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MSRP: Also known as Manufacturer's Suggested Retail Price, Monroney Label, Sticker Price, or List Price. The retail-selling price of the vehicle as suggested by the manufacturer, printed with all the standard and optional equipment on the window.

Invoice: The price the dealer pays the manufacturer for the vehicle. This does not reflect the market value of the car or any factory to dealer incentives.

O.A.C. "On approval of credit" Usually posted in the fine print on and ads that display a special, low interest rate of credit"

Upside down or Negative Equity:  This occurs when you owe more to the lender than your trade is actually worth.

Capitalized Cost : The price of the leased vehicle and any other charges such as fees or taxes that become the cost for calculating the terms of a lease.

Closed End Lease: A lease in which the lessee (That’s you) is not responsible for the value of a vehicle when the lease is done. Except for any excess damage to the car. Also known as a "walk-away" lease.

Residual: A projection of the market value of a vehicle at the end of a lease.

Gap Insurance: A separate insurance from your car insurance that will cover the “Gap” (difference) between the replacement cost paid by insurance and what is owed on the balance in case the car is totaled or stolen.

Wholesale Value: The value that a dealer expects to pay for a vehicle as a trade, in “as is” condition.

Retail Value: See MSRP above

Market Value: The current average selling price.

 

English? What do you call it?

British Term		American Term
Accumulator		Battery
Bonnet		Hood*
Boot		Trunk
Estate		Station Wagon
Lorry		Truck
Mole wrench		Vice Grips
Nave Plate		Hubcap
Petrol		Gasoline
Roadster		Convertible
Spanner		Wrench
Sump		Oil Pan
Torch		Flashlight
Wing		Fender

* Hood

• American term for front lid of vehicle, usually covering the engine.
  Or where you live!
• British term for convertible top.