488 Pista - qualifying demands

That may be something the dealer is doing but it’s not a legal lien per say. They can blackball you, they can refuse to sell you future cars but if you wanted to sell, really they can’t stop you.

 

This thread is either getting people upset or unnecessarily hopeful.

It isn't as simple as I had to get a Lusso and then got a Pista.

To get a clear picture (which no one seems to be willing to do) then one has to disclose:

All purchased cars from that particular dealer and entire history with the dealer, whether it was new, used, below/above market value, trading history of cars, consigning (whether % was below/above market rates), whether they leased/financed through Ferrari, involved in racing programs, how long they held onto previous cars, etc.

 

Totally illegal and completely unenforceable——

 

True. As to full disclosure I have purchased 12 cars from this dealer and it’s affiliates over the last 9 years.

 

Well said Doc

 

I'm sure Scott appreciates your biz. However, why make you buy 488? Your dealer is the leader of the arrogant aspect. But hey you're happy that's all that matters.

 

with due respect my friends:

 

Then you need to read your paperwork. Liens are only for loans, you think it's on your title. If you paid cash for the car, you have a free and clear title. The paperwork you signed limiting the sale of the car is a ROFO.

 

I think he’s referring to the right of first refusal if the car is to be sold.

The dealer has the new owner sign an agreement to give the dealer the right to buy the car back if the owner wishes to flip it within the first year. I believe it has to be no higher than MSRP.

Then the dealer can sell the car at any price they want because the car is no longer new.

SV


Sent from my iPad using Tapatalk

 

Listen guys for the last time
The title which the car is free and clear and paid in full
Has the dealer named as a Lien holder
Nothing to do with right of first refusal
They just don’t want you to be able to sell or flip that car before a year is up
End of story



Sent from my iPhone using Tapatalk

 

If you have a free and clear title, then you don’t have a lien holder. If you have a lien on your title then you don’t have a free and clear title.

 

There’s no talking anymore to you guys



Sent from my iPhone using Tapatalk

 

This is beyond wacky. Maybe I am alone in not being able to comprehend what is being explained.

 

All of this is wrong. The agreement is unforeceable because of exactly why any other similar agreement is unforeceable — it would cost the dealer more than they would gain to hire a lawyer and try to enforce it. Now if it’s a TDF or Ford GT, it might be worthwhile for the dealer to pay legal fees and try for a win, but 6% of ~320k isn’t enough to bother. Those agreements are nonsense they have you sign in the hopes that more than 50% of buyers believe them and consign their cars back to the dealer. On the flip side, buyers don’t want to bite the hand that feeds them and potentially lose what “status” they may have. Just like everything else in “law” it has zero to do with real law, and everything to do with leverage.

 

You would lose $40K in an entire year if spec’d right instead of 6 months, but keep in mind your dealer will try to give you a reduced trade value because they have to get the Pista premium out of you somehow.

 

It is common practice among high end car dealers to have you sign "The First Right of Refusal Agreement". This agreement, while technically legally enforceable by the dealer since it does constitute a binding contract by the parties, rarely if ever, will be taken to court unless you are John Cena who breaches that contract and flips his Ford GT shortly after taking ownership.

A lien refers to a very specific type of security interest, being a right to retain property until the debt is discharged. Therefore, a lien cannot be legally placed on your vehicle if it is paid in full with no debt owing. Furthermore, the lien holder must register the lien with the appropriate government agency with accompanying documents that proves a debt obligation exists.

 

You either play the game or you don't get the car you want (especially if you want to do the tailor made program - which I do on this Pista). I don't want someone else's spec on a half million dollar car.

 

And the problem is? Either you pay to play or you sit on the sidelines chirping.

 

I guess it depends on what you want. I for one don't see the benefit of making my own spec because I really don't see that much variation in the regular spec process. Now for tailor made and the Pista where it's more exclusive and there are more options then maybe it makes more sense.

I have bought someone else's spec on every car I ever purchased including my two Ferraris. I always enjoy shopping around for a deal. I definitely enjoyed the process of finding both my Cali T HS and my 488 Spider.

I hope you get to enjoy your 488 some before your Pista arrives. Have you already given up your Speciale?

 

I believe it.

Just to help out everyone...

1) is it only your dealer
2) is this something that Ferrari North America is mandating
2) are they doing it for specific cars/specific customers
3) is it only on cars that have no creditor lean
4) did they inform you that you had to agree to this when they gave you the allocation or they told you when you were signing the final paper work?
5) I'm assuming that you can sell it within one year and they will release the lien as long as you sell through them?

Thanks for the posting as it is an interesting development.

 

By definition the title is not free and clear if it has a lien on it. I asked you for what law allows this and you said the law of the dealer but the dealer doesn't make laws. Here in Texas the dealer doesn't give you a title if there is a lien. You can ask for one if you want it but until the lien is removed, the title is electronic. So I don't see how this would work here in Texas. If I bought a car and paid for it, I would expect a free and clear title. If I had to sign some other promise not to sell for a year then that is a different matter. Of course we have a recent Pista owner here from Texas who could clear this up for us if he wants.

https://www.txdmv.gov/lienholders

 

First right of refusal contract va lien- different things

 

She's goes away next Wednesday, meanwhile I am driving it every day until then! 4 years with her...def gonna miss her.

 

It's a consensual lien.

We sell you this car on the condition that it cannot be sold for one year without our permission. The consensual lien between both parties to ensure that one satisfies this condition.

Not much different then I taking out a loan for an entirely different purpose and I use my car title as collateral. If i default on the totally different loan then the lien holder takes possession of the car or I can't sell the car until I have the lien holder remove the lien.