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Today's Terms
Balloon Payment
Definition:
A large extra payment that may be charged at the end of a loan or lease.
Implied warranties
Definition:
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.
SLAMMING
Definition:
The term used to describe what occurs when a customer’s long distance service is switched from one long distance company to another without the customer’s permission. Such unauthorized switching violates FCC rules.
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