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Buyers & Sellers Beware: CNC Motorcars, Upland California

Discussion in 'Ferrari Discussion (not model specific)' started by m5guy, Dec 12, 2020.

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  1. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
    Rossa Subscribed

    Sucks...sorry to see.
    Not surprised with Covid.
    Let us know. Rooting for u!
    Can’t u get the police repossess the car? Call it stolen?


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  3. Innovativethinker

    Innovativethinker F1 Veteran
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    Aug 8, 2009
    5,613
    Bear Creek, Ca.
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    Mark Jones
    While I have not done any transactions with them, I’ve been there a few times and did not get the impression they operated as this thread depicts.

    I notice the check said “stop payment” and not “insufficient funds”, which means they acted to stop the payment to you. Adding in that they have done the same to the Lienholder, they have to understand the repercussions of those actions.

    Given that, I suspect there may have been a problem with the buyer’s payment. I would read the fine print of the agreement, if it allows them to stop payment should there be a problem with the buyer’s payment they may be operating lawfully.

    They have, what appears to me, to have millions of dollars in inventory, hard to believe they would put that at risk.

    This is just a theory, but it is the only scenario that makes any sense.

    I hope it works out for you, and please keep us posted.
     
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  4. Jack-the-lad

    Jack-the-lad Four Time F1 World Champ
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    Covid? More like crooked.
     
  5. 19633500GT

    19633500GT F1 Veteran
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    Floor plans man. Most can roll "heavy" on looks.
     
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  6. m5guy

    m5guy Formula 3
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    Aug 17, 2008
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    This is correct. As someone else already posted as well, a Stop Payment on both checks is different than an NSF check.

    My wife works for the Public Defenders office in a nearby County, so we know exactly what the score is now on the Civil and Criminal Complaint side. The Dealer and Dealer principle now control their own destiny and can resolve this at any time. My pathway is straightforward until they perform pursuant to the original terms of the Consignment and Sale Agreement that expired on 12/6/20.

    Please continue to note that my statements here on a public forum are made without any disparagement or other statements of opinion against the Dealer. This is done intentionally as this Forum (and several other that I am active on) serve as a public record of the Facts of the Claim. When and if the Dealer elects to reinstate funds in full, I will state that in this thread.
     
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  8. 19633500GT

    19633500GT F1 Veteran
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    Greg if you ever need a "higher up" contact at PenFed, let me know.
     
  9. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
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    I read the posts as then going bankrupt with covid but if incorrect u are right!


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  10. paulchua

    paulchua Cat Herder
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    Jul 1, 2013
    10,392
    Menlo Park, CA
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    I'm so sorry to hear this, rooting for you!
     
  11. amenasce

    amenasce Two Time F1 World Champ
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    That's terrible. And very surprising considering the reputation this dealer had on fchat for many years, as well as the quality of their inventory (i remember Enzo, Carrera GTs etc..).

    And as someone else said, the exotic market is booming.
     
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  13. Island Time

    Island Time F1 Veteran
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    Dec 18, 2004
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    This strikes me as a criminal matter. But, then again, I'm no lawyer.

    What they've done, for all intents and purposes, is to "doctor" a title as clean.

    That's if I'm understanding this correctly.
     
  14. Island Time

    Island Time F1 Veteran
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    Dec 18, 2004
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    One would think there's some protocol with the state that the lien holder could take to prevent the new owner from titling the car. This can't be something the lien holder isn't aware of that can happen. In other words.....it ain't the their first rodeo.
     
  15. PA32Pilot

    PA32Pilot Formula Junior
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    Thought canceling payment on a vehicle like this was considered GTA?
     
  16. PA32Pilot

    PA32Pilot Formula Junior
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    I PMed you
     
  17. yoda

    yoda Formula 3

    Sep 27, 2004
    2,425
    And I think the last review Demuro did from CNC was eight months ago. CNC was getting good exposure through Doug's Youtbube videos as he was reviewing many cars from their inventory last year.

    Hopefully this shady situation gets resolved, agree that it's starting to sound like there's a criminal element to it.
     
  18. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
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    I have asked Joey at CNC to help


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  19. BT

    BT F1 World Champ
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    I bought the Alfa 4C in my avatar from Fraser at CNC about a year ago. My wife was worried about the transaction, but I decided to just go with it since they had such a good looking website and strong inventory. Sorry this has happened to you and hope it gets resolved soon!
     
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  20. m5guy

    m5guy Formula 3
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    Thank you for that, but no help from Joey is required. My attorney and I have been in constant communication with the dealer principle listed in the Secretary of State filing documents. I will avoid typing his name here because it is not relevant to the actual terms of the Agreement.
     
  21. marknkidz

    marknkidz Formula 3
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    Oct 7, 2004
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    not that it matters.. but i un-subscribed to their email blasts... everyone should! I believe they do state on their listing agreement they have a ridiculous amount of time to make payment to the seller... not sure if they are or arent within terms.?
     
  22. BMW.SauberF1Team

    BMW.SauberF1Team F1 World Champ

    Dec 4, 2004
    13,338
    But would the terms allow stop payment like he has had happen twice on the funds of the sale? It's not a simple delay in payment.
     
  23. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
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    I just don’t understand how a rather large dealer let that happen. I mean it’s a 360 spider, we talking about 120k or so.


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  24. amenasce

    amenasce Two Time F1 World Champ
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    My thoughts too but then it might be bc they are so large that they are no longer liquid to be able to float a 360 spider, even if it already sold!
     
  25. srslusso

    srslusso Formula Junior
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    Mar 17, 2005
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    I just spoke to the owner of CNC who said there are no problems there except for people who when unhappy take to or threaten to take to Social Media to disparage reputations of great business people like CNC !
    I have dealt with CNC as have many of my friends over the years and have been very happy!
     
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  26. LARRYH

    LARRYH F1 Veteran
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    Jun 3, 2011
    7,328
    virginia usa
    best of luck this sounds like a bad deal for sure and a very good reason not to ever consign a vehicle with any dealer I did once and only once.... and It was a very well known dealer I got paid but not for months and they never even told me they sold the car....but I did get paid once I finally figured out the car was sold ...
     
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  27. m5guy

    m5guy Formula 3
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    Aug 17, 2008
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    *****Update*****

    It appears that the Dealer has wired 100% of the proceeds to me as instructed. Pending any notice from my bank to the contrary, that means the dealer has fully performed to the terms of the original Consignment and Sale Agreement, albeit delayed by 1 week with several twists and turns. In closing, I will note 4 things for those reading in the future:

    1) Both the Dealer and I maintained professional and constant contact throughout the past week despite the delays in restoring funds.
    2) At no time did I disparage the dealership or the dealer principle.
    3) I did engage the services of an Attorney and I did contact both the local DMV Investigations units and the local police department having jurisdiction over the area. I will ensure that both those reports are closed out.
    4) My Breach of Contract complaint has now been resolved with the Dealer. My bank (Chase) is going to transfer funds to the former lienholder Penfed to retire the outstanding auto loan. Both banks have a protocol to ensure the wire transfer is not recalled, so that is reassuring.

    F-Chatters, I am going to ask a moderator to lock this thread shortly. While I appreciate everyone's moral support, speculation about what is and what is not going on at this dealership can be damaging and that is a line that I purposely never crossed.
     
  28. Nospinzone

    Nospinzone F1 Veteran

    Jul 1, 2013
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    Weston, MA
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    Paul
    Is this company still in business or are they operating in bankruptcy?
     

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