What If I Am Awarded A Repurchase?
- if you purchased the vehicle, you will be refunded the cash price of the vehicle in the sales agreement (minus any manufacturer rebate) if you have a loan balance, the lender will be paid from your refund;
- if you leased the vehicle, you will be refunded the total of all lease payments that you made, including inception and security deposit payments (not including any manufacturer rebate) the manufacturer will be responsible for any remaining lease obligations.
NOTE: if you are a second or subsequent owner, a repurchase award will be based on your purchase price not the original owner`s purchase price.
The following types of items are also included in a refund of either leased or purchased vehicles:
- collateral charges sales or lease related charges including sales and use tax, finance charges, initial and monthly lease payments, dealer preparation and transportation charges, prorated license, registration and title fees, prorated insurance costs, nonrefundable portions of credit life and disability insurance, service contracts, undercoating, rustproofing and other factory or dealer installed options;
- incidental costs reasonable expenses paid by you related to repairs including costs of towing and obtaining alternate transportation.
- legal fees if the manufacturer was represented by counsel, the arbitrator will also award reasonable costs and attorney`s fees which you may have incurred in connection with the arbitration process.
Your refund will be the total of the award less an offset for use and less any lienholder interests in the vehicle. If your vehicle is leased, your refund will be the award total less an offset for use and the manufacturer will be responsible for paying off your lease obligation.
Speak to an Experienced Lemon Law Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified lemon lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local lemon attorney to discuss your specific legal situation.
Additional Lemon Law Articles
- What Is The Lemon Law?
- What Vehicles Are Covered Under The Lemon Law?
- What Vehicles Are Not Covered Under Lemon Law?
- What Is A Lemon?
- What Is The Warranty Period?
- I Have A Lemon. What Should I Do?
- What Information Needs To Be Included On The Request For Arbitration Form?
- What Is An Arbitration Hearing?
- Scheduling An Arbitration Hearing
- Who Will Attend The Arbitration Hearing?
- What Must I Prove At The Arbitration Hearing?
- What Records Do I Need For Arbitration?
- How Can I Get Missing Documents?
- Do I Need An Attorney?
- What Happens After I Request An Arbitration Hearing?
- What Is The Manufacturer's Statement?
- What Is The Manufacturer's Right To View The Vehicle?
- What If My Claim Is Resolved Before The Hearing?
- When Does The Arbitration Decision Take Place?
- Replacement Or Repurchase?
- What If I Am Awarded A Replacement?
- What Is An Offset For Use?
- What Is Compliance And What Am I Required To Do When Returning The Vehicle?
- Where Can I Get More Information About The Lemon Law And Obtain Request For Arbitration Forms?
- Where Can I Get Lemon Law Arbitration Videos And Tapes?