Skip to menu Skip to main content Skip to buttons Skip to banner Skip to options Skip to footer
Please excuse the dust while our Search feature is under construction. Search will be available again soon!
Frequently Asked Questions

A

  • Acquisition Fee

    A charge included in most lease transactions that is either paid up front or is included in the gross capitalized cost.

    Adjusted Capitalized Cost

    The difference between the gross capitalized cost and the capitalized cost reduction.

    Amount Financed

    In a finance contract, the agreed-upon sale price of the marine or power sport vehicle plus any charges for taxes, title, license fees, service contracts, and vehicle protection products, less any down payment and/or net trade-in allowance. This is the amount that is subject to finance charges.

    Amount Due at Signing or Delivery, or Amortized Amounts

    The amount due at the dealership at the time the lease agreement is signed and the marine or power sport vehicle is delivered. This amount generally includes the first monthly payment, the capitalized cost reduction, the acquisition fee (if not capitalized), sales/use tax, refundable security deposit(s), registration/title fees, license fees, etc.

    Annual Percentage Rate* (APR)

    In a finance contract, the cost of your credit as a yearly rate.

    The disclosed APR is an estimate based upon the credit rating assessment you provided and average rates for contracts purchased by the BPSFS office serving your area. Actual APR will vary and is agreed upon by you and your White River Marine group dealer. The estimate provided assumes financing through BPSFS and your participating White River Marine group dealer on approved credit. Not all customers will qualify.

     

     

     

    Application

    An initial written statement of personal and financial information required for an evaluation of creditworthiness.

B

  • Billing Address

    The mailing address to which you would like to have your monthly billing statement delivered to you. Typically, this is your home address, but can be any other address including a P.O. Box. You may update your billing address online by logging in and selecting My Information.

    Basis Point 

    An interest rate or yield expressed as 1/100 of one percent.

    Before-tax Income

    Income before taxes are deducted. 

    Beneficiary 

    The person designated to receive the income from a trust, estate, or a deed of trust.

    Black Book 

    Refer to Book Value

    Book Value

    The value of a used boat/vehicle in a specific market area. A recognized wholesale appraisal guidebook, such as the NADA Guide, provides guidance on the boat/vehicle value at any given time. The Book Value assigned by a dealer will reflect the boat/vehicle condition as well as prevailing market environment which will modify the value reflected in the guidebook.

    Borrower

    The individual that obtains credit from a lender with the understanding that it will be repaid, with interest, within a clearly defined schedule.

    Buyer

    An individual who purchases a boat/vehicle. This individual is primarily liable for repayment of the loan and has ownership rights in the property purchased.

C

  • Cash Price 

    The price at which a seller offers to sell the property or service that is the subject of the transaction.

    Certificate of Title

    A document issued by a state to provide evidence of boat/vehicle ownership and any lien holder's security interest.

    Clear Title

    A title that is free of liens or legal questions as to ownership of the property.

    Co-Applicant

    An individual who also signs a retail contract and, thereby, assumes equal responsibility for the repayment of the retail contract.

    Co-Buyer

    An individual who purchases a boat/vehicle (property) jointly with a Buyer. This individual is jointly liable for repayment of the loan and has ownership rights in the property purchased.

    Co-Owner    

    A second owner of the boat/vehicle (property).

    Co-Signer

    An individual who agrees to pay the amount due (payment) and to perform all the agreements stated on the contract if the buyer fails to meet contractual obligations.            

    Collateral 

    An asset (such as a boat) that guarantees repayment of a loan. The borrower risks losing the asset if the loat is not repaid according to the terms of the loan contract.   

    Consumer Credit

    Credit offered or extended to a consumer primarily for personal, family or household purposes.

    Consumer Credit Protection Act 

    See Truth-in-Lending Act.

    Consumer Reporting Agency (or Bureau)

    An organization that prepares reports used by lenders to determine a potential borrower's credit history. The agency obtains data for these reports from a credit repository, as well as from other sources.

    Contract Date

    The date the retail contract is signed.

    Credit

    An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.

    Creditor

    A person or institution who extends credit and to whom the obligation is payable.

    Credit Bureau

    An organization that gathers consumer credit information. There are three major credit bureaus: Equifax, Experian, and TransUnion.

    Credit Date

    The date the online payment will be credited/posted to your account in the BPSFS system. There are two days from the submit date to the credit date.

    Credit Disability Insurance 

    An insurance policy that provides protection to the borrower in the event the borrower becomes medically disabled and is not capable of making their loan payment. The insurance company will make payments on a monthly basis according to the terms of the policy.

    Credit History 

    A record of an individual's open fully repaid and unpaid debts. A credit history helps a lender to determine whether a potential borrower has a history of repaying debts in a timely manner.

    Credit Rating

    The self-assessed credit range provided by you to estimate the APR for a finance contract. It is distinct from your Credit Report, which is generated by third-party credit bureaus.

    Credit Report 

    A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.

    Credit Score

    A numeric assessment used to evaluate the amount of "risk" involved in a credit transaction. It involves the evaluation of credit quality based on the information provided in the consumer's application, the proposed loan structure and the consumer's credit report.

    Creditworthiness

    Determination of a consumer's eligibility to borrow money. This information is based on the number of accounts opened, the types of accounts, payment history and account balances.

D

  • Debt

    An amount owed to another.

    Default 

    Failure to comply with the terms of a loan contract. If a borrower defaults on a loan, the lender may seize the collateral, liquidate (sell) it, and apply proceeds to the loan balance.

    Delinquent 

    The failure to make a loan payment on time.

    Depreciation 

    A decline in the value of an boat/vehicle (property) over time.

    Destination Charge

    The price added to the price of a boat/vehicle for transporting it from the manufacturer to the dealer.

    Direct Financing 

    A loan is originated directly between a lender and a consumer. Compare to Indirect Financing.

    Down Payment

    The amount of cash or net trade-in allowance applied to reduce the cash sales price of a marine or powersport vehicle. Many Creditors require a down payment of 10 to 15 percent of the amount to be financed. However, the required down payment can be less, depending on your credit history, ability to repay and other criteria. A down payment helps lower your monthly payment as well as establish equity in your financed marine or powersport vehicle.

    Due Date

    The date in a given month that a loan payment is due.

     

E

  • Effective Gross Income 

    Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable.

    Electronic Funds Transfer (EFT) 

    A process that allows either the lender or the borrower to transfer funds or payments electronically between respective bank accounts.

    Endorser 

    A person who signs ownership interest over to another party.

    Equal Credit Opportunity Act (ECOA)

    A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.

F

  • Fair Credit Reporting Act 

    A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.

    Fair Market Value 

    The amount that a willing buyer would pay at a given point in time for the boat/vehicle (property) in a realistic transaction.

    FICO®

    The most commonly used credit scores generated by the credit bureaus are often referred to as "FICO® scores", even though each of the three major credit bureaus has its own name for these scores. FICO® stands for Fair Isaac and Company, the company that produces the software used by many credit bureaus to calculate your credit score. These scores range from 300–850, the higher, the better.

    Finance Charge(s)

    Any fee representing the cost of credit, or the cost of borrowing. It is interest accrued on, and fees charged for, some forms of credit. It includes not only interest but other charges as well, such as financial transaction fees.

    Finance Company

    An institution that finances purchases repayable in installments.

    First Monthly Payment 

    First montly payment on financed transactoins are typically scheduled in arrears, therefore the first monthly payment will be due at the end of the first month after date of delivery. Because payment arrangements may vary based on individual circumstances, be sure to verify with your dealer when your first monthly payment will be due.

    Fixed Rate Loan 

    A loan in which the interest rate remains constant throughout the life of a loan.

G

  • Guarantor

    One who agrees to pay the debt of another.

    Guaranteed Asset Protection

    A product that pays any remaining balance owed on a loan after payment of a total loss insurance claim.

H

  • Hull Identification Number (HIN)

    An individual serial number assigned by the manufacturer to a boat. An alphanumeric number of multiple digits, it is affixed permanently to the boat hull. See also Serial Number.

I

  • Indirect Financing 

    A loan that is originated by a dealership and subsequently assigned to a financial institution.

    Inspection 

    The mechanical and physical evaluation of a boat/vehicle.

    Installment Plan 

    A method of buying a boat/vehicle (property) on credit and making payments at regular intervals for a specific period of time.

    Insurance

    The primary insurance coverage which must be provided on a marine or powersport vehicle during the entire financing term.

    Insurance Premium

    The payment made to an insurance company to cover the cost of insurance.

    Interest 

    The cost of borrowing money, usually stated in terms of a percentage.

    Interest Rate 

    The interest rate is a part of the annual percentage rate (APR) equation. Interest is the annual rate of return that the lender receives on the Principal of the loan.

L

  • Late Fee 

    A charge assessed by a lender for payments received after a specific due date.

    Lender 

    The individual or organization that lends funds to a borrower with the understanding that those funds will be repaid, with interest, based on a clearly defined schedule. It can be a bank, credit union, or finance broker offering or referring the loan.

    Lien 

    A security interest in property, such as a boat/vehicle, to secure the payment of an obligation.

    Lien Holder

    The individual or company holding a security interest in collateral to ensure repayment of a loan.

    Lien Perfection 

    The process of ensuring that the lien holder is correctly identified on the title.

    Loan 

    Money lent to a consumer to be repaid over a period of time.

    Loan Balance 

    The amount owed on a loan after deducting the amount of payments made.

    Loan Contract 

    The written agreement between a borrower and a lender that identifies the terms of the loan.

    Loan Term 

    This is the length of the loan, usually broken down into months (24, 36, etc.). Reducing the loan term will increase the monthly payments; increasing the loan term will lower the monthly payment and increase the total amount to be repaid due to interest accrued.

    Loan-to-Value Ratio (LTV) 

    A ratio used to determine the amount of money a lender will loan based on the value of the boat/vehicle. It is calculated by dividing the loan amount by the Retail Value.

M

  • Manufacturer 

    The original producer of a boat/vehicle. Examples include Tracker Marine Group, Arctic Cat.

    Maturity Date

    The date on which the balance of the loan becomes due and payable.

    Monthly Payment 

    The amount of principal and interest the borrower is obligated to pay each month.

    MSRP* (Manufacturer's Suggested Retail Price)

    The base retail price of the marine or powersport vehicle plus any factory installed options, often called the sticker or list price. Actual MSRP may vary. Final price is agreed upon between you and your White River Marine Group dealer. MSRP excludes the delivery, processing, and handling fee, taxes, title, and license. Actual dealer price may vary. Does not include accessory options installed by dealer.

N

  • No Haggle-No Hassle Pricing

    TRACKER, SUN TRACKER, NITRO, TAHOE, MAKO and REGENCY boats are sold under a nationally published pricing policy that is honored at all authorized dealer locations for these brands within the United States. Dealer Prep, Destination Charges, licensing, registration, documentation and other fees that vary by location are in addition to published prices.

    No Haggle-No Hassle Pricing

    TRACKER, SUN TRACKER, NITRO, TAHOE, MAKO and REGENCY boats are sold under a nationally published pricing policy that is honored at all authorized dealer locations for these brands within the United States. Dealer Prep, Destination Charges, licensing, registration, documentation and other fees that vary by location are in addition to published prices.

O

  • Obligation

    The legal responsibility of a borrower to repay a loan.

    Options

    Features that are added to a base model. For boats, examples include higher horsepower engines, wake-board towers, canvas covers. Options are also referred to as add-ons.

P

  • Personal Property Tax

    A state or locally imposed percentage tax which is assessed to owners of certain personal property, such as: automobiles and/or other vehicles, durable goods (usually excluding household goods and personal effects), stocks, bonds, etc. Personal Property Tax is assessed based on the fair market value of the property. Contact your local Department of Motor Vehicles (DMV) for additional information. For assistance in locating the DMV for your state, you may visit www.onlinedmv.com.

    Principal

    The amount of the loan without the interest factored in. In other words, the amount you are financing and will be paying interest on.

    Principal Balance

    The unpaid balance (remainder) of a loan.

    Protection Products

    Optional vehicle protection plans designed to help protect your investment and provide peace of mind against unexpected issues. BPSFS' suite of voluntary protection products includes Vehicle Service Contracts and Guaranteed Auto Protection.

    Promise to Pay

    The agreement by the borrower to repay the current payment amount and date to be paid.

Q

  • Qualify

    The ability to meet a lender's criteria for granting credit.

    Quote

    A price that represents the cost of a specific item, such as a loan rate, service contract, price of an insurance policy and so on.

R

  • Recurring ACH Program

    Monthly payments can be arranged to be automatically debited from a checking, savings/draft account.

    Rate

    The annual rate of interest on a loan, expressed as a percentage of 100.

    Retail Installment Sales Contract (Finance Contract)

    A contract for the sale of the marine or powersport vehicle between the seller and the buyer, in which the seller agrees to finance the sale under the terms set forth in the contract. The dealer is the seller and creditor on the contract, which is later assigned to a secondary finance source, such as BPSFS.

    Retail Price

    The amount the buyer pays the seller for a boat/vehicle.

S

  • Sales Price

    The agreed-upon value of a financed marine or powersport vehicle, between the seller and purchaser.

    Secured Loan

    A loan that is secured by collateral.

    Security

    Assets or personal property pledged as collateral to secure a loan.

    Security Interest

    An interest in property that secures performance of a credit obligation.

    Serial Number

    An individual serial number assigned by the manufacturer to a boat/motor/trailer/vehicle. Often an alphanumeric number of multiple digits, it is affixed permanently to the boat/motor/trailer/vehicle. See also Hull Identification Number (HIN).

    Sales Tax

    A state or locally imposed percentage tax which is assessed on certain goods and/or services at the point of purchase.

    Simple Interest

    Interest computed only on the outstanding principal balance, without compounding. (Compounding interest includes accrued interest in the calculation of interest charges.) 

T

  • Tax

    A percentage of the final sales price that is required to be paid to local, state, and/or federal government entities.

    Term

    The period of time which covers the life of the loan. For example, a 3 year fixed loan has a term of 3 years or 36 months.

    Title

    The legal document used to identify the owner of a marine or powersport vehicle.

    Total Sale Price

    The total cost of your purchase, including the down payment.

    Trade-in Value

    The net value of a marine or powersport vehicle credited toward the purchase another marine or powersport vehicle.

U

V

  • Vehicle Identification Number (VIN)

    An individual serial number assigned by the manufacturer to a trailer or off road vehicle. An alphanumeric number of multiple digits, it is affixed permanently to the vehicle. See also Serial Number.

W

  • Warranty

    A guarantee from the dealer or manufacturer that a product will perform as expected or specified. Warranties usually cover specific mechanical problems for a specific amount of time or other measure of usage.

    Wholesale Book Value

    The amount the dealership usually pays for a used boat in markets other than retail, typically auctions and broker transactions.