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new 4/12/04
Larry,
I just discovered this web site yesterday. About 3 days too late! I own a '96 SHO that I bought new and have cared for meticulously for 8 years. It has almost 75,000 miles on it. Last Sunday, August 8, 2004, the engine began "ticking" when my wife started it. She drove it anyway and within 5 miles it was dead. Valve and piston damage caused by cam sprocket slippage.
I had read the Auto Week blurb some time ago, but otherwise knew nothing else about this defect. I had no knowledge that failure happens with almost no warning, and I didn't know that there are preventive fixes. That part is especially depressing. Anyway, the car is toast. I'm not going to spend over $10,000 to fix a car with a $4,000 market value. I feel that I have been ripped off royally and would like to join in the class-action suit if it is still moving forward.
Right now, I am waiting for the dealer's written diagnostic report. He is aware of the suit and freely offered to provide the written documentation. He also offered to waive the diagnostic fees and sell the car to a salvage yard for us. He says they get $50 per car from a local dealer. The tires alone are worth more than that. They're Z-rated Goodyear Eagle RSAs with about 7,500 miles on them. I must be able to get more for the car than that.
My questions are: How do I join the class action suit? Do you have any suggestions for getting a better salvage price. I don't have the space or the inclination to sell it part-by-part myself.
Any advice would be appreciated.