loan

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loan

a transaction whereby property is lent or given to another on condition of return or, where the loan is of money, repayment. During the period of the loan the borrower is entitled to use the thing loaned for the purpose agreed between the parties. In a loan of money, the money lent becomes the property of the borrower during the period of the loan against an undertaking to return a sum of equivalent amount either on demand or on a specified date or in accordance with an agreed schedule of repayments.

LOAN, contracts. The act by which a person lets another have a thing to be used by him gratuitously, and which is to be returned, either in specie or in kind, agreeably to the terms of the contract. The thing which is thus transferred is also called a loan. 1 Bouv. Inst. n. 1077.
     2. A loan in general implies that a thing is lent without reward; but, in some cases, a loan may be for a reward; as, the loan of money. 7 Pet. R. 109.
     3. In order to make a contract usurious, there must be a loan; Cowp. 112, 770; 1 Ves. jr. 527; 2 Bl. R. 859; 3 Wils. 390 and the borrower must be bound to return the money at all events. 2 Scho. & Lef. 470. The purchase of a bond or note is not a loan ; 3 Scho. & Lef. 469; 9 Pet. R 103; but if such a purchase be merely colorable, it will be considered as a loan. 2 John. Cas. 60; Id. 66; 12 S. & R. 46; 15 John. R. 44.

References in periodicals archive ?
Indeed, the enduring partnership with its auto dealers enabled EastWest Auto Loan to strengthen its business performance.
Only 36 percent of Gen Z have an auto loan, the median balance of which is $13,666.
Fewer than 1 percent of auto loans issued by credit unions are 90 days or more late compared to 6.5 percent of loans issued by auto finance companies.
The number is higher largely because there are far more auto loans out there as sales grew since the financial crisis, peaking at 17.5 million in 2016.
Running until June 28, OAB will be offering its customers auto loans for new and used cars for up to 80 per cent of the value at a special discounted rate of just 4.5 per cent per annum.
However, margins are lower on indirect auto loans. Among the 10 largest direct auto lenders, returns on average assets were 1.21% for the 12 months ending Sept.
Last year, the rate of delinquencies on subprime auto loans rose to 9.7 percent for auto lenders not affiliated with banks or credit unions, up from just 5.8 percent in 2012.
With reference to Mr Aswin's issue, please be advised that our Quality Unit has investigated the matter and confirmed that according to the Bank's policy, once the customer becomes unable to repay the dues of his auto loan, he may voluntarily surrender the vehicle, which is the mortgaged asset of the bank by providing consent to dispose the asset and repay the outstanding liability.
The growth of consumer lending is a positive signal about the health of the market, but one area of concern is an increase in new delinquent auto loans. This increase seems to mirror the increases seen in the total amount of auto-loan debt taken out.
Fitch expects subprime auto loan performance to continue to soften modestly in 2015 due to heated competition- driving declines in subprime loan pricing easing underwriting standards and moderation in used car values.
For more details on this auto loan special, visit the Mission Fed website: https://www.missionfed.com/Auto-Loan-Special
Summary: DUBAI -- RAKBank has recently introduced short-term financing for vehicles, filling up the much-needed gap for companies looking for auto loan finance options for less than a year.