Help & Glossary
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Capital - Total funds invested in a business.
Capitalized Cost - The total amount set by the lessor as the value of the goods leased. This amount is the basis for all calculations of payment amount, interest costs, and sales tax.
Cause of Action - Facts sufficient to support a valid lawsuit.
Certified Check - A check that a bank has marked as 'guaranteed cashable' for its customer.
Charge-off - Recognizing a loss on an uncollected debt in a company's records. Also called 'write-off'.
Chattel - An article of tangible property other than real estate.
Clear Title - Ownership that is free from all doubt.
Closed-Ended Lease - A kind of lease where the lessor assumes all risk of the value of the goods, including the decline in market value caused by depreciation, except losses caused by the negligence of the lessee. Also known as a true lease, straight lease, flat rate lease, or a non-participating lease.
Co-maker - Any additional person who signs promising to pay a contractual obligation.
Collateral - Tangible property that's ownership is given to a lender as a guarantee of fulfillment of an obligation. In the event of default, the lender may repossess and dispose of that property and apply the proceeds from the sale to offset his loss and the debtors balance. Also, called 'security'.
Collect - To receive payment on a delinquent debt.
Collector - A person who specializes in routinely initiating the receipt of payment from delinquent debtors.
Commercial Paper - All negotiable instruments related to business.
Complaint - The first document filed in a lawsuit stating the wrong done to the plaintiff by the defendant, and requesting specific help from the court.
Conditional Sale - A sale under contract which requires performance of a condition prior to the passage of title for the thing sold to the buyer. Usually this requires payment of the entire purchase price by the buyer.
Confession of Judgment - The act of a debtor permitting judgment to be entered against him by his creditor, for a stipulated sum without legal proceedings of any kind. This is usually a written statement contained within a Judgment Note.
Conflict of Interest - The condition of being in a position where your own needs or desires may cause you to violate your duty to those who have a right to rely on you.
Conservator - Guardian or preserver of property appointed for a person who cannot responsibly handle it alone.
Consign, Consignment - To hand over things for transportation or for sale, while retaining ownership such as with using an Auction House to sell cars.
Constant Yield Method - A method of computing the interest rate on an installment contract or lease that provides earnings to the lender at a steady rate.
Consumer - A person who buys something for personal use.
Contact to Collect - Slang sometimes used to describe a lender sending an adjustor to make contact with the debtor at his location for the purpose of gathering information and collecting delinquent payments.
Contract - An agreement between two or more people, or entities to do, or refrain from doing, something.
Conversion - Any act which deprives an owner of property without that owner's permission and without just cause.
Creditor - One to which a debt is owed.
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