You cannot get rid of your loans even if you get rid of your lemon car


Posted September 18, 2019 by allenstewartpc

Congratulations on your successful outcome in the lemon law case. However, have you taken enough steps to avoid any issues with your mortgage on the car?

 
New York, 11-Sep-2019

Your celebration is justified. After all, you have just managed to beat an army of lawyers under the auto manufacturer and got compensation in a case you have been pursuing for so many months now. You have every right to celebrate winning the case under Virginia Lemon Law New Cars. However, pause a minute to think about what happens to your existing loan on the lemon car?

The way the loan will be handled depends on your compensation chosen – i.e. either refund or replacement.

1 – Refund for the lemon car

Here, you will need to pay the balance of the loan amount with the refund you receive from the manufacturer as a compensation. You will get the purchase price plus taxes, registration, and fees, minus the mileage offset for the usage of the car.

The balance from your loan will be paid to the lender directly by the manufacturer. It is possible that the refund may not be sufficient enough to cover the balance loan amount. In such cases, you need to pay the difference over and above the refund amount to the lender to fulfill your loan obligation.

2 – Replacement for the lemon car

Ideally, the replacement car will be identical to the lemon car (of course, without the faulty issue that terms it as a lemon). It is interesting to note that the lender may or may not continue on the same terms. The interest rates and monthly costs may be altered. Hence, it is best to talk it out with the lender before you choose this option for compensation under Lemon Law New Cars in Virginia.

About Allen Stewart, PC

Allen Stewart, PC offers reliable advice for winning lemon law claims against defective vehicle purchases made by its clients. The attorneys at Allen Stewart also offer expertise in other cases like Occupational / Environmental Leukemia, Bankruptcy, and Occupational / Environmental Sinonasal Cancer.

The Dallas based team of attorneys represent the claims of aggrieved people that have been harmed by the negligent or unscrupulous acts of established business houses. They seek to correct the injustice done to people and stand with the people who aren’t able to seek legal remedy against the big companies.

Contact us on

Allen Stewart, PC
325 North St. Paul St., Suite 4000
Dallas, Texas 75201
Toll free: +1 866.440.2460

To know more about michigan lemon law new cars please visit our website: allenstewart.com
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Issued By Allen Stewart, PC
Phone +1 866.440.2460
Business Address 325 North St. Paul St., Suite 4000 Dallas, Texas 75201
Country United States
Categories Law , Legal
Tags Virginia Lemon Law New Cars , new mexico lemon law , michigan lemon law new cars
Last Updated September 18, 2019