Shortly after posting my last video, the DMV investigator called back and explained how to get the VLT Stop lifted from the vehicle after both parties interested in the car are satisfied.
It’s great that it seems like you’re making some progress in the right direction. One bright spot is that values are continuing to rise and your Ferrari is definitely worth more than when you bought it 🙌
You’re not a fool for sharing because there are so many valuable lessons to be learned in this entire nightmare you have been through. I hope you won’t make a similar mistake again in the future by buying something you really couldn’t afford at the time.
Everything will work out for him, but the reality is Matt can't afford the Ferrari. He can't even afford to pay for the repairs. He's going to end up selling the car watch.
What a nightmare. You are a better man than me. If this happened to me, I would have gone to Clay Thom’s house in San Antonio Heights, and destroy some stuff
Hey Matt, just stumbled across your channel. I'm in a similar situation but on the other end where I was the one who put the car up for consignment. The amount of frustration you're going through is all too close to home. I'm still waiting for the recovery fund to replenish. Wishing for the best of luck for you and everyone else going through this.
Thanks for the update and sharing this experience. Ferrari 355 is my dream Ferrari that is obtainable for me. Best of luck and keep this channel going, I'm looking forward to seeing you smile as a true Ferrari owner and sharing your driving experiences with us. Stay Safe and continue to prosper dude.
$61,000.00 is crap for a car valued way over 100k. It something, but no way is the seller anywhere near being close to whole. Thanks for the video. I follow you. I looking at purchasing a California.
I for one (as have many) appreciate your video series. With CNC especially, they have been around awhile and had a good reputation so many thought there was no risk and trusted them. When I was looking for my Porsche sooo many dealers were clearly untrustworthy, having poor ratings, crazy hidden "fees", and other crap. It seems consignment takes it to a higher level of risk. For me I see no other option than a face to face, owner, buyer transaction. Lake they say, you are not just buying a car, you are paying for the seller's reputation.
Nice to have a resolution in sight. I remember commenting on your first videos about how something similar happened to me with a Toyota. Less convuleted for sure, but interesting how the process with the DMV and the courts is similar in the end. (Ohio over here)
Hopefully you'll successfully get to the end of this whole escapade soon! I'm not surprised the previous owner seemingly doesn't want anything to do with this now, except for being paid. Keep at it!
I think its good you put pride aside on what is, like you say, a embarrassing situation. To let people know to watch our for this kind of situation. You, dan and maybe some others have let people know when buying a car like this it is almost a whole different level of scamming that goes on. I would say some next level shit. At a time when you have worked hard and saved up money to put down on a nice exotic car only to end up in a aweful situation for numerous people. Thanks for alerting us.
I also wanted to comment to let people know a general timeframe on the payouts being given out by the Consumer Motor Vehicle Recovery Corporation. I first filed my complaint with the CA DMV investigations office and contacted the CMVRC to begin my claim with them back in April-May of 2021... I only just recieved the approval letter for the $35,000 max payout per person a few days ago (Early Jan 2022). When i called them they told me to expect another 60 day wait for the check to actually arrive... I have literally called and emailed the CA DMV investigations officer assigned to my case several times and have never gotten an opportunity to talk in person to them although I had submitted all of my documentation and evidence to them back in July of 2021... I have been told verbally in person at the dmv investigations office in CA that there are over 400+ people/entities involved in this massive fraud case, anf that was in the summer of 2021... They must be extremely backlogged. I hope this helps someone out there manage their expectations from CMVRC and the CA DMV. But don't lose hope yet
At least now there's a way forwards. You can go from 'legal hell' to being a 'normal broken Ferrari' owner. If you have the money, fix it. I wouldn't go into debt to fix it myself, though.
Seller never should have relinquished the title until he was paid. In a consignment situation involving such a high priced item I would have also demanded that C&C put a very large chunk of the potential sales funds in an escrow account in my name up front.
Why didn't Kevin just file for a duplicate title by claiming he lost it? I am thinking CNC never filed anything with the DMV on the title, but could be wrong because I haven't watched every minute of these videos. If CNC had it but didn't file anything with the DMV, it's basically a lost title.
Not sure I followed all the details of the time line Matt. But, based on what I heard you say maybe consider not giving money to 'Kevin' until your insurance company verifies the VIN. With this car and the scheisters at CNC nothing can be assumed. Smart move by you and the insurance company to verify.
im on the other end of this, i signed my title over for a check that bounced and now whoever has my car has a VLT and i barely got my 35k check last week, clay also weirdly paid me 20k, but im still out 80k.
he doesn't have the title. Ergo he can't prove ownership. Plus by law in situations like this as long as the buyer purchased the car in good faith and without knowledge of the fraud then they are not responsible.
The dealer should have a bond, may be too late to go after him.at this point.. bonds protect buyers from dealer fraud, I have a 50k bond for my dealership.. not much $ but it will help..
Morale of this story buy everything expect a Honda or Toyota new, and if u must buy used have a qualified person do a pre purchase inspection. This is what happens when u make a purchase with your heart instead of your brain
I thought there was a CNC lawsuit blog where victims got together, I am sure you already started there. DMV has their own lawsuit against them, they took too long sending him to prison from what I hear. I almost bought my Ferrari there but ended up in San Diego thank God, and they started playing games but it worked out. Sorry I just do not understand there is not an easier way to recoup your money. Amazing how this went on for years, do not give up. I truly think it will work out for you, also its a wonderful car and reliable, I had one and just replaced the fuel pump that's it. If in So Cal I have wonderful Ferrari mechanic if you need one. Hang in there God Bless
You mentioned that the car needs $50k in work. What if you got the recovery fund money and he got the car back? It sounds like either way, one of you are getting the short end of the stick. I would split the difference with 'Kevin' at the very least to put it behind you. As of now, he is getting the shorter end of the stick. RE issues on the car, thats what an independent PPI is for, let Kevin figure these things out if he wants to unravel the deal. But yea, what ever the recovery funds doesnt cover, I would split with Kevin...that way you are both absorbing the loss. Good luck! I remember when they started advertising on F-Chat years ago. Something didnt feel right with them as they were always super vague with used car pricing.
Matt or anyone… I have a pristine 2006 Rosa Corsa f430 I would love to use as prop for Corp events etc.. it just sits in the garage.. I really love to get it out and have people enjoy it . Lmk if you have any ideas how I could approach this
I don’t think you are a fool for doing these videos, it’s people like you that raised the alarm on these crooks. Had you not raised the alarm it’s a good bet that many more people would have fallen victim the these scams. As for the consigners I don’t fault them either. CNC motors used to be regarded as one of the premiere exotic dealers in the country if not the world. They always had a huge selection of cars that rotated frequently. All that being said I’d sure like to know what the hell clay did with all the money he made over the years. Did he gamble it away, blow it, stick it in some offshore account? There is a lot of money that is now unaccounted for. There are a lot of peoples lives that are significantly affected.
Once a VLT stop is placed on the car, he can’t order a duplicate title or do anything because I have proof of payment with a sales contract. The DMV has to release it and give me the duplicate title once he is satisfied.
Sounds like the best solution to a bad problem. It looks like you are not out the $9,000 (35,000 - 26000) as they likely would have had you turn over the entire amount to the previous owner anyway had you been awarded the full $35,000. It's also a good thing that the 35,000 applies to each owner instead of limiting the 35 K for each car in which case he would only have recovered 35 K in total. I assume that you will have to pay registration taxes when you register the car and the question will be what is the value of the vehicle that you are paying taxes on?
So what was the other guy’s take? Did he agree to take that money? Because he still has to agree. But his case is weakened but the fact he does not have the title in hand.
It's terrible what CNC has done to so many people. Does anyone know if that piece of shit that owns CNC is going to jail???? He has ripped off plenty of people that can easily pay for retribution.......
Can you given an update on what’s happening with that POS Clay? Is he still on the hook for criminal charges? My husband has a dealer’s license and doing what Clay did should land him in jail. If you can share….
I’ve been to Canepa and wow… truly an amazing sight! I can’t go into any detail about what’s happening with Clay, but I imagine since there are multiple victims and it’s a tangled up mess that things will take a while to get sorted. I hope justice will be served sooner than later though.
He can't go in an get a "duplicate" title? I feel for the seller more than anyone. He's out everything. You could at least part the car out in your garage and get something.
Not when there’s a VLT Stop on it. Then both interested have to agree on something to lift that and have a title issued. I agree, he is out more than me. Luckily he is getting some restitution through that corporation. I think more funds need to be put in that for future issues that arise such as this one.
I don't see it costing $50k to fix. Even if you blew the engine due to the overheating and still driving it, there are used engines out there for under $20K. Then your old engine can be stripped and the useful parts from it sold, should cover the labour.
