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Lemon Law Thread: How many have or are filing Lemon Law for their S550?
Nanashii
Well-Known Member
Does anyone know when it's safe to cancel the auto insurance on a buyback? I turned the car over to the dealer on Tuesday, deposited the check which cleared today and just confirmed that Ford RAV has received all the paperwork which I filled out with the dealer when I turned the car over to them. Ford RAV should be mailing a check to the lender for the balance of my loan either today or early next week. I was planning to cancel my insurance as soon as the credit union confirmed the loan balance has been paid.
Nanashii
Well-Known Member
The tricky part is that I am not sure when that will happen. The lender has the title and once Ford RAV pays off the loan, the title will most likely be released to Ford and Ford RAV will close the case. I did have to sign a limited power of attorney for Ford which will allow them to transfer the title on my behalf, but I doubt anyone will provide me with updates on getting that done, especially once they close the buyback case.
el-guapin
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Check with the lender. When they release the tittle I would image would be safe to drop insurance.
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TGGT
Well-Known Member
Also got a call from the rav guy at my dealership, but I missed it. The bitch of it is that unless they offer me some super sweet deal I won’t be able to afford getting into a new s550. I may have to settle for getting mine fixed.
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Cobra Jet
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- Thread starter
- #234
If the MSRP of the replacement vehicle you pick is the same as your original MSRP, the only deltas you might have (depending on your State’s Lemon Law) would be:
1) Mileage usage fee: This varies by State, some have it some don’t. The Mileage is calculated off of the very first documented visit to the Dealership for the issue that deemed it a Lemon, NOT your total accrued mileage.
2) Doc fees: Again, these fees vary by State and are not exhorbitant fees at all - I like to refer to them as “nuisance” fees. They could be Dealer Doc fees to process the paperwork, DMV fees (title, registration, etc), State taxes if applicable (believe it or not in NJ they now TAX the damn Doc fees) and any misc fee that would normally appear on a new car invoice.
Did you pick another vehicle and know the MSRP?
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TGGT
Well-Known Member
The car I looked at has an Msrp about 1,200 higher than mine. It’s not totally out of the question, but a bit un likely. I absolutely cannot do a new loan, so if it’s going to be it will have to come out of my pocket
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Cobra Jet
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- Thread starter
- #236
You mention that to your RAV Rep - that as a new Ford owner, you could only afford your existing MSRP, you can’t go beyond your means (ie: into a new loan) and you are being put into a stressful situation where you feel you should not have to carry any additional financial burden at all. Tell the RAV Rep that you want to be made whole and ask them if they can waive the MSRP delta. They are NOT obligated to do so at all; however some folks have mentioned that Ford RAV has granted “waivers” if the MSRP delta is reasonable, such as $500-$1500. Obviously if the delta is like $5k, they’re not going to entertain it.
Keep us updated on your progress. Also, you are NOT obligated to immediately sign or agree to the initial RAV Worksheet figures. You can disagree if any of the figures are incorrect OR if you feel any delta is not favorable. They will go through a revision process (1-2 day turnaround) and submit the revised worksheet to you for another review. Again you can agree or disagree. Never sign any document unless you are in total agreement with and accepting of the figures.
TGGT
Well-Known Member
Received their first offer and rejected it. They had me in their system for a refund. I told my rep that I was only interested in an exchange and only if it could work with my existing loan. They also miscalculated the mileage deduction. The guy that handles the rav’s at my local dealership was trying to steer me away from replacement and basically told me I had to check with my lender to see how they handle a transfer of collateral. It’s all nothing short of a bunch of drama and a huge headache. In the meantime the same dealership has had my car since last week for the short block replacement and they have not even started on it. Needless to say I’m pretty frustrated and pissed with this whole situation
Nanashii
Well-Known Member
Just FYI, you can switch from refund to replacement or vice versa only once. Also, regarding the loan, I don't think there is anything Ford RAV can do about that even if you financed through Ford. Transfer of collateral will be up to your lender, so you probably want to give them a call, let them know what's going on and ask how things would hypothetically play out. From everything I've read on buybacks, most people are forced to take out a new loan in cases where they chose a replacement car. Personally, I'd take a refund and move on rather than risk getting stuck with a new car with a short block replacement which is not guaranteed to fix the issues you were having in the first place.
MikeD1
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Not sure about the LL details in Cali, but here in FL if the replacement vehicle MSRP is within 105% of the defective one, it is considered 'equivalent'. So if the old car was $40K, you could select one with a sticker of up to $42K as your replacement.
The loan is a whole different ball game and there is ZERO Ford or RAV can do for you there as that is an installment loan with collateral and is between you and the loan company. It is incumbent on you to see if they will allow you to transfer the existing loan to the new car, some will and some require a whole new contract. Either way, you will be responsible for the mileage/usage deduction.
The loan is a whole different ball game and there is ZERO Ford or RAV can do for you there as that is an installment loan with collateral and is between you and the loan company. It is incumbent on you to see if they will allow you to transfer the existing loan to the new car, some will and some require a whole new contract. Either way, you will be responsible for the mileage/usage deduction.
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