Ford F150 Forum - Community of Ford Truck Fans

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- - Buyback process (https://www.f150forum.com/f2/buyback-process-429748/)

Hello folks. I am in the process of a buyback for my 2016 F150 due to water leaks.
Anyone have any insight on the buyback process?
At first I was told I needed to find a vehicle with the same MSRP or more.
Then, after I got transferred to the RAV department, the rep asked if I wanted to do a refund instead so I could go get a replacement truck sooner, prior to the process being completed.
The question I have is:
They are buying the truck back.... do they pay off the loan AND refund me the payments I have made? I ask because there was inequity in the original loan. What happens to that?
If I paid (for example) $50k for the truck, rolled in 15k inequity, for a financed amount 65k. Made $15k in payments. Owe 50k on the loan. Do they pay off the loan AND refund me what I have paid into it?

Thanks in advance!

They will not pay you for the "inequity", you will still owe it.

They will pay back what you paid less an amount for your use. You/They would apply that to your loan.

I had Ford buy back my 2013 platinum with 4900 miles on it , Ford ask me what I wanted and told them another platinum, there wasn’t any like I had just bought a few months earlier , So I said I’d like the 2014 Limited on the lot , deal done , I had to pay 1400.00 be cause sticker price was a little higher , finance company switched title paperwork Done , I was suprised it was easy and painless, they don’t pay loan off , current loan was still in effect just switched titles, they did offer to buy it , they offered almost what I bought it for , waived the mileage charge , but I wanted a truck