Sounds like the owner is confused between a 340-S and a Formula S. They are not the same, as you likely know. My car is a 340-S and it has no options other than the 340 engine and 4 speed trans. A Formula S is a much different animal.
That car is a true 340-S and it has no Formula S option; it is correct to say it is not a Formula S. But then again, it was not built as one! :)
