How do you deal with negative equity in Washington State Lemon Law Claim?by Andrew Richardson allenstewart
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
Created on Dec 11th 2020 01:18. Viewed 101 times.