F8 Repurchase and Security Agreement

I did not have to do that nor was I asked to do that by my dealer.

 

I had to sign a right of first refusal at F of Ft Laud for the first year of my order ( had it gone through)

 

Are you a first time buyer or do you have a relationship with the dealer. It is very typical for first time buyers. Also in this market it is getting more common with many brands. You can’t even trade a Honda that is on a lease to anyone other than Honda.

 

I doubt you can be "forced" to sign it - at least here in CA I've never had to do that. Heard about these before though.

That being said, if you don't then I wouldn't count on getting cars in the future from that dealer. Perhaps someone in FL will know more.

 

Fine with the FRoR but no chance on the lien.

 

The lien is to make sure that you don't sell it without them being notified. If the lien has an expiration date, I wouldn't worry about it at all. They are doing it to make sure you aren't a flipper.

 

If you want to buy the car you can be forced to sign it. If you don’t like the terms you don’t have to buy the car. Contract of adhesion. Right if first refusal contracts are valid in Florida (and California).

 

Open a LLC on sunbiz. Title the car in the LLC. If you want to sell in the first year, sell the LLC with the car as an asset of the LLC. You would not violate your contract that way as you didn't sell the car, it would still be owned by the same LLC.

 

Signed. Not an issue.

 

You won’t have to sign once you have a relationship with dealer. I bought 3 users Ferraris and then my F8 (new). They did not require this be when I sold my F8 after 6 months - it became an issue. I had private offer but when dealership found out - they said I had to sell to them or I could never buy a new Ferrari again. They matched offer and I sold back to dealer. If/when I order another new one, who knows if they will make me sign it. I would guess not but never know. Won’t be issue until I see what replaces the 296.

 

I am a first time and new Ferrari buyer. I did not sign such a document. I am also not in CA or FL. I took delivery three months ago.

 

@Level7 Did they ask you to?


Have a relationship-seven cars perhaps? Was first new car. Was not a lien but a 100k penalty. Six months.

Have four new cars on order. I am selling another through them and buying a 16m this month.

In my mind it is good faith in my part. They know I’m not going to burn their relationship for 20k as some have and I know my cars will get built and hopefully sooner rather than later. They know that I will use them for my car deals. Not an issue.

The Ferrari process is opaque. I asked to put a deposit on the launch day of the 296. Who gets one first ? Dunno. All I know is if they have a say in it, I would prefer my orders to go in towards the front of the line and not the back.

I would love for anyone with knowledge on the queuing at the factory to opine as well. My sense is the factory basically takes the orders from a dealer in the order the dealer puts them? And does not jump around?

For those who didn’t sign what pressure did they put on you and what was your response ?

As I understand it with the limited cars (truly limited) the factory makes you sign a document with longer and higher penalties. And off course not getting additional limited cars.

ScottS

 

I don’t think it matters. If you sell your Ferrari within 6 months of purchase and you don’t do it through a Ferrari dealer, you will be flagged by Ferrari and won’t be able to purchase again. This is from my dealer. Not sure on the amount of time you would be banned.

 

Consistent with what FOCF told me last Saturday, but not quite expressed in that manner. My F8 spec has been submitted, I’m about 5 months out.

 

I didn’t think contract adhesion was legal in California. Now I’ll have to revisit that.

Ah, unless it is: procedurally and substantively unconscionable

From 1983: https://repository.uchastings.edu/cgi/viewcontent.cgi?article=2810&context=hastings_law_journal

 

Exactly. A mortgage is a contract of adhesion. if you don't like the terms, don't sign the mortgage. Form contracts are perfectly legal unless the are substantively unconscionable.
Substantive unconscionability of a contract is indicated by terms that are commercially unreasonable or that bear "no reasonable rela-
tion to the business risks assumed by the parties.

 

It would seem to an amateur attorney that it passes the test of
1 surprise. No mention is explicitly ace at the time of deposit
2 oppression as it limits bargaining (with the dealer?) at the time of resale.

But I’m an amateur.


Here’s the thing : if you win and make. Knew outside of the deale on the short side, and you get banned or slow ordered (made that up) what is your recourse? In a way you’re given an opportunity to obtain a scarce good and if you flip it outside of their benefit (dealer and headquarters ), then Ferrari feels you stole from them (taken benefit rightfully theirs or their agents).

Time to go back in the pool, I have a headache. Law is dizzying.

 

doesn't porsche ask for similar with a 15% penalty from the MSRP if you sell the car earlier than 6 months?

 

LOL that's awesome.... what a work around...so interesting too.

 

How long from when you walked into FOCF did they tell you it would be to get your F8?

I ask because i was in there sister store, Tampa..and inquired about trading my 2019 488GTB in for a F8 and I was quoted 18-24 months and more like 2 years till i got the F8. This quote was just 2 weeks ago. They did not seem to even really want to sell me a F8 though with the way the conversation went.

I don't want to be with out my toy that long and in 2 years i have no idea what i will be into..my wants and mind set could easily change in 2yrs.