I received my offer letter.
After the mention of purchase price, it says "This value was calculated by Nissan, as provided for by federal law, as the original purchase price less depreciation. Depreciated vehicle value has been determined by reference to the Kelley Blue Book “private party value”, accounting for the age of the vehicle, mileage, trim level and other options, and condition.
Please note the vehicle surrender process takes approximately 2-3 weeks from the time we receive your signed acceptance of our repurchase offer. Morley VSPC, our third-party vendor, will contact you directly to set up the date and time of vehicle surrender."
I asked the lady at Morley why they are not offering the KBB excellent retail price (I also mentioned that we are put in this position because of the recall and better price should be considered). Her answer: "We cannot offer retail price because the vehicles cannot be resold."
Anyway, does anyone know what this "federal law" is?
It's in the offer letter and someone's post also mentioned it's in the decline letter...I'd like to know what it is. If anyone knows, please post it. I'd like to know before I sign the document.