trade-in allowance definition
trade-in allowance means the greater of,
trade-in allowance means the amount a vehicle purchaser is given as a credit at the purchase of a vehicle for the fair exchange of the borrower’s existing ve- hicle to compensate the dealer for some portion of the vehicle purchase price, not to exceed the highest trade- in value of the existing vehicle, as de- termined by a nationally recognized automobile pricing agency and based on the manufacturer, year, model, fea- tures, mileage, and condition of the ve- hicle, less the payoff balance of any outstanding debt collateralized by the existing vehicle. Uniform Standards of Professional Ap- praisal Practice (USPAP) means gen- erally accepted standards for profes- sional appraisal practice issued by the Appraisal Standards Board of the Ap- praisal Foundation.
trade-in allowance means the value assigned by the seller of a motor vehicle to a motor vehicle offered in trade by the purchaser as part of the total consideration given by the purchaser and included in the notarized affidavit attesting to total consideration given;
More Definitions of trade-in allowance
trade-in allowance means the amount allowed as payable by the Seller to the Customer for the Trade In (if applicable).
trade-in allowance means the amount shown in a sale agreement as the amount accepted by the dealer as the value of a trade- in under a trade-in arrangement; (“valeur de reprise”)