Vehicle Ownership and Maintenance Flashcard

Front

Collateral in the context of vehicle ownership

Back

An asset promised to a lender if loan payments cannot be met

Front

What does the invoice price refer to?

Back

The price a dealer pays the manufacturer for the car

Front

What is the purpose of the Kelley Blue Book?

Back

To list average prices for specific models of new and used cars

Front

What are lemon laws designed to address?

Back

New vehicles with repeated repairs or long service periods

Front

miles per gallon (MPG)

Back

The average number of miles a car travels on one gallon of gasoline

Front

What is the function of preventive maintenance?

Back

To keep a car running well and prevent major problems

Front

What does a vehicle identification number (VIN) represent?

Back

A unique number assigned to a car for identification