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Lease Departure Warning System

Electronic system which provides a warning indicator or alarm noise when a vehicle moves outside of its current lane. It can help alert drivers if they are accidentally drifting into another lane to prevent collisions or other accidents.

Lane Watch

A Honda-developed system which provides drivers with a real-time video feed of the blind spot on right side of their vehicle while the turn signal is on. This alert can provide an added layer of visibility to drivers in a common area of accidental collisions. By showing a video during turning execution, drivers can ensure they have no obstacles or other vehicles in their path.

Lease Incentive

Manufacturer-based vehicle lease incentive which reduces the cost of a lease to improve its consumer appeal. These incentives can either be an increase of the vehicle’s residual value or a lowered overall interest rate. In some cases, these manufacturer incentives can also be combined with additional dealer sales to help move inventory, reach sales goals, or promote a particular vehicle makes and models.

Lease Factor

Refer to “Money Factor” for more information.

Lease Fee

Refer to “Money Factor” for more information.

Lease Term

The total number of months which encompass the time span of a leasing agreement on a vehicle. Common leasing terms are three or four years, but some circumstances may include either longer or significantly shorter timeframes depending on the agreement.

Leg Room

Total distance from a vehicle’s floor to the center point of a seat. Specific measurements are taken from the average occupant’s ankle point near the floor to the hip point within the seat. This measurement is especially helpful for people who may be very tall or very short to understand how comfortable they will be while operating the vehicle.

Length

Measurement which shows the distance between to furthest point on the front of a vehicle to the furthest rear point. This distance gives the most accurate figure as one of the components of a vehicle’s total dimensions.

Lemon

A vehicle which presents a number of significant mechanical problems, defects, and other issues that were not apparent prior to its purchase. The term is used colloquially to refer to a “junk car” that is unsatisfactory to a buyer. The formal understanding of lemons provides purchasers with a number of protections and rights if specific problems were not revealed prior to a purchase. The laws offer a direct recourse should a buyer experience defects that affect the performance or operation of a vehicle. The laws vary by state, so consumers should protect themselves by familiarizing themselves with the law prior to purchase.

Lessee

A person, company, or other entity which leases a vehicle. In most contracts and agreements, this is the term used for the leasing party.

Lessor

The owner of a vehicle which is being leased. The owner may refer to an individual party or an organization such as a dealership. In most cases, dealerships arrange the lease terms and agreements. Behind the dealership, however, a specific financial institution or vehicle manufacturer finance division is the controlling interest of the lease itself. These institutions determine the specific terms of the lease which eventually determines the monthly price a lessee will pay for a vehicle.

LEV

Acronym for “Low Emission Vehicle.” A vehicle which meets the standards of emission set by the EPA-sponsored Low Emission Vehicle Program. These standards provide a benchmark for improved emissions across all vehicle manufacturers.

LEV Program

Refer to “Low Emissions Vehicle (LEV) Program” for more information.

Li-Ion

Common term for a Lithium Ion Battery. This rechargeable battery type provides a powerful, reusable battery alternative for improved performance in a variety of automotive applications. Other common rechargeable batteries include Nickel-Cadmium (NiCad) as well as a Nickel-Metal Hybrid (NiMH). However, Li-ion batteries provide a measurably higher level of performance, lower overall weight, and an improved overall distance range for electric vehicles equipped with them. Despite their power, Li-ion batteries are more sensitive to environmental conditions or other factors and are not as robust as NiCad or NiMH in climates with extremely hot or cold temperatures. In most cases, Li-ion remains the preferred battery choice in current electric vehicle production.

Liftgate Window

A window included in the hinged lid of a vehicle with upward-swinging cargo access. The upward-swinging hinge allows just the window to be opened in addition to the rear hatch or cargo access. These windows are common in larger vehicles with more cargo space in the rear. Examples include SUVs, crossovers, hatchbacks, and wagons. In some cases, the liftgate window is also equipped with a wiper blade for improved rear visibility.

Light Bar

An additional level of lighting attached on the roof of SUVs, trucks, and larger vehicles. The bar is typically mounted on a plastic or metal frame.

Limited Production Vehicle

Vehicles which are specifically produced in limited quantities by the manufacturer regardless of the model’s selling potential. These models are often produced to enhance or distinguish their appearance as a method of providing luxury amenities which are usually unavailable. Features may include specialized interiors, added exterior trim, and other aesthetic enhancements. Additionally, they may be equipped with performance enhancements, added engine power or potential, and other mechanical perks compared to traditional models. The limited number of these vehicles often transforms them into highly desired automotive options. Over time, this decreased supply may also lead to considerably higher asking prices within the used and collector’s markets.

Limited Warranty

Vehicle warranty which identifies and limit the terms based on the total number of years or accumulated miles. These warranties will outline all the mechanical or operational components included and not included in the coverage.

Lip Spoiler

A spoiler which is flush-mounted on the edge of a vehicle’s trunk lid or liftgate. Within aerodynamics, air flows over the spoiler to disrupt the potential drag it causes. These are used in professional racing cars and high-end luxury sports vehicles. However, many common lip spoilers are simply placed as a styling enhancement for increased aesthetic appeal.

LNG

Abbreviation for “Liquefied Natural Gas.” Natural gas (CH4) which has undergone a refining and liquefaction process. Refining natural gas removes any additional contaminants or particulates from the gas such as heavier hydrocarbons, helium, or water. Liquefaction is produced by condensing the gas close to atmospheric pressure of 3.6 PSI and cooling it to at least 260 °F. Liquefying natural gas provides a much more economical means for transport and storage as it only takes up about 1/600thof the volume of its gaseous form. It is used for the operation of higher horsepower and higher torque engines. It is also transitioning into a fuel alternative for larger-scale, over-the-road trucking transportation.

Load Height

Measurement which denotes the minimum height any object must be lifted to effectively load it into a cargo area or trunk with full clearance. This height is often a critical element for buyers planning on using the vehicle for specific types of cargo.

Load Rating

Refer to “Tire Load Index” for more information.

Lock Cylinders

Component of a vehicle’s hatch or door latching mechanism where a key is inserted to lock or unlock the vehicle. Lock cylinders will vary in style and physical location based on the specific vehicle makes and models.

Locks

Vehicular device or series of devices used to secure its cargo area, trunk, or other area. Locking systems and mechanisms vary extensively based on the year of production, particular makes and models, and additional features. Vehicles can be locked and unlock by keys, electronic keyless entry remotes, passcode-equipped systems, and more.

Low Emissions Vehicle (LEV) Program

An EPA-sponsored standardization program used to help reduce the total amount of emissions released by newly produced vehicles. The national program establishes guidelines and thresholds automotive manufacturers must meet to earn this distinction.

Low Fuel Warning Indicator

A vehicular alert system used to notify the driver that their current fuel levels are running low and fuel should be replenished. Indicators are typically on the dashboard as an LED light, and many systems also sound a chime when they are activated. The amount of fuel and remaining mileage for the low fuel threshold varies based on a vehicle’s make, model, current condition, and other factors.

Low-Interest Financing

Loans provided by manufacturer’s in-house financing companies which offer lessees a much lower interest rate for reduced monthly payments. In many cases, the lower percentages come below the current market interest rates to add an additional incentive for prospective lessees to agree to the sale.

LPG

Abbreviation for “Liquefied Petroleum Gas,” and also known as “GPL,” “LP Gas,” and “Autogas,” this type of liquefied gas is primarily comprised of two hydrocarbon gases – butane and propane. Ethanethiol is added as an odorant to help indicate if a fuel leak is present for vehicle operators. LPG is considered a green alternative for fuel because it can reduce emissions by up to 15% when compared with traditional gasoline. Used in only about 3% of vehicles, it is a more common fuel source internationally in countries such as Poland, Italy, Turkey, and Australia.

Luggage Capacity

Total measurement of the volume of space a vehicle’s trunk or cargo area can accommodate when the vehicle is configured for normal use. This figure does not include additional cargo space in SUVs, vans, or other vehicles where seats can be removed or folded down to increase storage capacity.

Lumbar Support

A device which is equipped in a vehicle’s seat to provide direct back support to occupants. Available as a feature in many types of vehicles, the device is more frequently equipped in just the driver’s seat. However, it can also be available in the front passenger or other seating areas.