tax lien
Claim against a vehicle for unpaid taxes.

tax sale
Public sale of property by a government authority as a result of non-payment of taxes.

term
The number of years it will take to pay off a loan.

title
Document giving evidence of vehicle ownership. Also the rights of ownership and possession of that property.

trade-in value
The value of a used vehicle that you trade in to a dealership as part of a purchase. The trade-in value will usually be approximately equal to the wholesale blue book value.

transfer tax
Tax paid when a title passes from one owner to another.

trust account
Account maintained by a broker or escrow company to handle all money collected for clients.

trustee
Someone given legal responsibility to hold property in the best interest of another.