Late Charge is a fee charged by the Finance Company to a customer for failing to make payments within a grace period or on the contractual due date.
Lease Purchase is a finance agreement similar to Hire Purchase, but where you can reduce monthly payments by having a Balloon Payment at the end of the agreement, which includes an option to purchase fee.
A term referring to the “Use only” of a vehicle, by a customer entering into an agreement with a finance company, it includes both payout and residual risk leasing such as Contract Hire or an Operating Lease for customers.
The vehicle hirer, customer or user of the vehicle who signed the lease agreement.
Lessor is usually the Finance/Leasing Company or the legal owner of the vehicle who sets the lease terms.