LEASE BALANCE
The unpaid cost or portion that a customer owes in a vehicle lease contract. It becomes significant in two main scenarios: first, if a car is destroyed, stolen and not recovered or totaled in an accident; and second, if the lessee wants to terminate the lease prematurely for whatever reason. A vehicle’s fair market is different from the lease balance. The market value may depreciate at the beginning of its life, but the lease balance remains flat in the course of the agreement.
It is reduced as an individual fulfills its monthly payments and is calculated according to the method like the Constant Yield (Actuarial) Method.
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Hedge Clause
A disclaimer found in financial documents that protects authors of financial reports from liability for errors within the report.
8-a Firm
Company owned and operated by individual that is socially or economically disadvantaged. Such firms are qualified for financial assistance, mentori ...
Credit Cliff
Slang term for compounding a firm’s credit deterioration due to provisions such as financial covenants, or events that ignites a change in it ...
Default Judgment
A binding judgment issued by a court in favor of the plaintiff when the defendant fails to respond to a court summons or fails to appear in court. ...
Upstream Guarantee
Upstream Guarantee is a contingent liability on a the financial statements of a subsidiary. In this contingent liability, the subsidiary guarantees ...
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