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Today's Terms
Capitalized cost
Definition:
Shortened term for either gross capitalized cost or adjusted capitalized cost. Disclosure of both types of costs is required under federal law. Some states require that the term ""capitalized cost"" be used in state lease disclosures. See Gross capitalized cost and Adjusted capitalized cost.
Assignee
Definition:
A third party that buys a lease agreement from a lessor. You become obligated to the assignee and the assignee generally assumes the responsibilities of the lessor although some obligations may remain with the lessor. For purposes of Regulation M an assignee may be a lessor when the assignee has substantial involvement in the lease.
Security deposit
Definition:
An amount you may be required to pay usually at the beginning of the lease that may be used by the lessor or assignee in the event of default or at the end of the lease to offset any amounts you owe under the lease agreement. Any remaining amount may be refunded to you.
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