ASSIGNOR person who has vehicle for sale or wants to be relieved of monthly payments and insurance.
ASSIGNEE person who wishes to assume assignor s responsibilities of payments and insurance.
ASSIGNMENT AGREEMENT agreement between assignor and assignee
UPSIDE DOWN VEHICLE a vehicle in which the pay off is greater than the book or loan value of the vehicle. (also referred to as negative equity).
LIEN HOLDER the lending institution who financed the vehicle for the assignor.
PURCHASE AGREEMENT purchase contract between lien holder and assignor signed at time of purchase of vehicle.
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 Federal and State Law requirement that you state the mileage of a vehicle upon transfer of ownership.
NEW COMPANIES a company that finds a vehicle owner, that must relinquish their vehicle because it is close to repossession, and then finds a third party to assume the vehicle owner s responsibilities of payments, insurance and maintenance.
NADA BOOK (National automobile Dealers Association) a monthly publication found in most libraries, that list average retail selling prices and bank loan values of late model.
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