Many
times, a car is purchased under financing option from a lender. The
buyer then pays off the lender in monthly instalments along with an
interest charge. One may wonder what is the liability of the lender
in case the buyer is dealt with a lemon car.
Lets
check out.
Under
the Nevada
Used Car Lemon Law,
if the car is been bought via a financial plan provided by the
lenders and the vehicle turns out to be a lemon then this is what
happens. The lender is not considered liable for this.
Typically,
the only entity that is held liable is one that didn’t deliver upon
the warranties associated with the vehicle. Such an entity is the car
manufacturer itself or an authorized dealership for the manufacturer.
What
is the mandate?
As
per the local lemon laws, due to any reason if you file a case for
collecting on your vehicle, then you have to continue with the timely
instalment pay-outs till the time the case is not been settled. So
irrespective of whether a claim is filed or not, the lenders must get
their payments on time.
If
this does not turn out to be the case then it may have its
implications. There can be a strong likelihood that the buyer might
have to relinquish the rights on the car under the norms of law.
Check
out with a competent expert on used car lemon law in Nevada to know
the scenarios possible in such circumstances.
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