Opting out of Binding Arbitration ???

[Happy1]

I see by the reading material that came with my New Genesis that you can opt out of binding arbitration. If you don't opt out in the first 90 days you are locked into binding arbitration.
I don't know much about the pro's and con's of binding arbitration. Can any of you on the forum give me some advice on this subject as my 90 days are almost over. If I should opt out I don't have much time left. Thanks!

 

[Mark_888]

If there is a dispute between you and Hyundai or the dealer, you can pursue it through a binding arbitration process if you do not opt out. Otherwise (if you do opt out) you would have to file a lawsuit. The main advantage of binding arbitration is that it significantly lowers the legal costs that would be incurred by both sides.

 

[mcginnpm]

I always opt out of binding arbitration.

Here's a good article from Business Week back in 2008 that discusses why it's not such a great thing for the consumer. It's more focused on banks, but the crux of the argument is germane no matter who's on the other side of the arbitration table.

http://www.businessweek.com/magazine/content/08_24/b4088072611398.htm

 

[ROInRaleigh]

I see by the reading material that came with my New Genesis that you can opt out of binding arbitration. If you don't opt out in the first 90 days you are locked into binding arbitration.
I don't know much about the pro's and con's of binding arbitration. Can any of you on the forum give me some advice on this subject as my 90 days are almost over. If I should opt out I don't have much time left. Thanks!

Great point Happy1. Could you be more specific as to where this information is located?

Thanks!

 

[Socrates]

The applicability of something like that would most likely vary by state.

 

[mcginnpm]

Could you be more specific as to where this information is located?QUOTE]

You'll find it in the "#### Owner's Hanbook and Warranty Information" booklet, where #### is your model year. It's a thin booklet, about 50 pages long that came with all your paperwork.

My 2009 booklet has the binding arbitration discussion on pages 12-14.

 

[train21reb]

I was able to do an internet search and found Hyundai's online page so that I could opt out. All I had to input was my VIN #. I even took a screenshot of the page once I finished and emailed it to myself. Just in case.