1. The lessee has the right at any time before the lessor establishes the value of the vehicle to submit a written bid for its purchase.
2. If the lessor accepts the lessee’s bid as the highest bid, the lessee has 5 days from the date of such acceptance within which to tender the full amount of the purchase price, and:
(a) If the lessee tenders the full amount within the prescribed time and the lessor nevertheless elects not to sell the vehicle to the lessee, the bid establishes the residual value of the vehicle and the lessor must credit the amount of the bid against the lessee’s liability under the lease.
(b) If the lessee fails to tender the full amount of the purchase price within the prescribed time, the lessee’s bid does not establish the residual value of the vehicle and the lessor must credit against the lessee’s liability the amount of the next highest bid.
(Added to NRS by 1979, 1263)
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.