Top: Business: Retail Trade: Automotive: Leasing: Terminology: P



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Payoff

See Early termination payoff.


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Personal property tax

(or Ad valorem tax) A tax on personal property. State laws govern whether personal property taxes apply to a leased vehicle; your lease agreement governs whether you or the lessor or assignee will pay these taxes.


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Prior credit balance

(negative equity or negative trade-in balance) The portion of the gross capitalized cost representing the amount due under a previous credit contract after the value of the vehicle traded in on the lease has been credited.


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Prior lease balance

The portion of the gross capitalized cost representing the balance due under a previous lease agreement after the value of the previously leased vehicle has been credited.


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Purchase option

Your right to buy the vehicle you have leased, before or at the end of the lease term, according to terms specified in the lease agreement. Your lease agreement may or may not include a purchase option.


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Purchase-option fee

An amount, in addition to the purchase price, you may have to pay to exercise any purchase option in your lease agreement. 



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