Lemon Law Could Get You Out of That Underwater Car Loan
Can Lemon Law get you out of an underwater car loan? The answer is yes, if the car qualifies for a Lemon Law claim. COVID-19 Spurred Underwater Car Loans An “underwater” car loan is the same as an “underwater” mortgage: the value of the asset is far, far below the outstanding balance of the loan. During the new car and computer chip shortages that occurred during the COVID-19 pandemic, many consumers had to pay a premium well above the manufacturer’s suggested retail price (MSRP) to get a new car. One survey found consumers willing to pay 39% over the sticker [...]