Some laws to protect your car
People tend to face numerous problems regarding their automobiles. Some of the most common problems people face are:
• Buying a defective car and having the manufacturer deny you a refund, repair, or replacement.
• After completing a final loan contract, you are required to sign a new contract with a higher down payment.
• You are stuck with misleading ads and have been sold a more expensive car.
• Dealer hides optional add-ons and undervalues trade during bid setting.
• Your car is repossessed without your consent by the creditor.
Know your rights
There are different laws that save consumers from auto fraud. Here is a list of various laws and their protection scheme.
Magnuson-Moss Warranty Act
This law is used when a contractor, warrantor, or supplier refuses to honor a service contract, written warranty, or implied warranty.
State Recovery Laws
These laws state that –
• The car recovery company cannot take your car out of a locked garage without your consent.
• You can put your car up for auction or you can pay full money to buy the car back.
• By paying repossession costs or reinstating your loan, you can repossess your car in some states.
• Your car must not sell for below market value.
• You must be told whether or not the lender will put the car up for auction.
State Lemon Laws
Those cars are subject to lemon laws that have been fixed many times for the same defect. Different states have different lemon laws.
• Your car must be replaced or reimbursed by the manufacturer for a substantial defect after four attempts.
• Your car must be refunded or replaced for a security defect after two attempts.
Truth in Lending Act (TILA)
Under TILA, interest rates and other loan-related information must be disclosed by lenders before processing a loan. You can get the best auto financing rate with the help of TILA.
Unfair, deceptive or abusive acts or practices (UDAP)
You are protected by the UDAP from misleading, unfair and false acts, including false advertisements.
Contact a lawyer
You should know about the following if you wish to contact an attorney.
repair record
Keep track of the car’s timing when it’s out of order and keep track of repair attempts. Every time you get your car serviced, don’t forget to send a written and dated list of problems to your dealer.
notification required
Before you are entitled to a replacement or refund, you must meet your state’s notification requirement.
your refund or replacement
Ask the manufacturer for a replacement or a refund only after confirming that your car is lemon qualified. You may be required to go to arbitration if a valid arbitration program is incorporated into your written warranty, to obtain your replacement or refund.