Nov 28, 2012

Arbitration

     I've never been a fan of mandatory arbitration, the process many companies write into their customer agreements. It requires those customers to go through arbitration, and forbids them from filing lawsuits against the companies.
     The Pew Center on The States is out with a report that explains how it works for banks.
     The last time I bought a car, I told them from the minute I walked onto the lot that I would not sign any mandatory arbitration agreement. They must have though I was kidding. At the final document signing, there is was: a mandatory arbitration agreement. I walked out, calling for someone to come pick me up from the lot.
    They backed down.

3 comments:

Gina F. said...

I just may give your method a try at my next car purchase.

Jay Croft said...

I certainly will! Thanks for the info. Is there a state law about mandatory arbitration, requiring it or not, in automobile purchases?

Tim Lennox said...

Jay, there have been bills introduced, but never passed. Let the buyer beware!