Excess Wear and Tear definition

Excess Wear and Tear means, with respect to any Financed Vehicle securing a Final Payment Receivable, all amounts payable by the related Obligor relating to damages to such Financed Vehicle that are not the result of normal wear and tear, as more specifically described in the Contract related to such Final Payment Receivable, net of the amount, if any, payable to a third party collection agency as payment of its fees and expenses in connection with collecting such amounts from the related Obligor.

Excess Wear and Tear. The depreciation beyond normal wear and tear, as outlined in Your Lease/Finance Agreement, of Covered Equipment, Parts and Surfaces listed under Coverage Provided and which Cost is charged by the Lessor/Lienholder at Lease/Finance Term Expiration Date upon return of the Covered Vehicle to the Lessor/Lienholder.

Excess Wear and Tear means (i) use of any Property contrary to the limitations imposed by the Lease, or (ii) the failure to maintain, to repair, to restore, to rebuild or to replace any Property, and in the condition required under the Lease, or (iii) any reduction in Fair Market Sales Value of any Property attributable to any grant, release, dedication, transfer, annexation or amendment made by the Lessee without the written consent of the Lessor or as required by any Governmental Authority.

Examples of Excess Wear and Tear in a sentence

• If the Servicer determines that such Financed Vehicle requires repairs as a result of Excess Wear and Tear, the Servicer shall require the Obligor to pay the estimated cost of such repairs to the Servicer.

• If the Obligor disputes the Servicer's estimate of the cost of such repairs, the Obligor may obtain, at the Obligor's own expense, a professional appraisal of the Financed Vehicle's value by an independent third-party appraiser acceptable to both the Obligor and the Servicer, and the cost of repairs for Excess Wear and Tear as determined by such appraisal shall be binding on the Obligor and the Servicer.

• The Servicer shall, pursuant to the related Contract, offset (x) the cost of repairs for Excess Wear and Tear as determined by the appraisal, any charges for Excess Mileage and the disposition fee payable to the Servicer pursuant to the related Contract, and the Principal Balance, accrued interest and any other amounts owed by the Obligor on the Receivable against (y) the purchase price otherwise due to the Obligor for the Financed Vehicle, and shall collect any excess of (x) over (y) from the Obligor.

• Following such early termination, the Servicer shall charge the related Lessee any applicable Excess Wear and Tear Charges and Excess Mileage Charges in accordance with Customary Servicing Practices with respect to Leases that are terminated early by the related Lessee in the absence of a “pull-ahead” or other marketing program.

• If, at such time, the Obligor under the Final Payment Receivable has notified MMCA on behalf of the Trust that it elects to sell the Financed Vehicle to MMCA on behalf of the Trust in accordance with the terms of the Receivable, the Servicer shall, upon delivery of the Financed Vehicle by the Obligor to MMCA on behalf of the Trust, inspect the Financed Vehicle for Excess Wear and Tear and Excess Mileage, and determine the necessity of any repairs.

• If, at such time, the Obligor under the Final Payment Receivable has notified MMCA on behalf of the Trust that it elects to sell the Financed Vehicle to MMCA on behalf of the Trust in accordance with the terms of the Receivable, the Servicer shall, upon delivery of the Financed Vehicle by the Obligor to MMCA on behalf of the Trust, inspect the Financed Vehicle for Excess Wear and Tear and Excess Mileage, and to determine the necessity of any repairs.

• We will have the Covered Vehicle inspected in order to determine the amount of any Excess Wear and Tear charges owed by You.

• We will provide You with a copy of Your final statement detailing the itemized calculation of Your Excess Wear and Tear charge(s), the amount of any Waiver Benefit being applied to Your account and, if applicable, any outstanding balance You owe us under the terms of the Lease Agreement.

• The total amount of these estimated costs will be the Excess Wear and Tear Deduction (subject to the two exceptions below), and we will notify you of this amount after we have completed our initial inspection.

• You must provide Our Administrator with the Lessor’s itemized statement detailing the repairs or replacements required or Excess Wear and Tear charges You are responsible for, and such other documentation as Our Administrator may request.

More Definitions of Excess Wear and Tear

Excess Wear and Tear. With respect to a Covered Lease, the billable excess wear and tear in accordance with the lease contract for such Covered Lease, whether or not billed or recovered. Extended Lease: A Potentially Covered Lease that satisfies the following criteria: (i) the Actual Maturity Date is no less than one Month and no greater than 24 Months following the Scheduled Maturity Date and (ii) the lease payment during such period remains the same as during the original lease period. Final Data Base: The electronic file provided to the Insurer by the Insured on January 17, 2001 entitled “GALUIN.zip”, composed of records for 207,147 leases. Gross Sales Price: With respect to a Returned Vehicle, a Purchase Option Vehicle or a Chase Financed Purchase Option Vehicle, “Gross Sales Price” means the purchase price for such vehicle. For purposes of calculating the Gross Sales Price, every Returned Vehicle, Purchase Option Vehicle and Chase Financed Purchase Option Vehicle shall be sold in a commercially reasonable manner appropriate for such form of sale.

Excess Wear and Tear. With respect to a Covered Lease, the billable excess wear and tear in accordance with the lease contract for such Covered Lease, whether or not billed or recovered. Extended Lease: A Potentially Covered Lease that satisfies the following criteria: (i) the Actual Maturity Date is no less than one Month and no greater than 24 Months following the Scheduled Maturity Date and (ii) the lease payment during such period remains the same as during the original lease period. Final Data Base: The electronic file provided to the Insurer by the Insured on January 17, 2001 entitled “GALUIN.zip”, composed of records for 207,147 leases. Gross Sales Price: With respect to a Returned Vehicle, a Purchase Option Vehicle or a Chase Financed Purchase Option Vehicle, “Gross Sales Price” means the purchase price for such vehicle. For purposes of calculating the Gross Sales Price, every Returned Vehicle, Purchase Option Vehicle and Chase Financed Purchase Option Vehicle shall be sold in a commercially reasonable manner appropriate for such form of sale. Initial Adjusted Capitalized Cost: With respect to a vehicle that is the subject of a Covered Lease, the gross capitalized cost of such vehicle less any capitalized cost reduction payments made by or on behalf of the lessee, as specified in the Insured’s LeMans system at the inception of the Covered Lease.

Excess Wear and Tear is defined as dents, dings, paint chips or scratches more than three inches in size, cracked or punctured bumpers, chipped or cracked windshields, interior holes, xxxxx, rips, tears or stains requiring heavy cleaning or replacement of fabric, interior damage such as gouged steering wheels or dashboards, missing equipment, and any interior or exterior damage attributable to collision, as well as mechanical repairs resulting from damage or negligence.

Excess Wear and Tear means, for any Leased Vehicle, all damages to such Leased Vehicle that are not the result of normal wear and tear as more specifically described in the related Lease.