The word “repossession” is traditionally associated with a highly unfavorable experience, in which choosing the right strategy can be a challenging task. This is especially true if you only have a vague idea of how repo works in your state. In this article, we will be sharing with you the most crucial aspects of Nevada’s repossession laws to arm you in case you are faced with this problem.
What Is Repossession
Repossession happens if a borrower defaults on an agreement, i.e. fails to respect its terms and conditions and perform their part of the obligations that arise from it. The lender will normally let you know that this is a possible scenario at the point of making a deal. Speaking about car repossession in Nevada, the usual situation is a vehicle being used as collateral. The automobile is consequently returned to the lender or a third party, as the case may be.
How Repossession Takes Place in Nevada
In NV, repossession doesn’t have to be limited to automobiles. It could apply to a motorcycle or an RV as well. Even when entitled to recover your property, the lender must not come to your home uninvited or use violence to effect repossession. Nor are they allowed to trick you into bringing your vehicle to a shop and then take it away from you. If you come on your own initiative, however, repossession can take place.
One detail about repossession in the state of Nevada that might surprise you is that there’s no law obliging the lender to notify the borrower beforehand. That is, repo can catch you unawares if you haven’t been following your progress under a certain agreement. A court hearing is also not necessary for car repossession to take place.
Steps to Take Following Repossession
The most natural response of someone whose car has been repossessed is to start looking for ways to get it back. According to Nevada’s law, the lender must notify you that you are entitled to redeeming your property once you have fulfilled the terms of the agreement that you previously defaulted on. Here’s what you should do when faced with vehicle repossession.
- Make sure you take out all loose belongings. You are entitled to it according to NV law.
- Have a look at the notice from your lender telling you what requirements you must need to redeem the car.
- Preferably reach out to a Nevada certified attorney.
- Work out a strategy to redeem your car and start implementing it.
Use Your Knowledge Stay in Control
If you do not repay the amount outstanding and redeem the property in repossession before the deadline comes, it will be sold at auction, in which case you will need to pay the difference if the auction price did not cover the balance under the loan. However, a qualified attorney and a knowledgeable approach to managing the situation will likely help you avoid this unfavorable scenario.
https://unsplash.com/photos/BuNWp1bL0nc
