New Mexico Lemon Law provides relief and various options to aggrieved consumers. Some people avoid buyback, refund, replacement vehicle, etc., and get relief in a different way where cash is the essence of settlement. It is commonly known as ‘cash and keep settlement’.
Under this type of settlement, a customer retains his car, the vehicle is not branded a lemon, and the carmaker will provide cash compensation for problems experienced by this vehicle. A cash settlement also includes paying lemon law attorney fees.
Cash Compensation - how it works
Consumers still get relief with cash compensation against the claim if the manufacturer does not offer to repurchase their vehicle. Many times problems with the vehicle may not escalate to the level of substantial damage.
In these situations, the carmaker will often pay the consumer "cash and keep" settlement. Here you will keep your vehicle and receive an amount of money for the problems you experience in exchange for getting the lawsuit dismissed.
What is the takeaway of cash and keep Settlement?
1 - This agreement remains confidential between the parties, and the remainder of the warranty will still be honored by the manufacturer.
2 - This cash settlement allows a customer to trade in his vehicle and use the cash settlement to cover any losses from trading in his vehicle quickly.
Conclusion
When you need to decide on the best option in compensation, always consult a competent lawyer who knows Lemon Law in New Mexico.
To know more about Lemon Law in Maine please visit our website: allenstewart.com
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