Find every term and definition starting with the letter "w" in the ConsumerSavings.org auto loan glossary…

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Glossary of Auto Loan Related Terms

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Wraparound

Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.