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Today's Terms
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.
Telemarketer fraud
Definition:
It’s important to know who you’re dealing with. If a company or charity is unfamiliar, check it out with your state or local consumer agency and the Better Business Bureau.
Residual Value
Definition:
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.
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