If your vehicle qualifies as a lemon under NC’s Lemon Law, there can be several outcomes, a buyback, replacement, or cash compensation. The choice is ultimately up to you.
Buyback
A buyback means the manufacturer repurchases your vehicle at the original contract price. Specifically, a buyback includes:
- Your original down payment
- All monthly payments made
- Sales tax, tag, title, and registration fees
- Finance charges and incidental costs
- Payoff of any remaining loan balance
However, the manufacturer may deduct a mileage offset. This offset accounts for the miles you drove before the defect was repaired for the third time. The formula is set by statute.
Replacement Vehicle
A replacement means the manufacturer provides a comparable new vehicle. Our position is that a comparable new vehicle is the current model year with the same trim level that you currently have. There is no mileage deduction for replacements.
Cash Settlement
In some cases, a cash settlement is an option which involves you keeping your vehicle, which can be beneficial in cases where the vehicle is or can be fixed.
Which Option is Right for You?
Every situation is different. In some cases, a buyback makes more sense. In others a replacement is the better outcome. In others, you may consider monetary compensation. We discuss both options with you before you make any decision, but the choice is ultimately up to you. We also make sure the manufacturer does not lowball the buyback calculation, try to substitute an inferior replacement vehicle or make you pay something you should not have to pay, or otherwise fairly compensates you for past problems.
The attorney fees are paid when you win, and you pay nothing out of pocket.
Read our case results to see what we have recovered for NC consumers. Then contact us or call 919.981.4475 for a free case review today.
