1.  Any provision in any security agreement for the sale or lease of a vehicle to the contrary notwithstanding, at least 10 days’ written notice of intent to sell or again lease a repossessed vehicle must be given to all persons liable on the security agreement. The notice must be given in person or sent by mail directed to the address of the persons shown on the security agreement, unless such persons have notified the holder in writing of a different address.

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Terms Used In Nevada Revised Statutes 482.516

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039

2.  The notice:

(a) Must inform such persons of the provisions of NRS 482.5165;

(b) Must set forth that there is a right to redeem the vehicle and the total amount required as of the date of the notice to redeem;

(c) May inform such persons of their privilege of reinstatement of the security agreement, if the holder extends such a privilege;

(d) Must give notice of the holder’s intent to resell or again lease the vehicle at the expiration of 10 days from the date of giving or mailing the notice;

(e) Must disclose the place at which the vehicle will be returned to the buyer or lessee upon redemption or reinstatement; and

(f) Must designate the name and address of the person to whom payment must be made.

3.  During the period provided under the notice, the person or persons liable on the security agreement may pay in full the indebtedness evidenced by the security agreement. Such persons are liable for any deficiency after sale or lease of the repossessed vehicle only if the notice prescribed by this section is given within 60 days after repossession and includes an itemization of the balance and of any costs or fees for delinquency, collection or repossession. In addition, the notice must either set forth the computation or estimate of the amount of any credit for unearned finance charges or cancelled insurance as of the date of the notice or state that such a credit may be available against the amount due.

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