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buyback: lemon: State "lemon laws" often require that, if vendor attempts to repair a problem under a new-car warranty repeatedly fail, the manufacturer or dealer buy back or replace the vehicle. Depending on the jurisdiction, this may be required to be disclosed to subsequent owners of a problem car. wrecked: WRK crushed baled
Lemon law protection arises under state law, with every U.S. state and the District of Columbia having its own lemon law. [1] Although the exact criteria vary by state, new vehicle lemon laws require that an auto manufacturer repurchase a vehicle that has a significant defect that the manufacturer is unable to repair within a reasonable amount of time. [2]
Lemon laws primarily serve to force manufacturers to buy back defective vehicles or exchange them. Depending on the jurisdiction, a process similar to vehicle title branding may also be used to warn subsequent purchasers of the history of a problem vehicle. While this portion of a vehicle's history is usually not retained with the title when ...
Sometimes, signing over a car title can be more difficult, especially if the vehicle belongs to deceased owners or there's a lien on the vehicle. Here are a few unique situations: Signing Over a ...
Upon paying the claim, the insurer may offer to return the vehicle to the owner as an insurance buy-back, in which case the owner is responsible for having the repairs made and having the car inspected by a State-designated facility. Depending on the state, this inspection may remove the salvage brand from the vehicle's title. [8]
Car title loans come in a couple of different varieties. Some are single-payment loans, meaning the borrower must pay the full amount of the loan plus the interest rate fee within a month or so.
The Motor Vehicle Owners' Right to Repair Act, sometimes also referred to as Right to Repair, is a name for several related proposed bills in the United States Congress and several state legislatures which would require automobile manufacturers to provide the same information to independent repair shops as they do for dealer shops.
In addition to the vehicle title, lenders often also require the borrower to provide a set of keys for the car and/or purchase a roadside service plan. Car title loans frequently involve high interest rates, a short time to repay the loan (often 30 days), and a loan amount less than the car's monetary worth. The borrower also risks losing the ...
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