So you bought a lemon

I know this is going to sound horrible but no one cares that you purchased a lemon. Why does no one care? I'm happy you asked. No one cares because you have options when you go to the car lot.

They include but are not limited to:

-Purchasing a car warranty

-Researching and planning for your car purchase

-Checking the title


For the most part, most reputable car dealerships will offer one with the car. If not, you can negotiate a car warranty as they are an add on similar to GAP insurance. If a car is too old, you will not be able to get a warranty. It works like financing an old car. Typically banks who finance older cars are subprime lenders or banks that deals with subprime credit (scores below fair). That means excessive fees, payments and interest rates.

The truth is most people who trade in their car have done so because they don't want to pay for the repairs. If you are buying used, you may be buying another person's issue. Yes, car dealerships will repair issues on the car, but they also know what they are willing to pay for you to play. If the car can not be fixed to their standard, they will sell it in the auction to a company that exclusively deals with subprime credit.

A new car buyer can also research their future car purchase to prevent impulse buying. Most car lots offer car fax reports. I am not saying carfax reports are a guarantee that

the car will be a worthy purchase, but it is a tool that will help. My cousin suggests finding the same car at three different places and picking the best of the three. In that scenario price, condition and features should be heavily weighed to select a winner.

If you believe you have purchased a lemon, contact your state's Attorney General's office, issue a complaint with the Better Business Bureau and the Bureau of Consumer Financial Protection. Turning it in the finance company still make it a repossession whether you voluntarily did so or not.

Until next time...

15 views0 comments