{"version":"1.0.0","episode":{"title":"CAR DEALERS COLLAPSE & SCREW Customers | LAWYER EXPLAINS | Episode 940","url":"http://getcarcurious.com/episodes/car-dealers-collapse-screw-customers-lawyer-explains-episode-940","audioUrl":"https://pscrb.fm/rss/p/mgln.ai/e/1385/pdrl.fm/3359a6/injector.simplecastaudio.com/14b42e71-1f9c-41b2-944f-bc8f2b3a3cb9/episodes/7c1585a9-9e15-4e34-914f-467021fb8e60/audio/128/default.mp3?aid=rss_feed&awCollectionId=14b42e71-1f9c-41b2-944f-bc8f2b3a3cb9&awEpisodeId=7c1585a9-9e15-4e34-914f-467021fb8e60&feed=gkrQ6WSC","description":"Today on CarEdge Live, Ray and Zach are joined by Josh Feygin from sueyourdealer.com. Tune in to learn more! Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com\nfor information about our collection and use of personal data for\nadvertising.\n"},"annotations":[{"startTime":624.6,"endTime":630.7,"type":"term","title":"FTC Holder Rule","url":"/glossary/ftc-holder-rule","quote":"So to answer the question, in 1975 or 1976, the FTC, the Federal Trade Commission, rolled out what is known as the FTC Holder Rule to summarize a bunch of legal jargon","canonicalId":"term:ftc-holder-rule","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The FTC Holder Rule is a regulation established by the Federal Trade Commission that protects consumers in the event of a dispute with a seller. It allows consumers to assert claims and defenses against the holder of a credit contract, which can include dealerships, if the seller fails to fulfill their obligations.","simplifiedExplanation":"The FTC Holder Rule is a law that helps buyers if they have problems with a car they bought. It lets them take their complaints to the company that financed the car, not just the dealership."}},{"startTime":939.0,"endTime":942.3,"type":"term","title":"gap policy","url":"/glossary/gap-policy","quote":"He went through the insurance claim, and then he made a claim against the gap policy, and the gap policy basically said, you're out of luck, your dealer never funded this premium.","canonicalId":"term:gap-policy","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A gap policy is an insurance product that covers the difference between what a car is worth at the time of a total loss and what the owner still owes on the car loan. This is particularly useful if the car depreciates quickly after purchase.","simplifiedExplanation":"A gap policy helps you pay off your car loan if your car gets damaged or stolen and is worth less than what you owe. It covers the difference so you aren't left with debt after losing your car."}},{"startTime":954.7,"endTime":962.3,"type":"concept","title":"buy here, pay here","url":"/glossary/buy-here-pay-here","quote":"but this wasn't a small buy here, pay here. It wasn't an independent dealership.","canonicalId":"concept:buy-here-pay-here","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"'Buy here, pay here' refers to a type of dealership that provides in-house financing for customers, often targeting those with poor credit. This model allows customers to make payments directly to the dealership rather than a bank or finance company.","simplifiedExplanation":"'Buy here, pay here' means you can buy a car and make payments directly to the dealership instead of a bank. It's often used by people who might have trouble getting loans from traditional banks."}},{"startTime":964.0,"endTime":965.86,"type":"concept","title":"franchise dealership","url":"/glossary/franchise-dealership","quote":"It was a nationally recognized franchise.","canonicalId":"concept:franchise-dealership","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A franchise dealership is an authorized dealer that sells new cars from a specific manufacturer and is part of a larger network. These dealerships typically have to adhere to the manufacturer's standards and practices.","simplifiedExplanation":"A franchise dealership is a car dealer that sells new cars from a specific brand, like Ford or Toyota. They follow rules set by the car manufacturer and are part of a bigger group of dealers for that brand."}},{"startTime":1247.2,"endTime":1251.9,"type":"concept","title":"trade-in","url":"/glossary/trade-in","quote":"...that I traded in and was on my purchase contract and everything that I traded it in, I'm going to end up screwed because that dealership went out of business.","canonicalId":"concept:trade-in","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A trade-in is when a customer offers their used vehicle as part of the payment for a new or used vehicle at a dealership. The value of the trade-in is deducted from the purchase price of the new vehicle.","simplifiedExplanation":"When you trade in a car, you give it to the dealership to help pay for a new car. The dealership gives you some money for your old car, which goes towards the cost of the new one."}},{"startTime":1247.2,"endTime":1251.9,"type":"term","title":"purchase contract","url":"/glossary/purchase-contract","quote":"...that I traded in and was on my purchase contract and everything that I traded it in, I'm going to end up screwed because that dealership went out of business.","canonicalId":"term:purchase-contract","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A purchase contract is a legal agreement between a buyer and a seller that outlines the terms of a vehicle sale, including the price, payment method, and any trade-ins involved.","simplifiedExplanation":"A purchase contract is a document that says what you are buying and how much you are paying for it. It includes details about any cars you might be trading in."}},{"startTime":1259.5,"endTime":1263.3,"type":"concept","title":"dealership bankruptcy","url":"/glossary/dealership-bankruptcy","quote":"...we just saw a tri-color automotive group go out of business, went bankrupt. And this has a ton of fraud involved in it seemingly.","canonicalId":"concept:dealership-bankruptcy","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Dealership bankruptcy refers to a situation where a car dealership goes out of business due to financial insolvency. This can lead to complications for customers, especially regarding trade-ins and outstanding payments.","simplifiedExplanation":"When a car dealership goes bankrupt, it means they can no longer pay their debts and have to close down. This can affect customers who traded in their cars or owe money to the dealership."}}],"speakers":[{"id":"s1","name":"Ray","role":"host"},{"id":"s2","name":"Zach Shefska","role":"host"},{"id":"s3","name":"Bleav","role":"host"}],"transcripts":[{"url":"http://getcarcurious.com/episodes/car-dealers-collapse-screw-customers-lawyer-explains-episode-940/transcript.vtt","type":"text/vtt"}]}