Rebuild or Rebuilt:
A status given to a vehicle that is repaired and certified for use on the highway. These vehicles are repaired after write-off by an insurance company. The vehicle must pass a structural inspection and a Private Vehicle Inspection (PVI). This status is not for the simple repair or replacement of a…
Recall:
A notice to vehicle owners about a manufacturing defect. These defects are those that could affect the safe operation of the vehicle. The work required to repair the defect is completed at no charge to the vehicle owner.
Reconditioned:
A status given to a vehicle that has been repaired or improved in some way. Reconditioned is less complex than Rebuild or Rebuilt.
Refundable:
Payment of money that will be returned. These payments include deposits, down payments and partial payments. The terms of a refundable payment must be clear.
Residual Value:
The amount owed at the end of a lease. This amount is the approximate fair market worth of the vehicle at the end of the term.
