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How long do they take to payoff my trade-in
- Thread starter BioTech
- Start date
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?
SageBrush
REJECT Fascism
What was the list price of your car and what was the amount you paid to Tesla (not including taxes) ?
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.
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.
Ok. I'll bite. You've clearly never purchased a car before
That's an excessively long time. I've traded in many cars (not at Tesla) and they always pay it off within 7 days.
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.
However given Tesla's poor sales management, doesn't surprise me that it's taking a while.
SageBrush
REJECT Fascism
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) ?
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) ?
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.
SageBrush
REJECT Fascism
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.
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.
Atari2600
Active Member
Picked mine up on a Sunday they paid off my loan on Wednesday. so 3 days.
Almost a month, had to pay another payment. took a while to get that payment back from my financing company.
It took 10 days for me. I got the car on 9/9. 9 days later, I noticed that I still had the loan open, so I contacted the service on 9/18. The service agent mentioned that it will take one billing cycle. It was paid off on 9/19. If you are concerned you should email your delivery agent. I am not sure if me asking about it helped, but it doesn’t hurt.
