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Repo of Auto
- Thread starter joe645
- Start date
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adjusterjack
Senior Member
Do you have a written loan contract with the borrower?
Does that loan contract specify your right to repossess the auto for non-payment?
Without a right of repossession in a contract your taking of the auto might be illegal and subject you to criminal prosecution. I say "might" because I don't have the time to research repossession laws for you. You can do an internet search for Nevada repossession laws. You might have to file a lawsuit and get a judgment that would allow you a process for repossessing the auto.
Meantime, I suggest you discuss your options with an attorney.
Does that loan contract specify your right to repossess the auto for non-payment?
Without a right of repossession in a contract your taking of the auto might be illegal and subject you to criminal prosecution. I say "might" because I don't have the time to research repossession laws for you. You can do an internet search for Nevada repossession laws. You might have to file a lawsuit and get a judgment that would allow you a process for repossessing the auto.
Meantime, I suggest you discuss your options with an attorney.
AlmostThere
Member
Does the auto title reflect the loan?
Zigner
Senior Member, Non-Attorney
The title wouldn't show information about the loan. The OP told us that he is the lienholder on the vehicle.
AlmostThere
Member
From Nevada DMV - there is a Lien Holder section on auto titles.
https://dmv.nv.gov/img/title-2021-blue.png
The question is did the OP have the Lein reflected on the title, or did they sign the unencumbered title over to the buyer?
https://dmv.nv.gov/img/title-2021-blue.png
The question is did the OP have the Lein reflected on the title, or did they sign the unencumbered title over to the buyer?
Zigner
Senior Member, Non-Attorney
Your earlier post asked about the loan being mentioned on the title. I agree that there is a lienholder section on the title, and the OP already stated he is the lienholder. It is, however, fair to confirm that he is actually listed on the title as the lienholder.
quincy
Senior Member
Is the title of the vehicle in your name?
Zigner
Senior Member, Non-Attorney
The OP is the lienholder, not the registered owner.
quincy
Senior Member
Oops. I obviously didn’t read the thread very carefully.
adjusterjack
Senior Member
Assuming that your contract was properly written you still have to comply with the statutory process addressed by NRS 482.516 thru 482.518.
Scroll most of the way down at the following link:
Nevada Revised Statutes Chapter 482 (2023) - Motor Vehicles and Trailers: Licensing, Registration, Sales and Leases :: 2023 Nevada Revised Statutes :: U.S. Codes and Statutes :: U.S. Law :: Justia
And here's the required affidavit:
VP-020 Repossession Affidavit 6.2
To answer your original question, no, I don't think you will need the borrower's signature on the title if you do everything according to law.
But it would sure avoid all the legal stuff if he would just sign the vehicle over to you.
Scroll most of the way down at the following link:
Nevada Revised Statutes Chapter 482 (2023) - Motor Vehicles and Trailers: Licensing, Registration, Sales and Leases :: 2023 Nevada Revised Statutes :: U.S. Codes and Statutes :: U.S. Law :: Justia
And here's the required affidavit:
VP-020 Repossession Affidavit 6.2
To answer your original question, no, I don't think you will need the borrower's signature on the title if you do everything according to law.
But it would sure avoid all the legal stuff if he would just sign the vehicle over to you.
Just a short note about the borrower, he is my Grandson. Although he is 38 years old, he is no longer able to pay for insurance, registration, the signed load agreement or gas. In other words he has been out of a job for almost a year other than a few day jobs. He has no future and I want to save and sell the car for as much as I can recover.
adjusterjack
Senior Member
Yeah, I had a feeling that the deal was something like that.
How much does he owe you?
How much is the car worth?
How much does he owe you?
How much is the car worth?
I purchased the 2003 Nissan Murano because it had only 85k for $4500. The contract made in 2023 called for him to make $187.50 monthly payments of which he only has made 3. Plus we have fronted gas, oil tires and other repairs which added another $3k. I don't think I am going to be able to get $1,000 for it. He will still owe the $3k and if he ever gets a job, I will go after his wages.