What does "conversion" mean in the context of rental vehicles?

In the context of rental vehicles, "conversion" refers to a situation where the rental company has lost control of the rental vehicle. This typically occurs when a customer fails to return the vehicle as agreed, leading the company to lose track of its location and status. Conversion suggests that the vehicle is essentially being held by the renter without consent, and this situation can escalate to legal implications, as it can be treated similarly to theft.

The other choices denote different scenarios in vehicle rentals but do not capture the specific meaning of "conversion." Returning a vehicle on time does not relate to the loss of control. The completion of a rental transaction indicates a successful process but is not defined as conversion. Similarly, making alterations to the rental vehicle addresses modifications rather than control issues. Thus, the correct choice accurately reflects the industry terminology regarding rental vehicles.