Annual Percentage Rate or APR
Annual percentage rate is the cost of your credit as an annual rate. By law, lenders are required to disclose the APR to make it easier for consumers to compare the cost of credit. The APR is shown under the Federal Truth-in-Lending disclosures in the prominent box on the front of your contract.
Amount Financed
The amount financed is the amount of credit provided to you on your behalf. The amount financed is the opening principal balance of your account with Fireside Auto Finance, Inc. ("Fireside"). It is disclosed in one of the boxes on the front of your contract under the Federal Truth-in-Lending disclosures.
Late Charge
A late charge is a fee that is assessed when payment is not received in a timely manner. The amount and method of calculation of late charges, if applicable, are set forth in your contract under the Federal Truth-in-Lending disclosures.
Legal Owner/Registered Owner
In some states, such as California, the lender is considered the legal owner or lienholder of a vehicle until it is paid off. The legal owner is also the title holder. The purchaser of the vehicle is referred to as the registered owner.
Lien Release
In some states, the purchaser of the vehicle receives the title and the lender is shown on the title as the lienholder. When the vehicle is fully paid for, the lender will execute a lien release.
Paperless title
Paperless title is also referred to as an electronic title. In some states, a paper title is not issued by the state until the lender has been paid off. Arizona, California, Idaho and Washington are states in which Fireside utilizes the states' electronic titling systems.
Simple Interest
Simple interest is a method of calculating interest. Interest accrues daily on the unpaid principal balance. As the principal balance is reduced, the amount of interest accruing per day is also reduced. The amount of interest that you will pay over the term of the contract will be more if you pay late, and less if you pay early and/or make extra payments.