Be Aware Of Arbitration Clauses

When buying your next automobile read your paperwork carefully. Some car dealers and financiers are inserting an “arbitration clause” in the fine print to take away legal rights if case they do something wrong to you. Currently, some Ford credit, Chrysler credit and other bank finance contracts include an arbitration clause. Likewise, many car dealers are doing it, too. US Bank has an arbitration clause in the account agreement related to their checking account.

An arbitration clause does not have to be in your contract, and an arbitration clause can take away your right to go to court without you even knowing it! Some arbitration clauses are written so “tight” that you could get mugged, robbed and beaten up on the car dealer’s lot, by their employee, and you couldn’t do much of anything about it at all!

If you already signed an arbitration agreement, don’t give up because you may still be able to get around it, but the best thing is never to sign one in the first place.