1. Where the lessee’s liability on the date any open-end consumer vehicle lease or commercial vehicle lease terminates or expires is based on the residual value of the vehicle at that time and the lessor and lessee do not agree in writing on that value or on another method of establishing it, the lessor may, subject to the provisions of NRS 100.165, for the purpose of establishing residual value and thereby providing the basis for determining the lessee’s liability, obtain written bids from third persons.
2. The lessor shall act in good faith and in a commercially reasonable manner in obtaining bids for the vehicle. The fact that a better price could have been obtained at a different time or in a different method from that selected by the lessor is not of itself sufficient to establish that the lessor did not act in a commercially reasonable manner. If the lessor obtains bids at the price current in any recognized market for such a vehicle at the time of the bidding, the lessor has acted in a commercially reasonable manner.
3. The highest effective bid obtained pursuant to this section or NRS 100.165, where applicable, or the actual sale price, whichever is higher, establishes the residual value of the vehicle.
(Added to NRS by 1979, 1262; A 2021, 1430)
Structure Nevada Revised Statutes
Chapter 100 - Special Relations of Debtor and Creditor; Suretyship
NRS 100.010 - Assignment for creditors.
NRS 100.030 - NRS 100.010 and 100.020 not to affect prior liens.
NRS 100.040 - Requiring resort to different funds.
NRS 100.050 - Order of resort to different funds.
NRS 100.060 - Agreements between principals and sureties for joint control of assets.
NRS 100.075 - Creditor’s rights transferable without consent of debtor.
NRS 100.085 - Deposits in names of two or more persons.
NRS 100.105 - Disclosures required before lease consummated.
NRS 100.115 - Liability of lessor for failure to disclose.
NRS 100.125 - Reasonableness of estimated residual value of vehicle.
NRS 100.135 - Appraisal of vehicle when lease terminates or expires.
NRS 100.137 - Enforceability of default by lessee.
NRS 100.139 - Requirements of lease agreement for used vehicles; disclosures.
NRS 100.141 - Single document required; format requirements.
NRS 100.143 - Blank space for essential provisions prohibited.
NRS 100.155 - Notice of lessor’s intention to establish residual value of vehicle.
NRS 100.165 - Lessee’s right to submit bid for purchase of vehicle; effect of lessee’s bid.
NRS 100.175 - Penalty on lessor for failure to comply with NRS 100.145 to 100.165, inclusive.
NRS 100.220 - Effect of securitization transaction on property, assets and rights of transferor.