Buying a new car is not ... most people do without thought; it ... requires a large ... of time and money. We choose our purchase ... and we hope that it will suit our needs,
Buying a new car is not something most people do without thought; it generally requires a large investment of time and money. We choose our purchase carefully, and we hope that it will suit our needs, without too much trouble, for years to come. Sometimes, however, things don’t work out that way. Every now and again, some unlucky buyer will end up with a vehicle that has a problem that simply cannot be repaired. These problem vehicles are universally known as “lemons.’
Every state has a “lemon law”, which requires vehicle manufacturers to either replace vehicles that are determined to be lemons with a new vehicle of comparable value or to refund the purchase price. The process for filing a claim under your state’s Lemon Law varies from state to state, but the process often results in a lawsuit, which can drag out the process for both parties.
An alternative to lawsuits that attempts to be fair to both parties in the dispute has been developed, this is known as
arbitration. In many states, perhaps yours, arbitration is a required component of filing a lemon law claim. How does arbitration work?
Most states have assembled an arbitration panel, which consists of several individuals who are familiar with the auto industry, but not tied to it or employed by it in any way. Most owner’s manuals of new cars will outline the process of applying for arbitration; if not, you may contact your state’s Attorney General’s office. Participation in the arbitration process, unlike a lawsuit, is often free; some states charge a nominal fee to file for an arbitration hearing. It is usually not necessary to have an attorney for the procedure, but you may hire one if you wish. There are many attorneys who specialize in Lemon Law cases; if you feel uncomfortable handling your claim yourself you may wish to consult with one. The process usually requires that the manufacturer be notified in writing of the dispute and that your state’s arbitration panel be notified. Each side in the dispute presents their case, either in writing or orally, and the arbitration panel usually comes to a decision within 60 days. In most states, the panel’s determination is binding on the part of the manufacturer; they must abide by the decision. The vehicle owner is usually not bound by the decision and remains free to sue should the panel rule in favor of the auto manufacturer.
Arbitration is often a simpler and faster alternative to lawsuits involving auto Lemon Law claims. If you think your car is a lemon and you might need to file a claim under your state’s Lemon Law, you should first check with your state’s Website, or contact your state’s Attorney General’s office.
Home Loans – Identity Theft Protection Could Hurt Home Sales
Identity theft has been a hot topic in the news during the last few years. Just a month or so ago, forty million credit card numbers were compromised due to a computer attack on a credit card processor. Consumers are rightly concerned, as it can take years to unravel the problems created when someone’s identity is stolen. New legislation in Texas and California, also proposed elsewhere, is designed to protect consumers by letting them put a “freeze” on their credit reports. Those in the real estate industry are worried, however, that doing so may make it difficult for some people to buy homes.
Debt Consolidation – How to Protect Your Credit Accounts from Theft
Last week, a security exploit at CardSystems Solutions, Inc, a credit card processor, may have allowed thieves to obtain as many as 40 million credit card numbers from unsuspecting victims. The theft was brought about though a virus introduced into the CardSystems that allowed external hackers to obtain access to the account information. Adding to the problem was the fact that CardSystems wasn’t supposed to have the account information at all. It appears that CardSystems “inappropriately” held onto the information after clearing the credit card transactions. At that point, the account information should have been deleted. CardSystems held onto the account information for supposed “research purposes.” Fortunately for those involved, the compromised information only included account numbers and not Social Security numbers, which would have assisted the thieves in identity theft scams. This latest security breach at a credit card processor outlines how anyone can be vulnerable to account or even identity theft. Is there anything that can be done about it?
New Bankruptcy Law – Targeting the Wrong People?
Last April, President Bush enthusiastically signed into law the oddly-named Bankruptcy Abuse and Consumer Protection Act. This bill, representing the biggest overhaul of bankruptcy law in twenty-five years, was written in order to discourage “bankruptcy of convenience.” Proponents of the bill, which included the credit card industry, say that the bill is necessary in order to stop an avalanche of bankruptcy filings by drug users and compulsive shoppers and gamblers. The law makes it harder to have debts wiped away, requires credit counseling for those considering bankruptcy, and holds attorneys responsible for paperwork errors by their clients in bankruptcy cases. The net result will probably be chaos, as fewer attorneys will handle bankruptcy cases, credit counselors will raise their fees, and more consumers with problem debt will be clueless as to what they should do next. Adding to the confusion are some new statistics that suggest that a large number of bankruptcies that are thought to be personal are actually business bankruptcies. As a result, the new law may be unfairly targeting consumers for punishment when they are not actually the biggest part of the problem. Worse, it could be harming small businesses.
