The Attorney General provides Consumer Alerts to see people of unjust, misleading, or business that is deceptive, and also to offer information and help with other problems of concern. Customer Alerts aren’t legal counsel, legal authority, or perhaps a binding appropriate opinion from the Department of Attorney General.
Settling Your Old Vehicle Before Buying a New One: Vehicle Owners with Negative Equity Should make use of Caution whenever Trading-In their automobile
Our vehicles are element of our Michigan identification. We build them, get them, restore them, just just take pride inside them, and suggest to them off in the us Global car Show, the Woodward Dream Cruise, and automobile programs all around the State. In regards time for a unique automobile – possibly our families are growing, or our spending plans are shrinking – we search for discounts, and hear claims like “we will repay your old automobile, no concerns asked!” We must not let our love for cars make us dismiss the care that people utilize when creating any major purchase.
Buyer Beware – Dealers May Well Not Pay Back Your Old Vehicle as Promised!
Some dealers may promise to pay off any outstanding loans (also called liens) on your current vehicle to help get you into a newer model, or a smaller, more fuel-efficient vehicle in an effort to attract buyers to their showrooms.
This vow is very popular with automobile http://speedyloan.net/reviews/cash-store owners that are presently “upside down” in their present automobile. This means the car owner may owe more about the motor car finance compared to vehicle happens to be worth – a predicament also called “negative equity.”
Although many car dealers might have every intention of paying down your past automobile as guaranteed, some dealers may lack the capacity to spend the loan off in your previous vehicle.