Things That You Must Know About Lemon Law Buyback Calculation

By Author: Andrew Richardson
Total Articles: 66
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In America, cars are bought and sold in huge numbers. During the process of manufacturing, manufacturers use some defective and cheap parts. When the consumers buy the final product, they face difficulties because of the defective parts that have been used. The recently bought car shows abnormalities. Hence, to protect the best interest of consumers, American Law has introduced a lawsuit to protect the consumers from getting exploited. The law is known as ‘Lemon Law’.

What is Lemon Law?

Lemon Law exactly protects the rights of consumers. It means that it has to be documented by the manufacturer that if the consumers face any defect, he has to get it repaired, replaced or discount the expense of the item.

Customers buy a product with an expectation. They don’t want to face any problem with their new buy. If the product is defective, it is the dealer’s responsibility to fix it up. However, the dealers don’t pay any heed. Hence, the introduction of lemon law protects the consumers from getting exploited by the dealers.

How do you know you can claim for manufacturer buyback ...
... /strong> or lemon reported?

Four Times Test – If you have passed the four times test, i.e. you have taken your vehicle to get it repaired during:
two times in 12 months or 12,000 miles.
twice more during 12 months after the first attempt, yet the dealer hasn’t repaired it.
Serious safety hazard – If the defect in the car is life-threatening, and you’ve taken your vehicle to the dealer for:
once during the first 12 months or 12,000 miles.
one more time during the first 12 months or 12,000 miles after the first attempt, yet it is not fixed.
30 days test – If your vehicle has been out of service for repair for 30 days during the first 24 months, you’ve passed for the manufacturer buyback or lemon reported.

How is a Lemon Law buyback calculation done?

When your vehicle falls under the Lemon Law Protection Act, you are entitled to get a buyback or lemon reported. The Lemon Law buyback calculation will be based on the following:

Down Payment.
Monthly Payment.
The vehicle’s outstanding loan balance.
License fees, sales tax, registration fees and service contracts.

If the vehicle was on lease despite being purchased on loan, the expenses mentioned earlier are refunded as stated by the Lemon Law. Instead of your loan, The car dealer will pay off your lease obligations.

To conclude:

A defective car may be bought by anybody and can face difficulties in some days to call the car a ‘lemon car’. Hence, you must know the lemon law and the buyback calculation.

Andrew Richardson is the author of this Article. To know more about Florida odometer disclosure please visit our website: allenstewart.com