| Volume 110 Number 11 |
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The People’s Lawyer’s Tip of the Day
Is your new car a lemon? If you have had the same problem and the dealer has been unable to repair it after four attempts, your car may be a "lemon" under Texas law. Note that this law only applies to problems with new cars in the first year or two of ownership, within the first 12-24 thousand miles. Click here for more.
New Service May Make Buying and Selling Used Cars Easier for Consumers
When you trade your used car in to a dealer, they typically give you a "trade-in" value which is significantly lower than the "retail" price that the dealer will turn around and sell the vehicle to the next buyer. New Internet brokerage companies are trying to put Buyers and Sellers of used cars together, to help the seller get a better price then they could expect from a dealer trade-in, and giver purchasers the same assurances they could get from buying a "certified pre-owned" car from a dealer, but still pay less than the dealer would charge.
Click here for more.
Your Money
If you are having problems with your car, you usually can't just return it to the dealer where you bought it. In many cases, even if there were problems with the car, it would be treated as a "voluntary repossession" and result in problems for your credit report and potential liability for any amount of the loan not satisfied by the forced sale. Click here for more.
For the Lawyers
Failure to file suit within three years bars right of rescission. The Eight Circuit, following Jesinoski v. Countrywide Home Loans, 135 S. Ct. 790 (2015) , held that a claim for rescission under Truth in Lending was time-barred by 15 U.S.C. 1635(f) because of the failure to file a lawsuit within three years of their transaction with Bank of America. Bank of America v. Peterson Click here for more.