A segment of the lease contract describing the standards which will determine any additional charges at lease end. Except for reasonable wear and tear the vehicle will be returned in good condition with all original accessories and options in working order. The odometer must reflect actual mileage, there will be an adjustment made to the value of the vehicle if the odometer is not working or has been tampered with. The vehicle will have a matching set of tires ( matching in terms of strip, brand, size and manufacturer ) with at least 1/8" remaining tread across the entire tire. All electrical items must be in working order. Body damage requiring refinishing/repairing, any chipped or broken glass must be replaced, torn or stained interior or any damage resulting from the removal of a cellular phone, radar detector or other similar devices must be repaired.
The gradual deterioration of an asset which results naturally from use and/or age.
The deterioration or loss in value caused by the tenant?s normal and reasonable use. In many leases, the tenant is not responsible for ?normal wear and tear?. See also NORMAL WEAR AND TEAR.
Policies exclude this sort of damage. It is not accidental but inevitable with most goods.
Amount of damage done to a vehicle, which can be catagorized two ways: normal and excess.
The deterioration or loss in value caused by the tenant's normal and reasonable use. In many leases the tenant's normal and reasonable use. In many leases the tenant is not responsible for "normal wear and tear".
The normal damage done to a vehicle over its lifetime.
Physical depreciation to property that can be reasonably expected to occur through ordinary use or occupation. For more information, see the "Basics of Property Management" article in the "Real Estate Investing" section.
The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable.
Loss or deterioration resulting from ordinary use.
The term for the reduction in value of an asset resulting from normal use.
Damage above allowable limits; assessed when a lease or balloon loan automobile is returned. Finance companies typically charge fees for excess wear, tear, and mileage on returned lease and balloon loan automobiles.
A term used to indicate the normal damage inflicted on a property through every-day use.
Normal use and the resulting reduction in value of a property.
The normal wear that occurs in a vehicle during regular driving over a given period of time.
The lessening in value of an asset such as real estate due to ordinary and normal use.
Wear and tear is a term for damage that naturally and inevitably occurs due to normal use or aging. It is used in a legal context for such areas as warranty contracts from manufacturers, which usually stipulate that damage due to wear and tear will not be covered.