A large, lump-sum amount due for payment at the end of a series of smaller periodic payments. This amount may be included in the payment schedule for a loan or lease.
Balloon Payment:
BCAA (British Columbia Automobile Association):
A non-profit group that provides towing,insurance, and inspection services.
Bill of Sale:
A legal document (also called a contract or sale agreement). This document transfers ownership from the dealer to the buyer. The dealer prepares the document. The document includes the date, location, description of the vehicle, and the price.
Black Book:
A source for new and used vehicle pricing and information.
Burden or Onus of Proof:
Duty to show a fact is true. For deceptive acts or practices, this duty lies with the dealer. The duty is to show they did not use a spoken, written, or visual statement or action to fool or mislead a buyer. This special duty is known as a reverse onus.
Buyer Beware (similar to as-is where-is):
An idea that a seller is not responsible for the quality of a product. This concept does not apply to the sale of vehicles.
