RX8Tim

We'll I don't know if I'm the first one to go through the process on this forum, but I thought that I'd start a new thread for those that have completed the process.

Mine went off smoothly today. I only had to sign a few papers (none of them would prevent me from buying another RX-8 in the future). I got everything back, except for the interest on the loan for the past month that I've owned it.

The guy at the daelership said that the car would be going on the used car market (it only had 333 miles) at a price lower than the new ones, since it had been titled. That means that someone will get a nice (almost new) loaded RX-8 (including navigation) for a good price.

I appreciate all the information that I gathered here on this forum prior to the delivery of my RX-8. I enjoyed the car for the short period of time that I owned it. I hope that those that decided to keep the car continue to enjoy yours for as long as you have your RX-8 in your driveway.

Have fun!

Alvidrez

I am glad to hear someone got their checks I confirmed over a week ago that Mazda had received my signed agreement for them to repurchase the car with the verification of the money to be paid to me. I still have not heard a word from Mazda or its agent about when I will get my check and turn in the car. The buyback process has taken entirely too long in my opinion.

Superbone

Do they give you two checks? One for the loan payoff and one for the difference?

Or, do they pay off the loan and just give the check for the difference?

(Wow! Only 333 miles? Mine's got 4600 and counting! :D )

Wing

In Canada they are going to wait till the deadline then they will start processing. We should get to keep our cars for another 2-3 weeks which is fine by me. I'll keep it till the snow falls.

Then I return and get a cheque. Basically you that the cheque to the bank and pay off your loan. What's left is yours.

Napboy

I'm waiting for them to call me back with my final amount and where to turn in the car. It's been two weeks, but they did tell me that they would call within 10 business days. What's annoying me now is that every day that they delay, the more interest I have to pay on the loan.

RX8Tim

I only got one check for the amount of the down payment and the taxes that I paid for the car. I guess that the other check (unseen) went to pay off the loan at the lendors office. There will be someone very happy to find my RX-8 on the used car lot!!!!

TroyRX8

I am glad I decided to get another F-Body and wait. I would have never expected buy back options, 238HP, and 16MPG.
Thats missing the mark as much as Ford did with the Cobra a few years ago. Mazda should have offered to stick a couple of turbos on it instead.

What bothers me more is not trusting R&Track and Motorweek on initial tests. They were overally positive and unrealistic.

Note to self - "Could I buy an RX8 from an indivual in the furture?"

Superbone

Hmm... I've had to send a payment in since I signed the agreement. I guess I'd have to get that money back from the bank?

jtimbck2

I think that guy was mistaken. Mazda has said repeatedly that the returned cars are going to be offered for sale to Mazda employees, and they will not go into the general used car market.

emailists

[/B][/QUOTE]
I think that guy was mistaken. Mazda has said repeatedly that the returned cars are going to be offered for sale to Mazda employees, and they will not go into the general used car market. [/B][/QUOTE]

Well some MAzda employee is gonna be mightly tickled to get my 1500 mile car in perfect condition and with 3M material coating the whole front and rear. Claybared too.... And I guess with the 10 grand or so they save they'll have lots of money to buy gas at 11MPG city. Still a great deal for them though, I'll be sad to see it go. But one th brightisde I think I have another 8 lines up just they way I want it Titanuim6speed/CHapparel/ Black leather- (which is exactly what I have now)- AT least I didn't put the MP3 player and strakes/accents/mudguards in yet

lilhondi

I got a call from Mazda today. I must say they have been very nice and have always returned my calls in a timely manner. They told me that they ordered my check a week ago and it might take 2 more weeks before I am asked to return the car. Mazda will pay off the car so if you are due any money, you will only get one check. For those who are returning the car, it is now taking 3 weeks to get the instructions to drop off the car. I asked the contact person if many cars were being returned. I was told a lot of cars are being returned. I just thank the man up above for being able to return the car and get money back. I have had many problems. lilhondi
silver RX-8, 6 speed, touring PKG

Chadr

I must say that the company Mazda is using for the buybacks and I guess by extension Mazda directly have been wonderful to deal wtih. I always get timely return phone calls, they have processed everything quickly, etc. Only issue I have is since I put the MP3 player in myself they will not pay for it.

They requested my checks on the 23rd and I was told 2 - 3 weeks from that point till I would return the car. They have been truly wonderful in how they have dealt with it, especially since I thought a lease would be more of a problem but they are simply doing what is needed to correct the situation.

That being said anyone need a very slightly used MP3 player? Guarenteed to work and at a good price!!

Kudos to Mazda for doing the right thing in handling the buyback.

RX8Tim

I agree...the whole process went smoothly and very professionally, from the very first day that I called until the return of the car yesterday. It took about 3 weeks for the whole process to happen.

silver8

I am glad to hear the good stories on the buyback process. I sent my paperwork a week ago and got a call confirming their receipt. However, I haven't heard anything since. As I will be buying something to replace the 8, I was hoping to have heard more from Mazda' agent so that I might go buy the replacement today.

It's the last day of the month/quarter which is a good time to get a good deal at a dealership. I also heard that by buying before tomorrow (October 1st) here in California, one can avoid the newly escalated car-use extortion...I mean "tax."

Can someone explain what happened after they sent their paperwork? Did you get a call? Did you get an email? Did you get something in the mail?

Thanks!

Chadr

I sent in my paperwork with the requested documents (basically for me the lease contract and the registration to the car) and within a week got a call from a nice woman at ISG (Impartial Services Group). She asked me to confirm payoff with the leasing company, how many payments I had made, etc and once I supplied her with that information she passed it to another rep that does the check requests. Basically once she had that info I got a fax in about 2 - 3 days that detailed what payments were going where and I had to sign and fax that back. They requested checks for payoff the day I faxed it back to them which then takes 2-3 weeks. If you haven't got the call back yet I would guess it will be about a month before you would be turning the car back in at this point.

silver8

I called the 800# for Customer Service to get a status on my papework. The woman I spoke with tried to call "the lady who would know" but couldn't reach her. So, she is going to send her an email. Hopefully I hear something today. I just wonder if I should buy my replacement car without having more data on the buyback!

Wolfer

I had to keep insurance on both the RX8 and my replacement until the car is returned. I just hope it doesn't take too long for that check. It's been almost 2 weeks since I faxed the signed repurchase agreement form.

silver8

Have you called them?

Superbone

I'm still confused on how the buyback process works as far as the loan is concerned. We were told to continue our loan payments as to not incur late charges and penalties.

So, after signing off on the numbers from ISG, I had to make a payment on my loan as to not be late. But, the numbers agreed upon did not include that payment. So, if ISG pays off the loan with the amount that was agreed upon, the bank will have a surplus of funds. Will the bank then refund that back to me?

I have a call into ISG but am still waiting for the return call.

TracyP

I spoke to Emma at ISG today regarding that exact question. She said I will have to get any overpayment back from the bank. I haven't called the bank yet. I plan to call them tomorrow to let them know what is going on and find out how to go about getting any surplus payment back.

Superbone

Tracy, thanks for the info. I think I'll do the same.

silver8

Based on loan payoffs I have done in the past, there is always a difference between the quoted payoff amount and the actual payoff amount. There are generally processes in place for the banks to refund you the surplus. What they do is quote a payoff amount that's good for a certain number of days. With most loans there is interest charged daily based on the outstanding balance. Thus the payoff amount is fluid on a day to day basis. Unless your payoff occurs on the last day of the period (for which they quoted a payoff amount), it will be different than the quoted payoff. Make sense.

xrecar

Hey ladies and gents,

I wish to tell you my story. Traded in my 2001 'little buddy' miata. Purchased a 2004 Rx-8. Noticed some things about the 8 that werent in other 8's, especially around 3,4th gear kind of a clinking/pinging noise with light throttle. Had it checked out, they told me it performed to spec... ie: they didnt know. Only one of the 2 techs heard it.

Oil lights constantly. Oil level really drops quickly. Get the oil pan changed out. That problem fixed. Concerned the noise is comming from the transmission... dissapointed to hear about the car not making as much power as adverted... hear about the buyback, will talk to factory rep per Mazda buy-back persons request. 'Serbon' goes for a ride and tells me I am driving the car wrong. 'Drive it the way it was meant to be driven'... does he mean 8500rpm in every gear? I keep the revs at least 4-5k. Tells me the engine is pinging (im not as young as i look). I mention 'wont that ruin the apex seals?'. Serbon: 'no.' At least I got an explanation for the noise. On the way home contimplating what to do, and thinking about how 13mpg feels, and how many mpg the cadaverlier got (their loaner car) the check engine light comes on... 'the engine missed' in the tech's terms. I choose the buyback option.

Get all the paperwork in, things are going smoothly. I take a hit on my first car payment, over half of it will be the interest for the loan... I can deal with that. I will be losing the money saved from not paying taxes on 13,600 dollars (what they gave me for my miata) on my next auto purchase (~1000k)... I can deal with that. There is a charge for Negative Equity $250 dollars... What the Heck?? I call them up... 'your dealership gave you an overallowance of $250 dollars on your miata and we wont be paying that'.... what the heck is an over-allowance? I look at my paperwork and theres nothing in there about $250 dollars... only the price of $13,600 that we agreed they pay for my 01 miata. I never agreed to an 'over-allowance'. In my purchase agreement with the dealership the $13,600 is refered to as the Trade in Allowance...

My question to everyone... Should they get away with this? Is it my dealership screwing me over? Is it Mazda kicking one of their youngest loyal cusomers when hes down? The Impartial services group called me and said after talking to Mazda Legal department that this was their final offer. I will be recieving ~250 less than what i paid(+ 1/2payment ) for the car. Did I missunderstand their Deal?

Your comments please.

bureau13

I've been pretty harsh on some of the people whining about the buyback not paying for babysitting fees they incurrec while test driving the car, etc, but I have to say that "negative allowance" sounds like a load of crap. I don't know if there's anything you can do about it that's worth your while, but it would certainly annoy me. I'm not sure I would have chosen the buyback based on your experience, but I sure as hell would choose another dealership if at all possible! This is the most disturbing part of your story, and I hope to God its not representative (but having dealt with Mazda dealers and service personnel with 3 RX-7s I fear that it is): It would appear that, despite all the very well-documented problems with the dealer and service network, they really haven't learned anything. Sad, sad, sad. Like I said, I hope your story is the exception rather than the rule.

jds

8_wannabe

Yer gettin' screwed on the $250, and it's MNAO not the dealer who's doing it. Even the lost tax allowance from your trade-in, now that I understand it (we don't get tax allowance in Cali.) All in all, a pretty expensive lesson for you. If you got half a mind to do, take 'em to small claims court. They probably won't show up anyway and you'll automatically win; it'll be a fun way to jerk their chain a little. Only problem is jurisdiction; you may have to file wherever their corporate HQ is (hey, isn't that out here in SoCal?)