Loan Terminology

1. to Value the amount requested or already financed compared to the value of the collateral
8. an approved decision that does not reflect the amount / term / or specific financing the applicant originally requested. This decision often comes with stipulations that must be met before being further reviewed
9. Agreement a formal bill of sale between buyer and dealer that discloses information about the purchase
10. a person applying for a loan
14. a program that allows AK USA's members to electronically sign loan documents
16. an asset used to secure a loan. If the applicant defaults on the loan, AK USA may repossess this asset to collect on the debt
18. the system used by AK USA to submit loan applications
19. Lending applications submitted directly to a loan officer or lending center
20. percentage rate that shows the cost of credit the borrower actually pays including loan interest points an origination fees
21. Lending applications submitted on behalf of an applicant from a merchant or dealer
22. document certifying the country of origin and collateral description including year / make / model / and serial number

2. for Payoff written permission to obtain a loan payoff
3. Serial number for a motor vehicle o other type of collateral that has a title or MSO
4. a document issued by a state to identify the owner of a motor vehicle
5. a written estimate of a collateral's market value by a qualified appraiser
6. the process of obtaining the applicant's signatures on loan closing documents and funding the loan in APPRO
7. using the proceeds of a loan to payoff an existing loan
8. Offer an offer to approve a loan based on different terms than those originally requested by the applicant
11. a team who assists branch staff in satisfying the stipulations and validation steps necessary to close the loan
12. Holder a financial institution that holds a security interest for the collateral use to secure a loan
13. a person who accepts responsibility for repaying a debt
15. condition(s) that must be met in order for the loan to be approved
17. Officer the underwriters of loan requests. They will assess loan applications using approved guidelines