Negative
equity is not an ideal position to find yourself. Most people find
themselves confused in this process. A lemon in hand is a bad
situation in itself. You have to run from pillar to post to get back
your rights. Let us understand about negative equity.
When
you demand that the car makers buy the lemon back, the company will
most probably wash hands off the liability. The car makers may say
that it is not responsible for paying you about the negative equity
from an earlier vehicle. In other words, you may get rid of your
lemon car, but you may still be with the negative equity from the car
you exchange. Read more to clear the confusion.
The
basic about negative equity in a lemon law case
Let
us first try to understand what negative equity is. Suppose you have
a current vehicle loan. And you owe more money on your loan than the
vehicle is worth. This situation is known as being in an upside-down
position. For example, you owe $6,000 on your car loan. Your vehicle
is now worth $3,000. It means that you have negative equity of
$3,000.
The
selling price of a car may have been increased to cover negative
equity. Consumers can get a refund more than what they are entitled
to. Negative equity can create vast differences of opinion between
the complainant, the Lemon Law Board, and the carmakers.
How
to proceed with lemon law case with negative equity
As
it is, a lemon law case is, in itself, a complicated situation. On
top of that, if there is negative equity, you are in dire straits.
The best way to play it safe is to get in touch with an expert legal
professional who can help your sail smooth in the process.
There
are many instances where the number of consumers dealing in vehicles
finds themselves in an upside-down case or negative equity position.
It is dismal when you find yourself in such a bad situation.
A
case arises if the dealer fails to disclose the amount of negative
equity in your car purchase.
As
the person at the receiving end of a lemon car and negative equity,
you have every right to rescind the deal and get a refund. It happens
when you in the dark on the truth. However, negative equity becomes a
hot debate subject when you knowingly get yourself into the deal.
To
wrap it up
You
may not know more about this negative equity situation until you have
a case in hand as per State Lemon
Law in Washington.
It is wise to seek legal counsel from a reputable law firm to avoid
all the controversies
Andrew
Richardson is the author of this Article. To know more about Lemon
Law Attorneys Nevada
please visit our website: allenstewart.com