Substitution of collateral

Discussion in 'Issues, Repairs, Warranty, TSB, Recalls' started by TGGT, Feb 9, 2019.

  1. TGGT

    TGGT Well-Known Member

    Vehicle(s):
    2018 mustang gt
    Joined:
    Jul 29, 2018
    Location:
    SoCal
    Posts:
    230
    Likes Received:
    69
    0   0   0
    Just wondering if anyone who has been through the rav process has opted for vehicle replacement instead of a buy back and if so how long did it take the dealership to furnish you your new vehicle. It’s been 1 week since I accepted an offer from rav and I was under the impression that it was just a matter of some paperwork and me paying the mileage fee. I’ve contacted both my bank and the dealership and each one says they are waiting on the other.
     
  2. mvfjet

    mvfjet Well-Known Member

    Vehicle(s):
    2018 Oxford White GTPP2
    Joined:
    Jun 3, 2015
    Location:
    Bay Area, Ca
    Posts:
    2,122
    Likes Received:
    636
    0   0   0
    RAV is slooooowwwwww. It took them 22 days to get me an offer letter on a buy back. I imagine a car swap is a little more complicated.
     
  3. Cobra Jet

    Cobra Jet Well-Known Member

    Vehicle(s):
    2018 Fastback Premium EB/PP and 94 Mustang Cobra
    Joined:
    Feb 12, 2015
    Location:
    NJ
    Posts:
    3,269
    Likes Received:
    975
    Rating:
    100%
    2   0   0
    Keep calling RAV - you need to stay on top of them, their internal process is slow.

    At least you weren’t in between a new model year build... with my prior 2016, the Buy Back replacement was started in Nov 2017, I didn’t get my 2018 until Feb 2018... yes, my situation was unique as throughly documented on here, but I've read where some folks had a replacement vehicle within 3-4 weeks of starting the process.
     
  4. OP
    OP
    TGGT

    TGGT Well-Known Member

    Vehicle(s):
    2018 mustang gt
    Joined:
    Jul 29, 2018
    Location:
    SoCal
    Posts:
    230
    Likes Received:
    69
    0   0   0
    I was under the impression that my dealings with rav were over being that I accepted their offer. I thought now it was solely in the dealers hands. They have been somewhat helpful, but the guy that does all the rav stuff there says he has never done a substitution of collateral so he’s not sure about the process. I’m supposed to meet with him sometime during the week and he wants to to see about getting the bank on the phone so we can try to get some where. It’s a super frustrating process. The only reassuring thing is that the dealer is holding the vehicle I’ve picked out
     
  5. Nanashii

    Nanashii Well-Known Member

    Vehicle(s):
    2018 Mustang GT Performance Package Level 2 (Bought back by Ford due to 2K RPM rattle and high RPM clutch grind)
    Joined:
    Nov 15, 2014
    Location:
    Ashburn, Virginia
    Posts:
    789
    Likes Received:
    235
    0   0   0
    Has your bank given a green light on the substitution of collateral? The dealership is just a paper pusher. RAV is part of the process from the beginning to the end. I haven't come across anyone on the internet who has done a substitution of collateral. It seems like most lenders make people take out a new loan for the replacement car.
     
  6. Cobra Jet

    Cobra Jet Well-Known Member

    Vehicle(s):
    2018 Fastback Premium EB/PP and 94 Mustang Cobra
    Joined:
    Feb 12, 2015
    Location:
    NJ
    Posts:
    3,269
    Likes Received:
    975
    Rating:
    100%
    2   0   0
    As Nanashii stated above, RAV is in the process from start to finish.

    I’m assuming you have received the “final” RAV Worksheet and both you and RAV have agreed to the terms/conditions on that worksheet? If so, the next part of the process is:

    1) Your Salesman/Dealership needs to draw up a new car invoice. This is pretty much the same process you originally went through with your initial S550 purchase. On that invoice they have to input the VIN’s and all figures from the RAV Worksheet that represents your “trade-in” (essentially the Lemon) and the “New Car” (the collateral being swapped) as well as any other applicable fees due (per your State Lemon Law). The new car invoice will be revised by you and the Finance Mgr of the Dealership (or your Salesguy, it’s different everywhere) then it will be sent to your Lender (again same new car buying process regardless).

    2) Per RAV, your Dealership must then do a physical inspection of your car (Lemon) and you would do the same with the new car (collateral). If there are no assessments of the Lemon (no damages found), then this is just a required documented process for the Dealership, RAV and yourself. If there are any damages found on the Lemon, those will be assessed and added to the new car invoice (or you can pay separately).

    3) After 1 and 2 above are “done” (in no particular order), the next step would be for your Salesman to reach out to your current Lender. This is where they will go over all figures on the new car invoice and depending on the Lender, they could do a swap (VIN swap on paper) OR they may have to issue a new loan. This varies by all Lenders, some can do document revision with VIN and figures, others require standard payoff of the old and initiation of a new loan.

    4) Your Insurance company obviously has to be notified of the vehicle change too, so again this is done at the Dealership by the Salesman just as it would normally occur when buying any new or used car.

    NOTES:
    1) Not all Ford Franchises know how to complete a swap of collateral (or normally referred to as a RAV Buy Back). So when your Salesman plugs the numbers onto the new Invoice, you have to really check the figures and make sure they are not charging you any sales tax IF it’s a true MSRP to MSRP swap (equal dollars by actual MSRP figures OR whatever agreement you and RAV fMe to on the worksheet). This is where some Dealerships get confused, because if there is no difference or delta in the MSRP, then you should not be charged Sales Tax. These guys and the franchises are just used to plugging numbers into a template - when it’s something they usually don’t encounter in their template, they literally glitch out (both human and computer).... So he may need to reach out to RAV for that aspect.

    2) RAV will not allow the new vehicle to leave or be taken by the new owner UNTIL the loan paperwork is complete on the Lemon and that Lemon title is received by the lender for payoff. Again this works exactly like if or when you take any vehicle to trade in that still has an open note, so Dealership and Lender are to work this out - so you CAN take the vehicle on same day of completing paperwork.

    You can reach out to your lender too to get any clarification and get a single POC so if there are issues at the Dealership you and your Salesguy can call that POC on the spot.
     
  7. OP
    OP
    TGGT

    TGGT Well-Known Member

    Vehicle(s):
    2018 mustang gt
    Joined:
    Jul 29, 2018
    Location:
    SoCal
    Posts:
    230
    Likes Received:
    69
    0   0   0
    I’m supposed to go to the dealership sometime this week so that myself, the sales man,and the bank can communicate. I have already received the final work sheet from rav as has the dealer. I contacted the bank myself and they said the dealership has reached out to them and they were good to go on their end. That’s all happened with in this past week. I would like to think that maybe it’s getting close, but it also seems like the dealer is somewhat reluctant to give me a new car. This is definitely a super frustrating and time consuming process from start to finish. Thanks everyone for your input
     
  8. OP
    OP
    TGGT

    TGGT Well-Known Member

    Vehicle(s):
    2018 mustang gt
    Joined:
    Jul 29, 2018
    Location:
    SoCal
    Posts:
    230
    Likes Received:
    69
    0   0   0
    I’ve been a little uncomfortable driving my existing car while I await the replacement vehicle to be made available simply because I don’t want anything to happen to my car that might effect the deal. We’ll tonight on my way home a rock or something bounced up off of the freeway and cracked my windshield. I’m sure I’ll get charged something for it. I just hope it’s not too much
     
  9. Cobra Jet

    Cobra Jet Well-Known Member

    Vehicle(s):
    2018 Fastback Premium EB/PP and 94 Mustang Cobra
    Joined:
    Feb 12, 2015
    Location:
    NJ
    Posts:
    3,269
    Likes Received:
    975
    Rating:
    100%
    2   0   0

    Sorry to hear about that unfortunate incident and resulting damage.

    As for your questions regarding damages to the collateral that is to be returned, the below is exactly per RAV and the Dealership cannot deviate from the below during inspection of the vehicle (check Glass section below).

    Interior 1:
    Any burn holes to interior upholstery OR any gouges on any interior soft/hard surface that is 1/8” or less is not chargeable to the customer.

    Interior 2:
    Any stains, cuts or tears to the upholstery seating surfaces that is less than 1/2” is not chargeable to the customer.

    Tires:
    Tires with 1/8” or more of tread remaining is not chargeable to the cusomter. Standard tread wear indicator tool can be used for measurement.

    Exterior 1 / Body:
    Dealer must place RAV Measurement card over any visible scratch, chip or dent. If that card completely covers that type of damage it’s not chargeable to the customer. The referred to “card” is approx 3”L x 2”W.

    Exterior 2 / Lenses, Body moldings and Window trim:
    If there are any scratches, dings or dents to these areas that are 2” or less, it is not chargeable to the customer.

    Glass:
    In the center of the measurement card there is a 1” circle. If there is any glass damage (chips, cracks etc) that fits into the circle each instance is a $50.00 charge to the customer. If a crack or chip exceeds the diameter of the circle OR there are more than (2) such occurances on the SAME piece of glass, the customer is charged the total cost to replace the glass.

    ———
    Any damages to be assessed by the Ford Dealership and such repair costs to be paid by the customer will usually be based on cost to repair by Body Shop standards as well as cost of original new Ford replacement parts.

    Any missing equipment, damages or abnormal wear to the vehicle, the Customer is responsible for the cost of repairs at the time of completing the Reacquired Vehicle Transaction - that means you either have to pay by cash, credit or roll the repair cost into the new loan. Ford RAV won’t let you complete the transaction until all damages and monies for such are satisfied.

    ———

    So if your Glass damage is greater than the above “allowed” damage per RAV, they will require you to replace the windshield at Dealership cost. So if by your assessment it exceeds their provisions and might require a complete replacement, I would shop local Glass Installers and get some quotes.
     
  10. 17LightningGT

    17LightningGT Well-Known Member

    First Name:
    Matt
    Vehicle(s):
    2018 Gt Performance Pack
    Joined:
    Jan 28, 2018
    Location:
    NWIN
    Posts:
    201
    Likes Received:
    48
    0   0   0
    RAV is terrible to work with. March 3rd 2018 is when my 2017 took a dive, and I drove my 2018 home on May 8th. It was nothing but back and forth between myself, the dealer, and RAV for two months.

    Here is my thread: https://www.mustang6g.com/forums/threads/broken-valve-motor-blown.99999/

    For some reason, the image links are all wonky, but if you click the links, you can still view them in a new tab.


    Awful process, it will test your patience. In the long run, it will be made right, but there are a LOT of hoops to jump through.
     
  11. OP
    OP
    TGGT

    TGGT Well-Known Member

    Vehicle(s):
    2018 mustang gt
    Joined:
    Jul 29, 2018
    Location:
    SoCal
    Posts:
    230
    Likes Received:
    69
    0   0   0
    I guess I’ll be windshield shopping. I don’t know what the dealer cost of a windshield is, but I’m sure it ain’t cheap.
     
  12. Nanashii

    Nanashii Well-Known Member

    Vehicle(s):
    2018 Mustang GT Performance Package Level 2 (Bought back by Ford due to 2K RPM rattle and high RPM clutch grind)
    Joined:
    Nov 15, 2014
    Location:
    Ashburn, Virginia
    Posts:
    789
    Likes Received:
    235
    0   0   0
    My experience with RAV was fairly pleasant. Two months is not bad assuming your car was in the shop for 30 days to trigger a buy back approval and then RAV's website quotes 25 days on average to get through the buy back process. My refund case was wrapped up in about three and a half weeks and that was with the holidays being in the middle. The replacement car process does seem more involved though and the case manager is a big factor as well. Mine was very communicative, always answered the phone and responded to emails.
     
  13. OP
    OP
    TGGT

    TGGT Well-Known Member

    Vehicle(s):
    2018 mustang gt
    Joined:
    Jul 29, 2018
    Location:
    SoCal
    Posts:
    230
    Likes Received:
    69
    0   0   0
    My experience with ford in general ( rav& dealership) has not been good. Poor communication every step of the way. Dealing with the dealership has been the worst part for me. The service department strung me along for several months, and then when they did return my car there was body damage to it that they tried to pretend like it didn’t happen. Now I’m getting a different song and dance from the sales department every couple of days. I just want it all to be over! On a side note I decided to replace the windshield in my car. I found one for 220 and decided to go for it.
     
  14. OP
    OP
    TGGT

    TGGT Well-Known Member

    Vehicle(s):
    2018 mustang gt
    Joined:
    Jul 29, 2018
    Location:
    SoCal
    Posts:
    230
    Likes Received:
    69
    0   0   0
    Got my windshield replaced, but now the dealer tells me there’s mistakes on my worksheet and those need to be corrected before we can proceed. I’m really thinking about contacting an attorney as it is totally apparent that my dealership is not interested in helping me and now they are trying to renegotiate the terms of my offer from rav
     
  15. Cobra Jet

    Cobra Jet Well-Known Member

    Vehicle(s):
    2018 Fastback Premium EB/PP and 94 Mustang Cobra
    Joined:
    Feb 12, 2015
    Location:
    NJ
    Posts:
    3,269
    Likes Received:
    975
    Rating:
    100%
    2   0   0
    Call whatever Ford # you have been using, ask to speak to a Supervisor and explain the issues you are having and want immediate resolution.

    The Dealership sounds like they are clueless, more so if they have never completed a RAV transaction.

    If RAV drafted the worksheet, it has the most current information. The ONLY value that could change during the course of the process is your vehicle payoff figure. It’s all due to timing, so if you made additional payments AFTER the “final” draft of the RAV worksheet that you agreed to - then that would be the ONLY adjustment, because now you owe less on the loan.

    The Dealership, RAV and you should be on a call together to get things ironed out.
     
  16. Bpro

    Bpro Well-Known Member

    Vehicle(s):
    2015 Mustang
    Joined:
    Mar 29, 2018
    Location:
    DFW
    Posts:
    53
    Likes Received:
    2
    0   0   0

    I've been dealing with a "Regional Customer Service Manager" and they are horrible with communication & responses. I left him voicemails daily for 5 business days, answered me the following week with no new information. Allegedly nobody further to escalate or speak to, just playing the waiting game.
     
  17. OP
    OP
    TGGT

    TGGT Well-Known Member

    Vehicle(s):
    2018 mustang gt
    Joined:
    Jul 29, 2018
    Location:
    SoCal
    Posts:
    230
    Likes Received:
    69
    0   0   0
    I talked to the sales manager yesterday day, and assured me their doing everything they can, which I’m sure is a bunch of bs but it is what it is I guess. He said they would keep me posted on a weekly basis. At this point I’m fairly certain I will have to hire an attorney. I think this dealership just doesn’t want to give me a new car. There’s really not much else I can do. Either I wait it out or I hire a lawyer
     
  18. OP
    OP
    TGGT

    TGGT Well-Known Member

    Vehicle(s):
    2018 mustang gt
    Joined:
    Jul 29, 2018
    Location:
    SoCal
    Posts:
    230
    Likes Received:
    69
    0   0   0
    3 weeks and still nothing. The dealership says their working on it. In the meantime my new short block is rattling and I’m taking my 18 back in on Monday to have it checked out and to have the body damage that the dealer did to it while it was there for the short block repaired. The frustration with these people is never ending!
     
  19. Cobra Jet

    Cobra Jet Well-Known Member

    Vehicle(s):
    2018 Fastback Premium EB/PP and 94 Mustang Cobra
    Joined:
    Feb 12, 2015
    Location:
    NJ
    Posts:
    3,269
    Likes Received:
    975
    Rating:
    100%
    2   0   0
    Circumvent the Dealership - call the Ford 800#, or your RAV # and demand to speak to a Supervisor. Tell that Supervisor you want immediate resolution because you have been more than patient with the whole ordeal. State if you can’t get a fire lit under anyone there, that you’d be more than happy to publicly post your frustrations all over Ford’s Social Media and automotive forums with facts and that you are ready to retain legal counsel due to it being nearly 1 month with an approved RAV worksheet and no collateral swap commencement,

    Seriously, call the Ford 800# and your RAV Rep every single day if that is what it will take to get your Buy Back satisfied.
     
  20. OP
    OP
    TGGT

    TGGT Well-Known Member

    Vehicle(s):
    2018 mustang gt
    Joined:
    Jul 29, 2018
    Location:
    SoCal
    Posts:
    230
    Likes Received:
    69
    0   0   0
    I spoke to my rav rep she asked me to give her two days and if things weren’t moving forward at that time I could switch dealership’s. I agreed to it, but I think ultimately I will have to switch dealerships. Also I believe California law says they have 30 days to fulfill anything that offered. That 30 days is rapidly approaching
     

Share This Page