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GLOSSARY
Wage assignment
Wage assignment is a clause in some loan agreements that gives the lender the right to deduct payments from the borrower's wages if the borrower defaults. When the borrower agrees to this clause, he's essentially using his future earnings as collateral for the loan.
Waiver
The intentional action of giving up one's right's and claims.
Walk away lease
A common car lease also known as a closed-end lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over and not be responsible for the difference of the actual value of the car.
Walk through
A common car lease also known as a closed-end lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over and not be responsible for the difference of the actual value of the car.
Wall Street Journal prime rate
The wavering interest rate as posted daily in the Wall Street Journal which is derived from several banks to arrive at its number.
Warehouse lending
Warehouse lending is the practice of offering revolving credit to loan originators, who draw money to fund mortgage loans. The originator repays those funds when the mortgage is sold on the secondary market.
Warranty
A warranty is a guarantee made by a manufacturer or reseller that a product sold will perform as stated. Warranties will specify conditions under which the manufacturer or reseller will make repairs or cover the cost of necessary repairs, should the product not perform as promised.
Warranty deed
See quitclaim deed.
Wash sale
When shares of a fund are sold at a loss and shares of the same security are purchased within 30 days before or after. You cannot deduct losses from a wash sale.
Wealth management
Wealth management is a comprehensive planning service that incorporates all aspects of personal finance, such as tax planning, estate planning, investment planning, legal planning, etc.
Wellness program
Wealth management is a comprehensive planning service that incorporates all aspects of personal finance, such as tax planning, estate planning, investment planning, legal planning, etc.
White collar
White collar describes the class of employees who perform intellectual work rather than manual labor. White collar workers usually earn higher salaries, but this distinction has become less pronounced over time.
Will
A will is a legally binding document in which an individual specifies how he would like his property distributed after his death. The will can also specify a guardian for dependents and an executor for the estate.
Will variation
Will variation is the right of a decedent's spouse and children to contest the decedent's will. The spouse and/or children must make the argument that the decedent's will doesn't adequately provide for them. It's rare that contesting a will actually results in someone getting a larger share of the estate.
With approved credit - WAC
With approved credit, or WAC, is a condition placed on a sale transaction that requires the buyer to have sufficient credit. A company that leases equipment, for example, would run a credit check prior to executing to ensure that the lessee meets minimum credit requirements.