Returned Vehicle definition

Returned Vehicle means any Closed-End Vehicle related to a Closed-End Lease, with respect to which all Scheduled Payments due thereunder have been made, and which Closed-End Vehicle has been returned to the Closed-End Servicer on behalf of the Titling Trust. For the avoidance of doubt, no repossessed Closed-End Vehicle shall be considered a Returned Vehicle.

Returned Vehicle. A vehicle that is returned to the Insured by the lessee pursuant to the lessee’s exercise of the return option under the lease contract. The Insured may subsequently sell such vehicle at an auction that has bidding or fixed priced sales, or may sell such vehicle to a purchaser other than the lessee, dealer, or employee of the Insured. The sale may take place at a physical location, via an Internet site and/or via phone, mail and/or fax. Sales Date: The date the Insured reports the sale of a vehicle that is the subject of a Covered Lease on the Insured’s LeMans system. Sales Expense Adjustment Amount: An amount equal to the greater of (i) zero or (ii) “A” minus “B” minus “C”, where “A” equals the sum of the Sales Expenses for all Returned Vehicles “B” equals the sum of all Disposition Fees for all Returned Vehicles, and “C” equals $330 multiplied by the total number of all Returned Vehicles. Sales Expenses: Auction and other third party expenses actually incurred by or on behalf of the Insured that are (i) directly related to the sale of a Returned Vehicle and (ii) either (A) reasonably classifiable as one of the following categories of expenses: reconditioning expenses, transportation expenses, auction expenses and appraisal fees or (B) expenses directly related to the sale of a Returned Vehicle via the Internet.

Examples of Returned Vehicle in a sentence

• Number of Vehicles in each Status Type at month end Covered Losses from Effective Date to month end Aggregate Residual Value by Status Type and in total The above information will be summarized by Scheduled Maturity Dates falling within a calendar month and Status Type (i.e., Active, Not Covered, Returned Vehicle, Purchase Option Vehicle, Chase Financed Purchase Option Vehicle).

• The first is a Returned Vehicle Report which simply prints a record of the loan.

• This occurs when an out-of-state lending institution refuses to relinquish the title on a vehicle now registered in Illinois.TITLE SURR-FRGN/ST (IL Title Returned -Vehicle Titled in another stateISSTitle Issue DateDate the title was issued.TTLVehicle Title NumberA unique number printed on the Certificate of Title issued by SOS to the current owner.VINVehicle Identification NumberWill be only VIN in a single vehicle record.