| Volume 136 Number 1 |
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The People’s Lawyer’s Tip of the Day
Are you having a dispute with your Homeowner’s Association over a small amount of money? Disputing it could cost you a lot in attorney’s fees and interest if you continue to fight. On the other hand, if you pay it “under protest” you can then sue in justice court to get your money back. This is a good way to get your dispute heard by a judge, without adding to your costs. Make sure your payment is clearly marked, paid under protest. Click here for more.
New car down payments nearing record high
Many obviously feel they need to pay more upfront so they can have a monthly payment that fits within their budget. A new report from automotive publisher Edmunds.com shows the average down payment on a new car in May was $3,850, an increase of 6.5% over May 2016. And it's not just because cars are getting more expensive. Consumers are buying more expensive cars. On the other hand, consumers who follow the "20-4-10 rule" will buy less expensive cars and make smaller down payments. Under that rule -- advocated by personal finance experts but rarely followed -- a car purchase is only really affordable if you can put down 20% of the purchase price, finance it for no more than four years, and have a monthly payment that doesn't exceed 10% of your gross monthly pay.
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Your Money
Can You Pass Personal Finance 101? Take The Quiz To Find Out. Sure, everyone knows it’s smart to save money. But do you know how much of your income you should set aside? What about the habit that makes the biggest impact on your credit score? Or what you should consider when looking to refinance your student loan debt? Knowing the right answers can help you navigate through life’s financial decisions on the road to achieving your dreams. Take First Republic’s quiz to test your knowledge. Click here for more.
For the Lawyers
A Texas court of appeals held that contract language stating property was accepted "in its present condition" precluded DTPA claims. First, the court noted that Texas courts have interpreted contract language stating "in its present condition" to be an agreement to purchase the property "as is." A valid "as is" agreement generally prevents a buyer from holding a seller liable if the thing sold turns out to be worth less than the price paid. The court found the sellers met their traditional summary judgment burden by presenting evidence that they had no knowledge of any alleged defects, that Naquin obtained and reviewed an inspection of the home before purchasing it, and that the sales contract contained an "as is" clause. That evidence conclusively proved the seller’s entitlement to summary judgment on Naquin's fraudulent inducement and DTPA claims. Naquin v. Cellio (Tex. App.—Fort Worth May 18, 2017). Click here for more.