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Car financing terminology

  • Amount financed: the amount of credit provided to you.

  • APR: Annual Percentage Rate, or APR, is the cost of credit expressed as a percentage.

  • Down payment: the amount of cash or trade equity you apply to your purchase.

  • Equity: the difference between your trade payoff balance and its value. It may be positive or negative.

  • Finance charge: the total dollar amount you pay to use credit.

  • Retail installment contract: the finance agreement allowing for payment over time at a fixed monthly payment amount and rate.

  • Simple Interest: finance charge calculation based on the unpaid principal balance, number of days between payments and the APR.

  • Stipulation: additional documentation/action required to complete the transaction, like proof of income.

  • Term: the number of monthly payments provided for in the retail installment contract.

  • Total of payments: the amount you will have paid after you have made all payments as scheduled in the retail installment contract.

  • Total sales price: the total cost of your purchase on credit including finance charge, down payment and amount financed.

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Michaels Autos

7040 East Colonial Dr.
Orlando, FL 32807
View Map & Directions

Sales: 888-420-3197

Hours of Operation

Monday: 9 a.m. - 7 p.m.
Tuesday: 9 a.m. - 7 p.m.
Wednesday: 9 a.m. - 7 p.m.
Thursday: 9 a.m. - 7 p.m.
Friday: 9 a.m. - 7 p.m.
Saturday: 9 a.m. - 7 p.m.
Sunday: Closed
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