This is when the front tires are getting a better grip on the racetrack than the rear tires. This causes the back end to want to come around in the turns making the nose of the car point towards the inside of the corner.
A car that is set up to be a little bit loose is generally faster.
Pronunciation: loos (adjective)
Also Known As: oversteer
Now that we've changed the shocks the car is really loose. I'm afraid I'm going to spin out in the turns.