ASSIGNEE Person who wishes to assume assignors responsibilities of payments and insurance.
ASSIGNMENT AGREEMENT Agreement between assignor and assignee.
UPSIDE DOWN VEHICLE A vehicle in which the payoff is greater than the book or loan value of the vehicle. (Also referred to as negative equity.)
LIEN HOLDER The lending institution that financed the vehicle for the assignor.
PURCHASE AGREEMENT Purchase contract between lien holder and assignor signed at the time the vehicle is purchased.
LESSOR A person leasing an item to another person.
LESSEE A person leasing an item from another person.
ODOMETER Mileage indicator stating exact mileage on a vehicle.
ODOMETER DISCLOSURE STATEMENT A form required by Federal and State law indicating the actual mileage of a vehicle upon transfer of ownership.
NEW COMPANIES A company that finds a vehicle owner, who must relinquish his vehicle because it is close to repossession, and then finds a third party to assume the vehicle owners responsibilities of payments, insurance and maintenance.
NADA BOOK (National Automobile Dealers Association) A monthly publication found in most libraries that lists average retail selling prices and bank loan values of late model vehicles.