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Balloon Payment
A large extra payment that may be charged at the end of a loan or lease.
Fake Check Scams
Fake check scammers hunt for victims. They scan newspaper and online advertisements for people listing items for sale, and check postings on online job sites from people seeking employment. They place their own ads with phone numbers or email addresses for people to contact them.
Lemon Law Protection
Lemon Law applies to any new vehicle purchased and registered laws are by state
Closed-End Lease
A lease in which you are not responsible for the difference if the actual value of the item at the scheduled end of the lease is less than the residual value, but you may be responsible for excess wear-and-use charges and for other lease requirements.
Warranties
Warranties and guarantees are a manufacturer’s or seller’s promise to stand behind its product or service.
Medwatch program
You can also report your suspicions about drugs and medications directly to the FDA by calling the Medwatch program at 1-800-332-1088.
Residual Value
The end-of-term value of the item established at the beginning of the lease and used in calculating your base monthly payment. The residual value is deducted from the adjusted capitalized cost to determine the depreciation and any amortized amounts. It is an estimate that may be determined in part by using residual value guidebooks. The residual value may be higher or lower than the realized value at the scheduled end of the lease.
Annual Percentage Rate (APR)
The cost of credit expressed as a yearly rate.
Fraud
Intentional deception resulting in injury to another.
Implied warranties
under state law, consumers are guaranteed certain implied warranties. A “warranty of merchantability” comes automatically with every sale and is the seller’s promise that a product is fit for its ordinary use.
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