I did the math. If I requested a refund they would deduct an amount for the current mileage. I have almost 25,000 miles on it, so that would have been a deduction of close to $10,000.
My current payoff is $34,000, which would have left me only a few thousand to use a down payment towards a new car.
If I had low miles I might have asked for a refund.
The mileage offset is from the miles on the vehicle at the time the problem was first reported. And the mileage offset can't be close to .40 per mile. They can only charge you for usage prior to the problem. CA has a specific equation for the offset, I'm sure CT does too, but there's no way it's .40 per mile.
Like I said before... they send a check to your lender for the payoff amount, separate from the check they send you for the repurchase. for example:
say you had driven 11,000 miles before reporting the problem
say ct charges .10 per mile (unlikely)
say you've made 14 payments of 500$ each
say you put 3000 down on the vehicle
say your payoff is 34000
You are awarded a repurchase:
you get a check for
$ 8,900.00
-3000 down
-7000 payments
-(1100) mileage offset
your lender gets a check for
$ 34,000.00 (payoff amount)
you have 8900 to go put down on a new vehicle
(you actually have a ****load more, because my numbers are ridiculously conservative)