- Automobile repossession in Nevada must be done according to specific laws.Legal Law Justice image by Stacey Alexander from Fotolia.com
Repossession refers to the lawful retrieval of property through judicial processes when a creditor fails to make required payments. In the state of Nevada, there are laws in place to protect consumers whose vehicles are the subject of repossession. Creditors must comply with these laws in order to protect the rights of the consumer, or they may face stiff fines or other penalties deemed acceptable by the court. - Repossessors must be licensed in the state of Nevada in order to legally repossess a vehicle. According to Nevada Revised Statutes 648.060, No one may engage in the business of private investigator, private patrolman, process server, repossessor or advertise a business of this type--regardless of name used--unless a licensed is obtained. All employees, but not the licensee, must obtain a work card issued by the sheriff of the county in which work is to be performed. A licensee may employ only another licensee or a nonlicensed U.S. citizen or resident alien with work card at least 18 years of age who is of good moral character and temperate habits, and has not been convicted of a felony, a crime involving moral turpitude, or illegal use or possession of a dangerous weapon.
- According to Nevada Revised Statutes 482, at least 10 days' written notice of the creditor's intent to sell a repossessed vehicle must be given to the debtor regardless of any verbal or written understanding between the debtor and creditor that would indicate otherwise. Notice must be delivered to the creditor in person or by verifiable mail methods unless the lienholder has been advised in writing that the debtor has vacated the address on record.
- Nevada Revised Statutes 482.516 dictates that the leinholder of the vehicle must advise the creditor that she has the right to redeem the vehicle and must include the total amount required, as of the date of notice, in order to redeem. The lien holder must also inform the creditor of any privilege to reinstate the purchase agreement if applicable.
- If a vehicle is repossessed without the immediate knowledge of the creditor, Nevada Revised Statutes 482.518 requires that the repossessor immediately report the repossession by oral communication to police of the city or to the sheriff´s office of county where such repossession is made.
- Seized vehicles must be sold in a commercially reasonable manner according to Nevada law. According to Nevada Revised Statutes 482.5163, if a secured party sells the vehicle in the usual manner in any recognized market for such a vehicle, sells at the price current in such market at time of sale, or has otherwise sold in conformity with reasonable commercial practices among dealers of type of vehicle sold, he has sold in a commercially reasonable manner. If, however, it is shown that the lien holder did not proceed in accordance with the law, the creditor has the right to financial reimbursement for damages under Nevada Revised Statutes 482.5163.
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