NRS 100.125 - Reasonableness of estimated residual value of vehicle under commercial vehicle lease.

NV Rev Stat § 100.125 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

1. Where the commercial vehicle lease contains an amount identified as the lessee’s liability upon expiration of the lease based on the estimated residual value of the vehicle, the estimated residual value must be a reasonable approximation of the actual residual value of the vehicle upon expiration of the lease.

2. There is a rebuttable presumption that the estimated residual value is unreasonable to the extent that it exceeds the actual residual value by more than three times the average payment allocable to a monthly period under the lease. The lessor shall not collect from the lessee the amount of that excess liability on expiration of a commercial vehicle lease unless the lessor brings a successful action with respect to that excess liability, and if the lessor’s action is unsuccessful the lessor must pay the lessee’s costs and reasonable attorney’s fees. This presumption does not apply to the extent the excess of estimated residual value over actual residual value is due to physical damage to the vehicle beyond reasonable wear and use, or to excessive use. The lease must set reasonable standards for wear and use if the lessor establishes such standards.

(Added to NRS by 1979, 1262; A 1987, 1105)

Previous Section

NRS 100.115 - Liability of lessor under commercial vehicle lease for failure to disclose.

Next Section

NRS 100.135 - Appraisal of vehicle when commercial vehicle lease terminates or expires.