Car Law A to Z: N is for Notice
Notice is an important thing. It can save you money and time and headache. Think about a used vehicle on a dealer’s lot. If the dealer told you, prior to the purchase, the vehicle had been involved in two accidents and has frame damage would you agree to pay the Blue Book value? Would you agree to pay the dealer’s sticker price? Would you even buy the vehicle at all???
When you are contemplating spending your hard-earned money on a vehicle or other major consumer purchase you should do your due diligence. This includes knowing which notices are required and which are not. Certain notices are required in North Carolina:
- disclosure of whether a vehicle being transferred is a salvage, flood, or reconstructed vehicle.
- the essential terms (ex: payment amount, frequency of payments, interest rates, total amount to be paid, late fees) of any financing of your vehicle purchase/lease
- whether the odometer on the vehicle is accurate [NOTE: only applies to vehicles less than 10 years old at the time of transfer]
- whether the vehicle is being sold “as is” or with a warranty
Other notices are not required:
- Of default on a loan or promissory note
- Of intent to repossess a vehicle (however there must be a valid security agreement executed by the buyer)
- Of every collision in which the vehicle has been involved
Be sure you notice the important details when entering into a vehicle transaction. If things go wrong or you perceive such you should contact an experienced attorney sooner rather than later.