According to the Nevada DMV, "Nevada does not provide a right of rescission or any 'cooling off' period for the buyer." A federal "lemon law" also offers the customer the ability to return a vehicle under certain conditions. The law prohibits dealerships from refusing to accept returned vehicles.
In the state of Nevada, if you are not satisfied with your Desert Sun purchase, then you have 90 days to return it to receive a full refund. After this time, you will be eligible for only a store credit, which can't be used toward another car. If you want to be sure you'll get your money back, be sure to check out the vehicle before you drive off the lot!
In order for a vehicle to be considered for a refund under this policy, it must be returned to the dealership where the sale took place, and the customer must sign all appropriate forms. The customer is responsible for returning the vehicle to the dealership, but the dealership may require a shipping label or other means of transportation in order to complete the process quickly. If you have any questions about this policy, please contact a customer service representative at 800-934-6446.
According to Nevada repossession rules, a lender must mail a notification to all borrowers of a repossessed vehicle saying that you have the right to collect (redeem) your car or truck after all outstanding issues relating to the vehicle repossession have been resolved. If you do not claim your vehicle within 20 days, it will be forfeited to the lender.
If you are in default on your loan, the lender can decide to repossess your vehicle. To begin the process, the lender must give you notice of their intent to repossess. This notice should be sent to the address listed on file with the bank, credit union or any other lender who provides you with a line of credit. The notice must state when you can pick up your vehicle from the lender's office. At this time, the lender will release the property title of the vehicle to itself. Once the lender has obtained ownership of the vehicle, they can send it to a dealership or other location for sale. The lender will hold a public auction between 30 and 60 days after they take possession of the vehicle. If no one purchases the vehicle at the public auction, then the lender has the right to sell it at private sale or otherwise dispose of it.
If you want to keep your vehicle, you will need to come up with the full balance due. Most lenders will accept checks, money orders, or cashier's checks for this purpose.
There are various statutes in Virginia that allow you to terminate a contract or agreement: You have three days after purchasing to terminate the contract. You must provide the seller written notice of cancellation at the address specified in the agreement or offer to purchase.
The state of Virginia has a "Lemon Law." The Virginia Motor Vehicle Warranty Enforcement Act is what it's named. This statute established a "lemon law" rights term that lasts 18 months from the day the car was first delivered to the consumer.
The Nevada repo business will notify you of the deadline for redeeming your repossessed car before it is auctioned off. Before you may receive your car or truck back, the lender may demand you to pay off the whole loan amount on the repossessed vehicle. If you cannot, the lender has the right to sell the vehicle at auction to recover its loss.
In order to get your vehicle back, you need to go to the location where the vehicle was taken away from. This can be any law enforcement agency's impound lot or a private party's driveway. You must provide proof of identity and ownership of the vehicle in order to get it released. The lender or its agent will issue you a receipt for the vehicle that contains the account number of the loan that created the lien against it. This document should be kept for future reference if there are problems with the title of the vehicle.
Once you have presented valid identification and proof of ownership, you will be given a new temporary license plate by the police officer. You must contact the repo company within 24 hours of getting your license plate replaced to report the change. Failure to do so could affect your ability to regain possession of the vehicle later on.
You should also know that there is no charge for taking cars into an impound lot. However, fees may apply for releasing vehicles from impound lots.
With regard to power of sale foreclosures, Nevada has no post-sale statutory right of redemption, which would allow a party whose property has been repossessed to reclaim that property by making full payment of the overdue debt plus charges. If a foreclosure is secured by judicial methods, there is a one-year right of redemption. Otherwise, there is no right of redemption.
In general, parties to transactions with creditors should understand that there are no rights of redemption in Nevada. Any property transferred to secure an obligation becomes part of the debtor's estate and can be sold to pay off the debt. There is no need for creditors to file claims because all debts must be paid in full before any further action can be taken. Parties to transactions with borrowers should be aware that even if there is a right of redemption under applicable law, most lenders will not agree to accept a payment that includes such a right because it means they would have to take additional steps (such as filing another lawsuit) to realize its value.
Redemption amounts in bankruptcy cases depend on how much property the debtor has claimed as exempt and whether any of that property has been sold to pay expenses first. If the debtor has claimed all his or her property as exempt, then the trustee will receive any remaining funds after all other creditors have been paid. In some cases, trustees may choose to sell some or all of the exempted property if doing so can generate money to fund the bankruptcy case.