Forza Mag & F40 "Lemon Law" | FerrariChat

Forza Mag & F40 "Lemon Law"

Discussion in '288GTO/F40/F50/Enzo/LaFerrari/F80' started by jjmalez, May 10, 2007.

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  1. jjmalez

    jjmalez F1 Veteran
    Silver Subscribed

    Apr 8, 2005
    6,710
    Northern Illinois
    Full Name:
    Joseph
    Hello,

    this months issue of Forza magazine (june 2007) has a market update on "super ferrari's" 288 GTO, F40, F50, Enzo. someone on F-Chat once said the reason the F50 was leased was because of numerous lemon law lawsuits on the F40. Forza mag acknowleged this to be the case in their article.

    my question is, if a 1991 F40's MSRP was $399K, but was sold for a million dollars. does the lemon law state that ferrari has to buy back the car @ MSRP, or the price the buyer paid (1 million) for it?

    thanks.


    joseph
     
  2. MGD416

    MGD416 Formula 3

    Jun 4, 2006
    2,385
    it would only make sense that it would be at the Manufacturers suggested retail price not at the flippers price
     
  3. Townshend

    Townshend F1 Veteran
    Owner Rossa Subscribed

    Jul 20, 2005
    6,677
    Chicago
    Full Name:
    Walter
    I agree. It would've been at MSRP.
     
  4. Wolfgang5150

    Wolfgang5150 F1 Rookie

    Oct 31, 2003
    4,706
    What was the problem with the F40 that resulted in the Lomon law?
     
  5. Wolfgang5150

    Wolfgang5150 F1 Rookie

    Oct 31, 2003
    4,706
    Sorry, should say 'Lemon Law'..........
     
  6. flaviaman

    flaviaman Formula Junior

    Jul 26, 2005
    318
    Vernonia, OR
    Full Name:
    Gregg
    The law was written that the car would be bought back for the "selling" price.

    When the Ferrari market collapsed in the early 90's there were people who tried (and I believe succeeded) in getting TR's bought back after paying $100K+ over MSRP. I believe the usual claim under Lemon Law was seatbelts, which could be / was justifable in many cases.

    I do not recall an F40 being bought back, but it would not surprise me.
     
  7. SSNISTR

    SSNISTR F1 Veteran

    Feb 13, 2004
    8,046
    SFL
    I do not recall ever hearing of any F40's "Lemon Lawed" but if any were I sure bet those poor saps wish they had the car back now!


    As for the seatbelt thing, I did hear soemthing about that. That is why the US spec cars had those stupid motorized seatbelts which most removed anyway.
     
  8. shill288

    shill288 Formula Junior

    Feb 24, 2005
    900
    West Coast
    Full Name:
    Steve Hill
    The Forza Magazine article is correct. F40s were bought back by Ferrari under the Lemon Law. As correctly stated in a previous post, Ferrari had to purchase them back at the actual selling price to the customer, not MSRP. I have no idea if Ferrari then somehow made the authorized dealer to cough up the difference. While the marketing spin in the USA on the reason F50s could only be leased was to curb the aftermarket selling of the cars, it was all about the Lemon Law. Remember, Ferrari had trouble getting rid of the last F40s back in 1992. Ditto their other cars. Ferrari offered me, and others, 100% financing and a discount (it was something like $25K - $30K if I remember right), to purchase a new car. They also had trouble "selling" the last F50s at MSRP. The issue of flipping a new car for profit back in the early to mid-90s was mute.

    What were the complaints that couldn't be fixed you ask? Things like the emergency brake wouldn't hold the car on a grade. Another one was an owner measured the distance from the ground to the rear bodywork and the sides weren't even. Etc., etc. It always sounded to me more like the new owners that paid $1M plus found a way to get their money back, and out of the car.

    And, no, those owners that paid $1M plus probably don't miss them when you can still purchase one today for around $400K, give or take.

    Steve
     
  9. SSNISTR

    SSNISTR F1 Veteran

    Feb 13, 2004
    8,046
    SFL
    You see now a days, minor things like that could never Lemon Law a car. The emergency brake is adjustable, or just put the car in gear. And the ride height, if it was off a little can be adjusted. Your right, sounds like some of them just wanted their money back.

    Well considering how few are in the States, I'd beg to differ.
     

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