Nevada § 100.125 - Reasonableness of estimated residual value of vehicle

§ 100.125. Reasonableness of estimated residual value of vehicle

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.