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How long do they take to payoff my trade-in

Discussion in 'Model 3' started by BioTech, Jul 31, 2018.

  1. BioTech

    BioTech Member

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    We received our 3 earlier this month. Tesla has not payed off our trade in yet. Had to make another payment to that loan. How long did it take Tesla to pay off your trade in loan?
     
  2. aliengar0

    aliengar0 Member

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    Okay - I’ll bite. You traded your car in and instead of giving you credit towards your M3 purchase you expected them to contact your bank and pay off your old loan?
     
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  3. BioTech

    BioTech Member

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    traded in my car for the model 3. I had a loan balance so yes they are suppose to pay it off since I traded it in. The car had a value 16k. What is so wrong with that,
     
  4. SageBrush

    SageBrush 2018: Drain the Sewer

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    What was the list price of your car and what was the amount you paid to Tesla (not including taxes) ?
     
  5. Twiglett

    Twiglett Single pedal driver

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    I guess it depends on what they gave for the trade - if it was just the balance between trade value and loan or the full value.
    It will be in the MVPA anyway.
     
  6. BioTech

    BioTech Member

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    I am trying to find out how long it takes them to send the money to the bank for the trade in. Been 3 weeks now and nothing yet.
     
  7. brobinson

    brobinson Member

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    that's how trade ins work when there is still a balance on the loan. Tesla will pay off the loan and either applied positive equity to the purchase of the model 3, or will cut him a check after the loan has been paid off.

    I didn't trade to tesla for my model 3, but I've seen it take a month in past experience. You probably didn't need to make another payment on that loan, you typically have 30 days grace period before it impacts your credit. I would contact your delivery person otherwise.
     
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  8. BioTech

    BioTech Member

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    Yes I tried to contact the delivery agent but I think I have the worst one. Never knows anything. I am surprised we received our car at all.
     
  9. Ejl80

    Ejl80 Supporting Member

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    Ok. I'll bite. You've clearly never purchased a car before :D
     
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  10. Ejl80

    Ejl80 Supporting Member

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    That's an excessively long time. I've traded in many cars (not at Tesla) and they always pay it off within 7 days.
     
  11. zer0cool

    zer0cool Member

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    My last trade-in at a major BMW dealer took about 3 weeks, mostly due to internal processing. After check was issued, only took 1 day for bank to receive. Loan was paid off and amt that was greater than the amt of the loan went directly to my savings account.

    However given Tesla's poor sales management, doesn't surprise me that it's taking a while.
     
  12. BenR

    BenR Member

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    I took delivery on 7/10 - bank received trade-in payoff on 7/19 or 7/20.

    The loan balance was very small though, that may factor in (had planned to pay off beforehand, but unexpected extremely fast turnaround from Tesla left me scrambling... :D)
     
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  13. SageBrush

    SageBrush 2018: Drain the Sewer

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    OP: how much did you owe on the loan ?
    How much was the trade-in value ?
    How did Tesla say the loan pay-off would be handled in the different situations (excess money owed lender, excess money owed you) ?
     
  14. BioTech

    BioTech Member

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    Loan had a balance of around 21k, Tesla offered 19k for the trade. I was fine with that since we got the tax benefit of the trade in. Tesla charged the different of the payoff to the new car. So the M3 had an extra 2k price on top of the original price. We did pay the difference directly to Tesla. As of today they still have not paid off the trade in loan and has had my trade in for 3 weeks now. I also had to make a payment so it would not be missed or late to keep our credit healthy.
     
    • Informative x 2
  15. SageBrush

    SageBrush 2018: Drain the Sewer

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    Did Tesla say they would be paying off the loan ?
    It sure sounds that way, but I don't have any experience to back up my guess.

    Worse case, the loan company should remit the extra payments back to you when the Tesla payment arrives.
    I get the distinct impression that Tesla does engineering a whole lot better than sales support, particularly during this fast ramp. Annoying, but it too will pass.
     
  16. Spirit Bear

    Spirit Bear Member

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    Sorry to resurrect an old thread. I'm hoping the OP is still around. Did Tesla pay off your loan? How long did it take them?

    I am in the same boat. It's been 2 weeks since I took my Model 3 and traded in my Volt, but they haven't paid off the Volt yet.
     
  17. Atari2600

    Atari2600 Member

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    Picked mine up on a Sunday they paid off my loan on Wednesday. so 3 days.
     

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