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Buyback process

Old 10-22-2018, 12:15 PM
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Question Buyback process

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!

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Old 10-22-2018, 01:44 PM
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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.
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Old 10-22-2018, 08:42 PM
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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

Last edited by timtoolman; 10-22-2018 at 08:50 PM.
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