Kohler Credit Union Car Buying Vocabulary

The transfer of your auto loan from one lender to another … To calculate this, subtract the total of payments from the amount borrowed. …

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Kohler Credit Union Car Buying Vocabulary
Amortization, Accrued Interest, Assignment, Buyers Order, Buyer’s Guide, Co-Buyer, Co-Signer, Credit Bureau, Credit Report, Credit Scoring, Debt Ratio, Delinquency, Deficiency Balance, Disclosure Statement, Finance Charges, Fixed Interest Rate, Insurance Products, Loan to Value (LTV), Minimum Money Down, Payment, Payment to Income, Principal, Principal Balance, Repossession, Simple Interest, Stipulations.
Proof of Income (POI) – Income is the single biggest factor in determining how much or what type of vehicle you can purchase
Proof of Address (POR) – Acceptable forms of POR include utility bills, credit card statements or anything received through the mail which contain the following
Telephone Bill – Some lenders require proof of home phone service. Many lenders are now accepting cell phone service as well
Mortgage Statement – The most recent mortgage statement is used to verify your monthly mortgage obligation. This document also serves as POR
Lease/Rental Agreement – Used to verify your monthly obligation. Often the landlord’s phone number is required for verbal verification

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