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Dark Sprite
Well-Known Member
How does Ford enforce the 2 year lock? Is the car mortgaged with them, and if so on what legal basis if you’re fully paid up?
Junkyard Dog
Well-Known Member
This was eight years ago:
Upon hearing of the car's availability at Mecum, Ford sought a court injunction to stop its sale, which was denied the evening prior to the car's auction date. The reasoning given was that the GT's owner and consigner had a legal right to sell the car as he had no such contract himself with Ford. The judge also decreed that since the title for the car showed no obligation to Ford regarding its sale, there was nothing to enforce on Ford's behalf.
Nevertheless, Ford persevered and recently reached a settlement with Mecum, the terms of which are only partially made public. What is known is that Ford and Mecum have agreed that:
Mecum will not accept for consignment sale any Ford GT owned by its original purchaser that is still subject to the two-year sales moratorium.
Mecum will consult with Ford regarding any Ford GT consigned with Mecum by any downstream purchaser (i.e., not that GT's original purchaser) for the first two years following the GT's initial sale to the original purchaser, and will not permit the auction sale of that GT during that time without Ford's consent; and
Settlement proceeds from Mecum will be donated to the Ford Motor Company Fund.
https://www.motortrend.com/news/ford-mecum-settlement-ford-gt-supercar-auction
Junkyard Dog
Well-Known Member
Ibid.
This is the second such instance that Ford has litigated, the first occurring when professional wrestler John Cena sold his 2017 example to a California-based dealership less than a month after taking delivery. Legal wrangling took roughly half a year until a settlement was reached, with Cena agreeing to pay an undisclosed sum to Ford, which would then be donated to charity.
93_SVT_3503
Well-Known Member
I believe they make you finance through them even, if you pay in full, and the title is not released into your name for 2 years from the purchase date.
OP
OP
buddyg
Well-Known Member
- Thread starter
- #21
6. Sales of the GTD. I understand and acknowledge that (a) Ford will not be the seller of the GTD; (b) sales of the GTD
will be made by Ford dealers in the Participating Territories (except with respect to sales in France, Germany, Italy,
Spain, and Sweden, as to which I understand that sales will be made by Ford or Ford affiliates); (c) after verification
of my eligibility and my compliance with the Terms and Conditions, I will be invited to discuss a potential purchase
of a GTD on terms to be agreed to by the seller and me; (d) the purchase price and all other terms of sale will be
determined by the seller in accordance with such terms and processes as the seller may establish; (e) in addition to
the general restriction on transferring the GTD within 24 months of delivery under the Terms and Conditions, each
seller of a GTD will have the right to condition the sale on the purchaser’s agreement to restrictions on resale or
transfer of the GTD or to a right of the seller to repurchase the GTD within specified time periods, to the extent such
restrictions or requirements are permitted under applicable law. Such restrictions may include, but not be limited
to, the resale of the GTD within the first twenty-four (24) month period after delivery by the seller, to maintain of
ownership of the GTD for the entire 24-month period after delivery by the seller, and to enter into agreements
related to this ownership requirement; (f) as security for the payment and performance of all obligations, Ford will
retain the option to be granted a continuing security interest on any GTD for up to the entire twenty-four (24) month
period after delivery by the seller, or otherwise as allowable by law, and Ford and the participating dealers may
note any liens on the documents of title and I agree to register the vehicle with Ford’s lien in the jurisdiction where I
take delivery of the vehicle, or in another jurisdiction as allowed by Ford, and to execute and deliver any documents
necessary for this purpose; (g) the purchase price and all other terms of sale will be determined by the seller in
accordance with such terms and processes as the seller may establish (h) GTDs will be delivered only to locations
in which sale and delivery of the GTD is lawful. I understand and acknowledge that any rights obtained by me in
connection with the Program are not transferrable
will be made by Ford dealers in the Participating Territories (except with respect to sales in France, Germany, Italy,
Spain, and Sweden, as to which I understand that sales will be made by Ford or Ford affiliates); (c) after verification
of my eligibility and my compliance with the Terms and Conditions, I will be invited to discuss a potential purchase
of a GTD on terms to be agreed to by the seller and me; (d) the purchase price and all other terms of sale will be
determined by the seller in accordance with such terms and processes as the seller may establish; (e) in addition to
the general restriction on transferring the GTD within 24 months of delivery under the Terms and Conditions, each
seller of a GTD will have the right to condition the sale on the purchaser’s agreement to restrictions on resale or
transfer of the GTD or to a right of the seller to repurchase the GTD within specified time periods, to the extent such
restrictions or requirements are permitted under applicable law. Such restrictions may include, but not be limited
to, the resale of the GTD within the first twenty-four (24) month period after delivery by the seller, to maintain of
ownership of the GTD for the entire 24-month period after delivery by the seller, and to enter into agreements
related to this ownership requirement; (f) as security for the payment and performance of all obligations, Ford will
retain the option to be granted a continuing security interest on any GTD for up to the entire twenty-four (24) month
period after delivery by the seller, or otherwise as allowable by law, and Ford and the participating dealers may
note any liens on the documents of title and I agree to register the vehicle with Ford’s lien in the jurisdiction where I
take delivery of the vehicle, or in another jurisdiction as allowed by Ford, and to execute and deliver any documents
necessary for this purpose; (g) the purchase price and all other terms of sale will be determined by the seller in
accordance with such terms and processes as the seller may establish (h) GTDs will be delivered only to locations
in which sale and delivery of the GTD is lawful. I understand and acknowledge that any rights obtained by me in
connection with the Program are not transferrable
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