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Public Transit

Public modes of transportation available in cities---bus, subway, trolley

Carpooling

Grouping with others to share rides to and from work

Depreciate

To decrease in value

disclosure sheet

Describes any repairs or replacements done on a used car

make

the brand of a vehicle

model

a line of vehicles made by a specific company, such as Ford Taurus

domestic

American-made

imported

Foreign-made

auto superstore

dealerships with huge inventories of new and used vehicles

fuel economy

type of fuel used and miles per gallon

power

a vehicle's ability to accelerate for speed

performance

a vehicle's ability to handle, brake, and accelerate on the road

invoice price

the price the dealer pays to manufacturer

base price

the price of a vehicle with standard equipment

options

features available at extra cost or special prices

manufacturer's suggested retail price

base price + price options installed by manufacturer + manufacturer's transportation charge

sticker price

dealer's initial asking price as found on the sticker in the vehicle window

up front costs

costs when signing a lease --- deposits, taxes, and registration fees

leasing

monthly payments in eschange for exclusive use of vehicle for a time

capitalized cost

price for a leased care

capitalized cost reduction

payment similar to down payment that results in lower monthly payment

lease term

length of the lease---usually, 24, 36, or 48 months

option to purchase

at the end of lease, the alternative to purchase the leased vehicle

residual value

the worth of a leased vehicle a the end of the lease

installment loan

a loan to be repaid in equal payments

liability insurance

covers when liable or responsible for an accident where other are injured of killed

collision insurance

pays for loss or damages to insured person's care due to accident

comprehensive physical damage insurance

pays for loss or damage not resulting from collision ---e.g., fire, theft, falling objects

no-fault auto insurance

pays claims regardless of who is at fault

underinsured motorist insurance

covers difference between liability coverage and underinsured motorist and the amount of looses

rental reimbursement

covers costs of renting a car while yours is being repaired

premium

the cost of insurance coverage for the term of the insurance policy

deductible

the amount an insured person must pay before the insurance company pays on a claim

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