The definitions in this glossary are meant to give you, the consumer, a general understanding of terms used in vehicle leasing. They are not legal definitions but they generally assume compliance with applicable legal requirements. The terms may be used differently in different situations, and their exact definition under federal law may differ from that under state law. Please refer to the Federal Reserve Board’s Regulation M and the Consumer Leasing Act for more information about federal requirements for lease disclosures and terms. This glossary does not cover credit transactions, even those that have similarities to leasing. Some of the definitions refer to monthly payments. If your lease has a different payment period (for example, bi-weekly or annual), you may substitute that period in the definitions. Also, the definitions generally are applicable to both single-payment and multiple-payment leases. This Leasing Language Glossary has been mutually developed by the Federal Reserve Board (FRB) and the ACVL.