Section 100.139 - Requirements of lease agreement for used vehicles; disclosures1. A lessor who is a dealer shall use a lease agreement in connection with a consumer vehicle lease for a used vehicle that: (a) Is accepted and acted upon by the lessor and any other person necessary to effectuate the lease.(b) Contains any information required to be disclosed by the Consumer Leasing Act of 1976, 15 U.S.C. §§ 1667 et seq., and the regulations adopted pursuant thereto, including, without limitation, 12 C.F.R. Part 1013, commonly known as Regulation M.(c) If the lease provides for the sale of goods or services, identifies and itemizes the goods sold or to be sold or services furnished or rendered or to be furnished or rendered and the price of each item of goods or services.(d) Contains a provision that default on the part of the lessee is only enforceable to the extent that:(1) The lessee fails to make a payment as required by the agreement, but in no case less than 30 days after the date required by the lease agreement; or(2) The prospect of payment, performance or realization of collateral is significantly impaired. The burden of establishing the prospect of significant impairment is on the lessor.(e) Includes the following notice in at least 10-point bold type: NOTICE TO LESSEE
Do not sign this agreement before you read it or if it contains any blank spaces. You are entitled to a completed copy of this agreement. If you fail to perform your obligations under this agreement, the vehicle may be repossessed and you may be liable for the unpaid indebtedness evidenced by this agreement.
(f) Limits late fees to the lesser of $15 or 8 percent of any installment amount in default for more than 10 days.(g) Contains a term regarding residual value in substantially the following form: Residual value is the value of the leased vehicle at the end of the lease term, as estimated or assigned by the lessor. The residual value is the amount you will have to pay if you decide to buy this vehicle at the end of the lease term.
(h) Contains a term regarding early termination in substantially the following form: If you terminate this lease before the end of the lease term, you will be responsible for the early termination charge. The early termination charge is the amount you still owe on the vehicle under the lease agreement, commonly referred to as the adjusted lease balance, minus the vehicle's current fair market value as estimated in the then current version of the Kelley Blue Book or its equivalent.
(i) Contains a term regarding default charges in substantially the following form: If you default under the terms of this agreement, you will be liable for the adjusted lease balance described in paragraph (h) plus any actual costs incurred by the lessor to repossess the vehicle, prepare it for disposition and dispose of it by sale or other means minus the amounts received by the lessor from the disposition of the vehicle and the cancellation of any optional product or service you purchased as part of this agreement.
2. Before a lessor who is a dealer obtains the signature of a lessee on a consumer vehicle lease for a used vehicle, the lessor shall provide the lessee with the disclosures set forth in this subsection. The disclosures must: (a) Identify the vehicle and identify and itemize any other goods or services included in the lease and, if the lease provides for the sale of goods or services, identify and itemize the goods sold or to be sold or services furnished or rendered or to be furnished or rendered and the price of the vehicle and each other item of goods or services.(b) Be provided to the lessee before he or she signs the lease agreement, in a form the lessee can keep.(c) Contain the signature of the lessee and any other party obligated by the terms of the lease agreement.(d) Contain a notice that default on the part of the lessee is only enforceable to the extent that: (1) The lessee fails to make a payment as required by the lease agreement, but in no case less than 30 days after the date required by the lease agreement; or(2) The prospect of payment, performance or realization of collateral is significantly impaired. The burden of establishing the prospect of significant impairment is on the lessor.(e) Provide to the lessee the following notices in both English and Spanish in at least 14-point bold type: NOTICE TO LESSEE
THIS IS NOT A SALES CONTRACT
THIS IS A LEASE. YOU ARE NOT BUYING THIS CAR. YOU WILL NOT OWN IT AT THE END OF THE CONTRACT TERM WITHOUT PAYING ADDITIONAL MONEY.
ESTE ES UN CONTRATO DE ARRENDAMIENTO. NO VAS A COMPRAR ESTE AUTO. USTED NO SERÀ DUEÑO AL FINAL DEL CONTRATO CON EL PAGO DE DINERO ADICIONAL.
NOTICE TO LESSEE
READ EVERYTHING CAREFULLY
Do not sign the agreement provided by the lessor before you read it or if it contains any blank spaces. You are entitled to a completed copy of the agreement. If there are oral promises not included in the written agreement, the written agreement will prevail. If you fail to perform your obligations under the agreement, the vehicle may be repossessed and you may be liable for the unpaid indebtedness evidenced by the agreement.
NOTICE TO LESSEE
THERE IS NO COOLING-OFF PERIOD
Nevada law does not provide for a "cooling-off" or other cancellation period for vehicle leases. Therefore, you cannot later cancel the lease simply because you change your mind, decide the vehicle costs too much, or wish you had acquired a different vehicle. You may cancel the lease only with the agreement of the lessor or for legal cause, such as fraud.
3. If a lessor who is a dealer fails to obtain the signature of a lessee on the disclosures required by subsection 2 before obtaining the signature of the lessee on a consumer vehicle lease for a used vehicle, the consumer vehicle lease shall be deemed a retail installment contract for the sale of the vehicle.4. If a consumer vehicle lease for a used vehicle includes a provision that conflicts with a provision of this section, the provision of this section will control.5. As used in this section: (a) "Retail installment contract" has the meaning ascribed to it in NRS 97.105.(b) "Used vehicle" has the meaning ascribed to it in NRS 482.132.Added to NRS by 2021, 1426Added by 2021, Ch. 271,§2, eff. 10/1/2021.