Contenu
Repossession refers to the process of a creditor reclaiming a vehicle when the owner has failed to make required payments on the vehicle. In Nevada, creditors for vehicle loans and leases have legal authority to repossess the vehicle anytime the consumer fails to make timely payments on the associated loan or lease. However, Nevada law also sets forth certain procedures for repossession, and creditors who fail to comply with these laws will assessed fines by the court.
License and Work Cards
Only companies with a license for repossession can lawfully repossess a car in Nevada. Additionally, all employees working for a repossession company must be at least 18 years of age, have no prior criminal record and have a work card issued by the county sheriff.
Debtor's Right to Redeem
Under Nevada law, debtors have a right to redeem their repossessed vehicle anytime before the vehicle is foreclosed on. To redeem, the debtor must become current on the loan and pay any fees associated with the repossession. Additionally, the creditor must give at least 10 days written notice before he attempts to sell the vehicle in order to fulfill the outstanding debt.
Other Requirements
Under Nevada law, creditors must also alert the debtor in writing of his right to redeem, the amount owed at redemption and the date of notice.
