60-171 Salvage branded certificate of title; terms, defined. - Nebraska Statutes

60-171. Salvage brandedcertificate of title; terms, defined.For purposesof sections 60-171 to 60-177:(1) Cost of repairs means the estimated or actual retailcost of parts needed to repair a vehicle plus the cost of labor computed byusing the hourly labor rate and time allocations for repair that are customaryand reasonable. Retail cost of parts and labor rates may be based upon collisionestimating manuals or electronic computer estimating systems customarily usedin the insurance industry;(2) Late model vehicle means a vehicle which has (a) a manufacturer'smodel year designation of, or later than, the year in which the vehicle waswrecked, damaged, or destroyed, or any of the six preceding years or (b)(i)in the case of vehicles other than all-terrain vehicles, utility-type vehicles, and minibikes, a retailvalue of more than ten thousand five hundred dollars until January 1, 2010,and a retail value of more than ten thousand five hundred dollars increasedby five hundred dollars every five years thereafter or (ii) in the case ofall-terrain vehicles, utility-typevehicles, or minibikes, a retail value of more than one thousandseven hundred fifty dollars until January 1, 2010, and a retail value of morethan one thousand seven hundred fifty dollars increased by two hundred fiftydollars every five years thereafter;(3) Manufacturer buyback means the designation of a vehiclewith an alleged nonconformity when the vehicle (a) has been replaced by amanufacturer or (b) has been repurchased by a manufacturer as the result ofcourt judgment, arbitration, or any voluntary agreement entered into betweenthe manufacturer or its agent and a consumer;(4) Previously salvaged means the designation of a rebuiltor reconstructed vehicle which was previously required to be issued a salvagebranded certificate of title and which has been inspected as provided in section 60-146;(5) Retail value means the actual cash value, fair marketvalue, or retail value of a vehicle as (a) set forth in a current editionof any nationally recognized compilation, including automated data bases,of retail values or (b) determined pursuant to a market survey of comparablevehicles with respect to condition and equipment; and(6) Salvage means the designation of a vehicle which is:(a) A late model vehicle which has been wrecked, damaged,or destroyed to the extent that the estimated total cost of repair to rebuildor reconstruct the vehicle to its condition immediately before it was wrecked,damaged, or destroyed and to restore the vehicle to a condition for legaloperation, meets or exceeds seventy-five percent of the retail value of thevehicle at the time it was wrecked, damaged, or destroyed; or(b) Voluntarily designated by the owner of the vehicle asa salvage vehicle by obtaining a salvage branded certificate of title, withoutrespect to the damage to, age of, or value of the vehicle. SourceLaws 2005, LB 276, § 71; Laws 2010, LB650, § 19.