ponyv6
Well-Known Member
Yes sir, that was mine
Sponsored
Yes sir, that was mine
As soon as the title is out of your name. I don't think you CAN insure a car not in your name, but I could be wrong.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.
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.As soon as the title is out of your name. I don't think you CAN insure a car not in your name, but I could be wrong.
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: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.
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 pocketIf 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?
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
Great advice as always! I should know something in the next few daysYou 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.