AUTOGRAPHS

Car Loans – How Your Loan is Affected If You’ve Bought a Lemon

A lemon is a vehicle purchased and then found to be no good or at least not as good as the buyer was made to believe. Different jurisdictions have different criteria for a car to be defined as a lemon; however, it is generally thought that a car that has been through several unsuccessful repair attempts can be called a lemon. Buyers should do their best to avoid buying lemons. You will not always be able to avoid lemons though and should you find yourself in the unfortunate situation then you may be curious as to how your loan is affected if you’ve bought a lemon

The effecet of a lemon purchase on the auto loan will depend on the nature of the loan agreement.

The Lemon Law

In many jurisdictions, the sale agreement of a car is automatically void when the car is discovered to be a lemon. In this case the bank may be approached in order to transfer the loan to another vehicle from the same dealer (if you still trust them). Another option is to discuss with the funding agency the possibility of retrieving the money that has been paid to the dealer and financing instead a motor vehicle purchase with another dealer.

Depending on the loan agreement signed, you may have to forego the amount that has already been paid over or some of it may be retrieved.

Time Factor

Sometimes salvaging the loan is dependent on how soon the vehicle is discovered to be  a lemon and returned to the dealer. There may be provisions under law for the individual to rescind the loan. This time period is usually three days; however, it should be noted that it is not the norm for the rule to be applied to car loans. It is for this reason that buyers should become aware of the provisions made under law for this eventuality before signing a car loan.

Fees attached to Loan agreement

The fees paid for processing the loan may be unrecoverable. Of course, this is dependent on the policy of the financing agency that is used. Of course the processing fees may be the least of your concerns if you have bought a lemon.

Buying a lemon does not have to lead to paying for a vehicle that is out of service because a loan has already been undertaken for this purpose. It is important for car buyers to investigate the policies of their financial institutions and their loan agreements in order to be aware of the options that are available.

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