSO
Definition: Manufacturers Statement of Origin. Some manufacturers that resell used vehicles will not provide a MSO prior to sale in order to apply for a title.
NADA
Definition: An acronym that stands for National Automobile Dealers Association. Founded in 1917, NADA represents more than 19,400 franchised vehicle dealers.NADA represents America's franchised new car and truck dealers. NADA also publishes a guidebook of used vehicle values.
Negative Equity
Definition: The difference between a trade's value and the amount owed.
Net Net Price
Definition: Invoice price minus the amount of holdback and dealer advertising. Typically Net Net pricing is only available to qualified fleet buyers.
Net Price
Definition: Invoice price minus the amount of dealer holdback.
NIADA
Definition: An acronym for the National Independent Auto Dealers Associations, a statewide membership that tiers into a national association of 15.000 independent or pre-owned vehicle dealers. : Formed in 1946 to represent independent automobile dealers nationwide.
OEM
Definition: Original Equipment Manufacture.
Off-Lease
Definition: A vehicle that has been returned to the lessee at the end of the lease period.
Open End Lease
Definition: A lease in which the lessor is not responsible for the value of a vehicle when the lease is done. Under this arrangement the lessee is responsible for the difference between the current actual market value at the end of the lease and the residual value. Also known as a "finance" lease.
POA
Definition: Power of Attorney; a limited attorney-in-fact granted an agent to sign all papers and documents that may be necessary pertaining to the sale and subsequent title transfer of vehicles. Auctions are frequently provided a POA to facilitate the title transfer process for cars sold by consignors at auction.
Powertrain
Definition: A name applied to the group of components used to transmit engine power to the driving wheels. It can consist of engine, clutch, transmission, universal joints, drive shaft, differential gear, and axle shafts. Powertrain components are matched according to driver needs such as high torque, fuel economy, or convenience.
Prepayment Penalty
Definition: A fee sometimes imposed by a lending institution when a loan on vehicles or equipment is paid off prior to the expiration of the finance term.
Price Protection
Definition: Often, when a manufacturer announces a price increase during a model year, it will guarantee that vehicles ordered by a specified date will be delivered at the former price.
Program Car
Definition: A vehicle that is sold directly to a daily rental company by an automaker under terms set by the manufacturer. Program cars represent a large portion of current model-year vehicles remarketed through auctions.
Reconditioning
Definition: Repair, refurbishment or other mandated work that needs to be taken into account to bring a vehicle up to resalable condition.
Residual
Definition: The projection of the market value of a vehicle at the end of a lease. Specialized companies that evaluate used car price data to make their forecasts typically calculate residual values. Financial companies, including the captive finance operations of the auto companies, use these values to set lease terms.
Roadside Assistance
Definition: Commonly included with a new vehicle during the warranty period. Acts like a AAA membership. Provides towing, tire changes, jump starts, locksmith services and fuel delivery if you run out. Coverage varies.
Salvage
Definition: A vehicle that is not economical to repair and is sold for the value of its salvageable parts.
Secondary Finance
Definition: Financing for below average credit scores.
Security Deposit
Definition: Paid upfront by the lessee to help ensure lessee compliance with the terms of the agreement.
Service Contract
Definition: A contract that you may purchase to cover expenses such as the repair or replacement of vehicle components and that may pay for related services such as towing or replacement rental cars. In most cases, service contracts do not cover routine maintenance.
Simple Interest
Definition: The charge for a loan calculated by applying a rate of interest against the amount of the loan. Contrasts with compound interest in that only the principal earns interest for the entire life of the transaction.
Single Payment Lease
Definition: A lease that requires a single payment made in advance rather than periodic payments made over the term of the lease. This lump-sum payment should be less than the total amount you would pay were you to make periodic payments over the term of the lease.
Sled
Definition: A vehicle that is generally considered to be past it's prime.
Special Finance
Definition: Financing for less than average credit. See Secondary Finance
Stroker
Definition: A person at the car dealer who is not a serious buyer.
Sublease
Definition: Oral or written contractual transfer of your right to use the leased vehicle to another person. Such a transfer is usually prohibited without the lessor's or assignee's approval.
T.O.
Definition: Sales managers may require salespeople to T.O. prospect or "turn-over" the prospect to either a manager or senior salesperson if the sales process stalls. Turning over prospects is a common and fairly effective method to gaining the sale.
Trade-in Allowance
Definition: An amount offered by a selling dealer for a used vehicle, to be applied to the purchase cost of a replacement vehicle.
Upfitting
Definition: The process of installing special equipment to a vehicle after it has already been built by the manufacturer.
Upside Down
Definition: The financial situation where the amount of the outstanding loan on a vehicle is greater than the worth of the vehicle.
Wear and Tear
Definition: In considering a lease there are two types of wear and tear: normal and excess. Normal wear and tear includes: dings and minor dents, small scratches, stone chips in the paint finish, reduced tread on tires. Excess wear and tear includes: broken or missing parts, dented or damaged body panels or trim, cuts tears burns or permanent stains in the fabric, cracked or broken glass, improper or poor quality repairs, tire/wheel damage or less than acceptable tread remaining, mechanical or electrical malfunctions. Wear and tear that would be considered normal can be considered excessive if there are too many of them (minor door dings for example). If the lessee does not want to purchase the vehicle at lease end, two options exist for handling excess wear and tear. First, the damage may be repaired before the end of the lease. Alternatively, the lessee may agree to pay the estimated cost of repair when returning the vehicle.
Wholesale Value
Definition: The price, based on auction results or dealer trade reports, that a dealer expects to pay for a vehicle.
Write Down
Definition: A unit (car or truck) is said to be going into "write down" after an extended period of time in dealer inventory. Dealers lose a percentage of profit margin on these units unless they sell them off prior to this time period. Units about to go into write down are usually pushed in advertising or internally by sales managers. | Automotive Mechanical Terms
Don't know the difference between "dipstick" and "differential?" This handy glossary of automotive terms will help you speak "car" like a pro.
Aftermarket:
Part not made by the original manufacturer.
All-wheel drive (AWD):
Permanent, full-time four-wheel drive system designed for improved traction on slippery surfaces and off-road use. The main difference between AWD and 4WD systems is that AWD cannot be disengaged by the driver.
Anti-freeze (coolant):
The liquid located in the cooling system and engine that is used to dissipate heat. Engine coolant prevents freeze-up in winter, reduces the engine temperature in the summer, and protects the cooling system from rust and corrosion year round.
Anti-lock braking system (ABS): System that prevents wheel lock-up by automatically regulating the brakes. ABS can decrease braking distances, prevent skidding and allow more control during sudden stops.
Backfire:
Gunshot-like sound from the engine or tailpipe.
Balancing:
By adding small amounts of lead weights to the wheel, it is possible to equal out any unevenly distributed weight which may be present in the tire or wheel. Proper balance helps eliminate unwanted wheel and tire vibrations, and uneven wear caused by an out-of-balanced tire and wheel condition.
Battery acid (electrolyte):
The fluid in most automotive batteries. Electrolyte is a solution of sulfuric acid and water.
Brake fluid:
The liquid in the brake system that acts as a hydraulic fluid. As you step on the brake pedal, the fluid is forced through the brake system and initiates the braking components.
Battery hold-down:
A fastening device used to secure the battery in place. The two most common types are the wedge type (which fastens near the bottom of the battery), and a strap or bracket type (which goes across the top of the battery to hold it firmly in place).
Bottoming:
When your vehicle reaches the limits of the suspension travel (such as when going over bumps), and the vehicle's springs are completely compressed. The vehicle produces a transfer of noise/harshness, particularly through the steering, with possible contact of the undercarriage with the pavement.
Brake drag:
Brakes do not completely release.
Brake fade:
Increased brake pedal effort is required to get braking action, particularly on hard stops.
Brake master cylinder (master cylinder):
Master cylinders are used on braking systems to turn the mechanical power provided when you step on the brake pedal into the hydraulic power that is needed to apply the brakes and slow or stop the vehicle. The brake master cylinder is where the brake fluid reservoir is located on most vehicles. The reservoir stores the fluid until it is needed.
Bucking:
Engine stalls, kicks in, and the car lurches.
CCA (cold cranking amps):
A rating that indicates the amount of power that a battery can provide for engine cranking in cold-start conditions.
Chassis:
Undercarriage of a vehicle that carries all suspension and powertrain components.
Coolant (antireeze):
The liquid located in the cooling system and engine used to dissipate heat. Engine coolant prevents freeze-up in winter, reduces the engine temperature in the summer, and protects the cooling system from rust and corrosion year round.
Coolant recovery reservoir:
A tank that stores coolant for when the cooling system either needs coolant (coolant is then sucked into the cooling systems radiator) or when the system needs to expel excess coolant. The coolant reservoir can then store that coolant for future system requirements.
Compression ratio:
Relationship between the cylinder volume when the piston is at the top of the stroke and the volume when it is at the bottom of the stroke. For instance, a compression ratio of 9:1 means the piston has compressed the air/fuel mixture into a space that is nine times smaller than it would normally utilize.
Control arms:
Pivoting suspension components mounted between the frame (or uni-body) and the wheels.
Crank:
If the car "will not crank" when you turn the ignition key, you typically either hear a clicking sound, or nothing at all. If the car "cranks" it means the engine is spinning or "turning over," but not starting.
Crankcase:
The single largest section of engine containing the crankshaft in an oil-tight housing.
Curb weight:
The weight of a vehicle measured with no passengers or loads, and carrying a full tank of fuel.
Cuts out:
When an engine "cuts out" it loses power or mis-fires. It feels as if the engine is momentarily shut off.
Detonation:
Rapid, rattling combustion, also called knocking.
Dieseling:
Engine runs when you turn off the car because fuel continues to burn.
Differential:
Gear system that allows one wheel to rotate faster than the other while providing equal power to each wheel, as necessary, when turning or cornering.
Differential lube (gear oil):
A heavy-duty lubricant designed specifically to handle the requirements of the internal gear and mechanisms. It is located within the differential case.
Dipstick:
The device used to measure the level of a fluid (usually oil or transmission fluid). It is commonly known as an "oil dipstick" or "transmission dipstick," but also can be found in power steering reservoirs and other fluid reservoirs.
Disc brake:
Brake design in which brake pads press against a disc (commonly known as a brake rotor) to slow or stop the vehicle.
DOHC (Dual overhead camshafts):
An engine with two camshafts located in the upper portion of the cylinder head.
Drive shaft:
Shaft coupled to the transmission that supplies power to the drive wheels.
Electrolyte (battery acid):
The fluid in most automotive batteries. Electrolyte is a solution of sulfuric acid and water.
Electronic fuel injection (EFI):
A fuel delivery system in which nozzles (injectors) spray fuel into the intake manifold or cylinders. This allows for precise fuel control and better fuel efficiency than a carburetor system.
Engine block:
The lower portion of the engine. An enclosed casting which contains the cylinders, pistons, connecting rods and crankshaft.
Fast idle:
Engine runs fast while vehicle is stopped.
Flooding:
Excess fuel in the cylinders makes starting difficult or impossible.
Four-wheel drive (4WD or 4X4): Drive system that powers all four wheels. It provides better traction during adverse road conditions and for off-road use.
Front-wheel drive:
Drive system that provides power to the front wheels of the vehicle. Front-wheel drive systems incorporate a differential into a transmission, creating what is called a transaxle. A transaxle can be automatic or manual shift.
Fuel injection (electronic fuel injection or EFI):
A fuel delivery system in which nozzles (injectors) spray fuel into the intake manifold or cylinders. This allows for precise fuel control and better fuel efficiency than a carburetor system.
Gear oil (differential lube):
A heavy-duty lubricant designed specifically to handle the requirements of the internal gear and mechanisms. It is located within the differential case.
Grab:
Brakes "grab" when the car stops even when applying light pressure on the brake pedal.
Group number:
A designated number identifying the battery height, terminal design, length, width and overall physical description of the battery.
Hesitation:
Momentary loss of power on acceleration.
Horsepower:
The measurement of the engine's ability to produce energy.
Intermittent:
A problem that comes and goes with no obvious pattern.
Knocking:
Rapid, rattling combustion, also called detonation.
Master cylinder (brake master cylinder):
Master cylinders are used on braking systems to turn the mechanical power that is provided when you step on the brake pedal into the powerful hydraulic power that is needed to apply the brakes and slow or stop the vehicle. The brake master cylinder is where the brake fluid reservoir is located on most vehicles. The reservoir stores the fluid until it is needed.
Misfire (Miss):
Engine runs rough or unsteady at idle or speed.
Multi-point injection:
A fuel delivery system that utilizes a fuel injector for each cylinder.
PCV (Positive crankcase ventilation):
If the PCV valve is clogged, your car will run rough or stall. It may also cause engine to use oil, smoke, and have high emissions.
Play:
Degree of "looseness" in steering wheel, delay between turning the steering wheel and the wheels turning.
Port fuel injection:
A fuel delivery system that utilizes a fuel injector for each cylinder.
Power loss:
Engine runs at reduced speed or requires more throttle to maintain constant speed.
Pull:
Vehicle moves to one side when braking.
Ride:
The driver's comfort level while driving. Factors that determine a vehicle's ride include the suspension, steering and braking characteristics.
RPM (Revolutions per minute):
The number of times an object, such as a tire, makes one complete revolution around its axis.
Rough idle:
When vehicle stops, engine vibrates or shakes.
Rust-proofing:
A protective coating is applied to vulnerable areas on your vehicle (usually the under-carriage and bottom of the vehicle).
Shimmy:
Side-to-side motion that makes tires and steering wheel shake.
Shock absorber:
A suspension component designed to dampen spring oscillation. It can be either gas- or oil-fed, depending on make and model of vehicle.
Sidewall:
The most visible part of the tire when viewing the vehicle from either side. The sidewall contains information about the tire size, grade, and ratings as well as the manufacturer's name.
Sluggish:
Vehicle does not accelerate smoothly or with authority.
SOHC (Single overhead camshaft):
An engine with one camshaft located in the upper portion of the cylinder head.
Specific gravity:
This term is usually used in connection with the testing of the battery's electrolyte. A specific gravity test is used to determine the battery's state of charge. On sealed "maintenance free" batteries there is usually an indicator on the top of the battery that serves the same function.
Stall: Engine dies.
Strut: Also known as a "MacPherson strut." This suspension component incorporates the dampening ability of a shock absorber with the rebound of a coil spring. It is mounted to the outer portion of the assembly. If no spring is present, it is called a "modified strut."
Stumble: Engine begins to stall but then kicks in.
Surge: Vehicle speeds up and slows down with no acceleration or braking by driver.
Torque: Force produced by the engine.
Transaxle:
Used in front-wheel drive and rear-engine, rear-wheel drive vehicles. Transaxles incorporate both a transmission and a differential into a single unit.
Transverse mounted engine:
An engine that is mounted from side-to-side, in relation to the vehicle.
Tread:
The pattern that is designed into the area of the tire that comes into contact with the road (or other driving surface). These patterns or groves in the tire provide increased traction.
TSB (Technical service bulletin):
An advisory issued by manufacturers that describes performance problems for vehicles of a specific make, model and year.
Under carriage:
Supporting structure and framework. Essentially, it is the under-side of the vehicle.
Vacuum:
Vacuum is produced by the engine. A suction force is created (similar to your vacuum cleaner) through the vacuum hoses to activate various components in the engine.
Vacuum hose:
A hose (usually rubber or hard plastic) that transfers vacuum to various components in the engine.
Wander:
Vehicle drifts from side to side while driver steers straight.
Wheel (rim): This is what the tire is mounted on. Wheels can be made of steal or an alloy, such as aluminum.
Insurance Terms
Insurance-speak can be difficult and confusing at times. This insurance glossary will have you speaking like a seasoned insurance person in no time.
Automobile Insurance: Coverage that pays for damage to your car or someone else's when involved in an accident caused by you or someone else. This is vehicle-to-vehicle insurance.
Aftermarket/imitation parts: Usually defined as parts not produced by or for the original manufacturer of the vehicle.
Collision insurance: A form of automobile insurance that covers loss to the insured's own vehicle caused by its collision with another vehicle or object. This type of insurance does not cover bodily injury or property damage liability arising out of the collision.
Conditions: Explanations in the policy of your responsibilities and the companys'; for example, how claims are to be filed and what proofs you must submit with your claim.
Coverage: Description in the policy of the specific circumstances under which you receive benefits.
Crumple zone: An area of the car that is designed to compress during an accident to absorb the energy from the impact.
Declarations: Listing of the details of your particular coverage, such as the policy number, kinds of coverage and amounts of money provided by each, your name and address, a description of your vehicle, the premium and coverage duration.
Deductible: The amount of a loss or claim you must pay before you can collect from the insurance company.
Estimator: An appraiser or insurance company representative who inspects a damaged vehicle and determines the cost required to restore the vehicle to the condition prior to the loss.
Exclusions: Descriptions of the situations under which you and your car are not covered.
Federal side impact standard: Effective with the 1997 model year, all passenger cars are required to comply with Standard 214, side impact protection, as defined in the Code of Federal Regulations. Simply put, the entire structure, floor to roof, of all cars must now be reinforced according to strict regulations. Interestingly, this standard does not yet apply to light trucks (minivans, compact pickups, SUVs).
Liability: Your financial responsibility incurred because of an accident.
Oblique crash test: A newer crash test where the cars collide at right angles to one another as opposed to head-on. This test is more representative of common passenger car accidents.
OEM parts: "Original Equipment Manufacturer" parts are designed and/or built by the original manufacturer of the vehicle. These parts are manufactured using the same material, design and manufacturing methods as the parts that were on the vehicle when it came from the factory.
Passive safety features: Features incorporated into the structural design of the car or featuers which the driver cannot control. For example: crumple zones, bumpers, side intrusion beams and rollover bars.
Physical damage: A term indicating damage such as collision, comprehensive, fire and theft or any damage to the vehicle itself.
Premium: The cost of the insurance policy, usually paid out in periodic installments.
Rating: The process by which the price of your insurance coverage is determined. States are divided into rating territories. Your insurance company bases part of the price of your policy on the claims history of all the drivers it insures in your territory. Other factors such as your driving record and age also affect the rating.
Safe driver plan: A system in which points are assigned for traffic violations and certain accidents, and each point adds a percentage surcharge to the rating factor. It is similar to merit rating.
Salvaged: A vehicle totaled in an accident and then repaired. There is no guarantee of street worthiness for a salvaged vehicle. It may look good, but be hazardous to drive. The term may also apply to individual parts or systems that have been removed from a totaled vehicle for use in collision repair.
Supplemental payments: Court costs, bail bonds, expenses related to a lawsuit including defense, or any other specific payments your insurance provides which are not specifically listed in other parts of the policy.
Towing costs: Optional automobile coverage which pays the cost up to a fixed amount for the towing of a disabled automobile. "Consent" requires that consumers give permission before certain non-new or non-genuine parts are used. The notice must take the form of a disclosure document with certain language in a legible type size. Since this legislation can vary from state to state, check with your state's insurance regulator for specific information.
Basic Auto Insurance Coverage Types
Bodily injury liability: Pays your legal defense costs and claims against you if your car injures or kills someone. Covers family members living with you and others driving with your permission.
Collision: Pays for repairs of damage to your car caused by a collision with another vehicle or any other object, regardless of who was responsible.
Medical payments or personal injury protection: Pays medical expenses resulting from an accident for you and others riding in your car. Also pays for you or your family members injured while riding in another's car or while walking.
Property damage liability: Pays your legal defense costs and claims against you if your car damages another's property. Does not cover your property, including your auto.
Other Important Terms
Anticorrosive: Materials applied to metal to give corrosion resistance.
Anticorrosive inhibitor: Protective coatings applied to metal surfaces to retard or prevent corrosion.
Baking: Application of heat to cure and dry a coating. In automotive refinishing, baking is used to speed up the drying of air-drying lacquers and enamel and is sometimes called force drying. The metal temperature in refinish baking usually does not exceed 180°F (82.2° C).
Clear coat: A clear, shiny coat of paint (e.g. urethane or acrylic enamel) applied over the base or color coat of paint on a vehicle.
Clip: A group of related vehicle parts purchased from a salvage yard as an assembly (usually the complete front or complete rear section of a vehicle). Also known as a Salvage Clip.
Color coat: The single stage or basecoat that provides the final color of a coating system.
Corrosion: Chemical reaction of oxygen and moisture or other caustic materials on a metal surface. Usually referred to as rusting or oxidation.
Crush zone: A part designed to bend or crumple when involved in a collision.
Direct damage: Damage that occurs to a vehicle at the point of impact.
Estimate: The written determination made by an appraiser or estimator, upon inspection of a damaged vehicle, regarding the cost required to restore the vehicle to the condition it was in prior to the loss.
Fender flange: Outer rim or bend along the lower edge of a fender that gives shape and strength to the side of the fender.
Finish coat: The last coat of paint to be applied. The finish coat determines the amount of gloss.
Frame alignment: Procedure by which the damaged chassis of a car, truck or bus is restored to the manufacturer's specifications.
Indirect damage: Additional or secondary damage to parts or systems that may be the result of direct damage.
Powertrain: Motor, transmission and drive assembly - especially on front-wheel drive vehicles.
Quarter panel: A side panel that is generally one-quarter of the total length of the vehicle and extends from the rear door to the end of the car.
Recycled parts: Used vehicle parts bought from a secondary source.
Refinish: Term used to designate a part or a vehicle that is to be repainted.
Single coat: Usually referred to as a coat of paint - each stroke overlaps the previous stroke by 50 percent.
Spot repair: A job in which a small section of a panel is refinished.
Supplement: The document that is created when unforeseen additional costs for parts and procedures are necessary to complete a repair.
Unitized body construction: Fabrication in which the frame and body are made out of a large number of sheet metal panels of varying sizes and shapes assembled and welded into a single unit. |
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