Help & Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
R
Recourse - The right of a lender to collect from the seller of an installment credit obligation, such as a car dealer, in the event that the loan defaults. With recourse deals, repossessed vehicles are usually delivered back to the selling dealer.
Redemption - In collections, usually refers to the debtor reinstating the loan or lease, following repossession of the vehicle, by paying arrearage and costs.
Release - A document used in settling claims under which a person gives up a certain legal right or claim in exchange for something, such as money or property.
Replevin - A lawsuit used to recover possession of something from someone else. Repossession through the courts.
Repo, Repossession - To take back collateral on an installment loan or lease, because of a default such as payments not being made.
Repossessor - A specialized businessperson who possesses the technical training and skill required to retake vehicles and other mortgaged collateral from defaulted debtors on behalf of the lender.
Rescind, Rescission - To take back or 'unmake' a contract as if it never took place.
Residual Value - The anticipated market value of the goods at lease maturity. Lessors carefully project the residual based on previous experience with that particular product and anticipated economic factors. This amount is reached by amortizing the capitalized cost by a portion of each monthly rental over the life of the lease.
Roach - A slang expression used to describe a vehicle which is in poor or abused condition.
Rolling Total - A slang expression used to describe a vehicle which, despite extensive physical damage, continues to operate.
