Anyone get a buyback?

[keakar]

Hey guys. I was just wondering if the 45 day process I was told is normal or not. I have already been approved, went down and pick out a truck , but was told this is a very long process and to just wait. The truck I picked out was a LT2 Z71 so their will be a very small difference in MSRP but I will cover that. I would like to hear from anyone who has already gone thru the process and has any advise what to expect. You can PM me if you'd rather keep it private. Thanks

just got my booklet today and it says the BBB lemon law process takes 40 days from start to finish then they get 30 days to comply with the decision after that.

 

just be advised, they always come out ahead in a trade/exchange and in "almost" all cases you will get a better deal taking a refund.

 

if you do want another truck (not sure why but its your call) you can negotiate a better deal when you aren't obligated to buy it. this is why they try to make a deal with you, its in their better interest to get you into another vehicle rather then a full refund of TT&L plus purchase price without any depreciation except for excessive mileages.

 

just my 2 cents

[T.scheich]

How did you get approved for a buy back?

[keakar]

How did you get approved for a buy back?

you have to first qualify for lemon law by having the required number of unsuccessful repairs for the same issue. every state is different so check your local lemon law requirements. most are 3 or 4 times, some say 5 but this must be done first.

 

after you qualify go to BBB and file for lemon law.

 

https://www.auto.bbb.org/lemon-law-complaint-form/

 

you will need documentation of all repair attempts and create a record of everything that happens along with all conversations you have with the dealership or GM and write down a story log of everything throughout the process.

 

you are required to give your version of what your complaint is so the more you have the better your position will be so it is best to make a video showing the problem and if you can, get someone willing to be a witness to the issue and they don't need to go to the hearing with you as long as they are willing to sign a document attesting to witnessing it and may be contacted by phone just to confirm the statement is theirs. but you will need to turn over their witness statement with your other documentation or it can cause delays if you just show up with it on the day of the hearing.

 

after filing the GM representative will contact you and act as a go between for you and the dealership to decide how to proceed, that means more repairs or start the buyback process. if you go to buyback you have a choice of a replacement vehicle or a refund of everything, taxes included and you may be charged a depreciation fee for the miles on the truck (something like 10 cents a mile) but its not the same scary level of depreciation as they do for trade ins.

 

it must go to a hearing within 40 days from the date you file and after the decision by the judge they have 30 days to abide by his instructions

 

as you can see this process can take up to almost 3 months after its filed but I think 2 months is more realistic since no one wants to go pass a deadline

[EXSlider400]

How does this work if you were upside down on a trade in for like 6k? Do you get all the monthly payments refunded as they are mostly interest or are you forced to eat that (10 months at 900 is 9k)

[keakar]

How does this work if you were upside down on a trade in for like 6k? Do you get all the monthly payments refunded as they are mostly interest or are you forced to eat that (10 months at 900 is 9k)

I don't claim to know all this but it is a full refund on what you gave them/spent on the new truck and anything else like your upside down on a trade in for like 6k (if I understand it correctly) you are still on the hook for so I would presume you still owe that $6k difference somehow to someone

[tbare54]

I did a buy back, back in April, I was told it had to be started buy my local service manager, which it was. Then someone contacted me from some GM office in Saginaw, that handles all the paperwork. Within two weeks of being contacted by the office in Saginaw I received an offer from GM via Federal Express Overnight. In the offer it listed original purchase price, trade-in value, taxes, interest paid on loan, and any accessories installed. The vehicle you are repurchasing DOES NOT qualify for any dealer rebates or incentives, basically sticker price. This is why the want you to buy the same vehicle with a relatively close MSRP price, because it basically turn into a SWAPPING of vehicles.

They will charge you for mileage, which the call usage, but it isn't a lot. If I remember correctly I had mine for about 7 months and 7500 miles and it was $1250.

Finally, I upgraded from regular cab to double cab, the GM buy back office was just going to do a basic swap of vehicles and NO incentives on the new one. I turned down there first offer, which was for regular cab to double cab, with the new vehicle price being MSRP, which increased my purchase out lay substantially. I could buy the new vehicle from the dealer for about $8,000 less than the GM buy back office was offering, so I demanded a buy back with no new purchase and they agreed and I just went and repurchased a new vehicle on my own.

Just remember, they want you to give them your vehicle for another of basically the same options and MSRP, so it is a even up swap. So if you want to upgrade, fight for a buy back with NO repurchase included in the offer and go make your deal for the new vehicle with your dealer of choice, you will be $$$$$$ ahead.

[EXSlider400]

Thanks. An issue is that even though we were 6k in the hole with trade in, we have paid more than that in interest on the monthly payments. Also I will not find a truck like mine "new" because mine was a Demo with 10k miles so got really good deal 51k including trade in. If the buy back covers the trade in by way of the interest paid, it will be near even payoff. Truck that matches mine is 51 so note should be the same at 900....but for 6 years where as currently I have been paying for about a year so only 5 years to go at $900. So I will be paying 1 additional year on new truck that would be around 10k more at the end of the day for same truck....

[keakar]

I don't know if a demo is considered used or not, I think it is and anything with10k miles on it I think has to be considered as used and used vehicles work under different set of rules and what your rights are for lemon law. as I understand it anything not fully classified as "brand new" has very little protection if something is wrong with it.

[14SLTZ71]

Just look at your purchasing documents, do they say new or used.

[EXSlider400]

Bought as "new"

[keakar]

Bought as "new"

well that helps but the mileage might be your big issue as far as lemon law goes, there is a certain mileage you cant go over and 10k is probably too much.

 

hate to say it but I think your stuck in that gray area where you are at their mercy.

 

definitely do some research on BBB website for lemon law to see just where you stand in all this

[EXSlider400]

No. This buy back is not for a lemon. Heck I love the truck. But they changed the tow rating and now the truck can't do what I bought it for...to tow my camper in my signature below.

[14SLTZ71]

No. This buy back is not for a lemon. Heck I love the truck. But they changed the tow rating and now the truck can't do what I bought it for...to tow my camper in my signature below.

Did somebody offer you a buy back for that?

[EXSlider400]

Yes. Long story but their is a other post a out it about GM lowering tow ratings. Basically their was a misprint in the early 2014 owners manual for trucks with 3.08 gears...... like 2 thousand pounds. But I bought it to pull it and when GM updated the info my camper is now over the max tow rating.

Some states this is not allowed and I don't want that liability in case of an accident or the safety of my family...or damage truck. I am thinking GM will correct this but I will K ow more in next few weeks. Until then...kids wanted to go camping since we haven't been able to go after the recall for reasons stated above ..so we r in the back yard in camper tonight. ....

 

Some may just say tow it and forget about it.....but they can take that chance on their own...as a Dad, Husband, and Safety Director(&CSP)... I am not.

[keakar]

No. This buy back is not for a lemon. Heck I love the truck. But they changed the tow rating and now the truck can't do what I bought it for...to tow my camper in my signature below.

ok, I got you

 

its a buy back for fraudulent tow rating claims then, that's different