Part Exchanging - previous owners experience?

[wickeruk]

I picked up my Tesla Model 3 on Saturday (24th August) from Heathrow, I parted ways with my Vauxhall Insignia for less then market value (thank you Tesla). However the handover seemed to go fine but I am yet to receive any money from it. Has anyone else been through their part exchanging process and can tell me how long it was till they got paid.

Cheers

 

[Tony Hoyle]

Paid? Surely your car is used in part payment for your new car.. that being the meaning of part exchange..

 

[kevuwk]

Paid? Surely your car is used in part payment for your new car.. that being the meaning of part exchange..

Let's say you agree a deposit of £10,000 and finance the reset. You put your order deposit of £2000 and then you car is worth £10,000 is this then turned in to a £12,000 deposit or do they give you the original £2000 back?

 

[wickeruk]

Ok, i have been scratching my head over this one for a while... in all the Tesla paperwork there is not one mention of the part exchange. However, when reading carefully in the Black Horse financing documentation it says a deposit much higher then what I thought I was paying was needed before signing the agreement. If I take that figure and remove the deposit required from Tesla, the missing money is from the offer that Tesla gave me for my part exchange.

That is so unclear.... so when I went through the finance options and they told me the deposit figure.... that already included the part exchange money.

I think that's really cheeky... i thought I was getting the money back and that's what a Tesla staff member told me on the phone.

 

[Tony Hoyle]

I've never heard of a part exchange giving money back.. I guess if your old car was worth more than your new one that might be a thing, but that'd be rare I would think.

 

[booyaka76]

Agreed - I think you need to double check your finance documents. Part Exchange is normally where you put your car plus a smaller than normal deposit against a new one

Say Tesla is £40,000
your car is £5,000
Your deposit is £2000

So the finance total before any interest etc is £33,000.

Sounds totally normal - have you never part exchanged before?

 

[mmca22gr]

I've never heard of a part exchange giving money back.. I guess if your old car was worth more than your new one that might be a thing, but that'd be rare I would think.

I bought a Nissan Leaf 2.0 on a PCP deal.
I put £1k down and traded in a car for £10k as part of the deal - Nissan sent me £9k.
Surely BH want the finance?

 

[kevuwk]

Agreed - I think you need to double check your finance documents. Part Exchange is normally where you put your car plus a smaller than normal deposit against a new one

Say Tesla is £40,000
your car is £5,000
Your deposit is £2000

So the finance total before any interest etc is £33,000.

Sounds totally normal - have you never part exchanged before?

Not financed a car before usually topped it up with cash but this is twice the price I normally pay. I have approved finance but am thinking of PX where I was originally going to go for a private sale instead

Cost £50000
Finance £45000
Current deposit is £2000 with £3000 left to provide but my car is valued above £3000. Will they just class it as a bigger deposit and reduce the monthly payments?

 

[DJP31]

when reading carefully in the Black Horse financing documentation it says a deposit much higher then what I thought I was paying was needed before signing the agreement.

So were you expecting to pay a higher deposit and then get the cash back on the old car? Unless I'm missing something surely the higher deposit shown on the paperwork either had to come from you or the part exchange?

 

[DJP31]

Not financed a car before usually topped it up with cash but this is twice the price I normally pay. I have approved finance but am thinking of PX where I was originally going to go for a private sale instead

Cost £50000
Finance £45000
Current deposit is £2000 with £3000 left to provide but my car is valued above £3000. Will they just class it as a bigger deposit and reduce the monthly payments?

If the p/ex value of the car is more than the £3k they should pay you the balance. They won't just take the whole p/ex value as the deposit as you've agreed a £5k deposit and that's what should be on your finance document/pre sale quote.

 

[wickeruk]

Just to clear some stuff up, I originally expected that the value for my old car would get taken off of the price. I was told on the phone by a Tesla sales person that they would pay me the money after receiving the car (he was possibly as confused as I was maybe?).
As nowhere on Tesla's documentation showed a reduction of the amount owed from the part exchange of my car I didn't think they were applying it. When I went through to Blackhorse for the financing they gave me a deposit number.... this was the deposit figure MINUS the part exchange amount but with nothing to clarify that.
So on the details in front of me they needed a 9k deposit.... it wasn't until I received a letter from Blackhorse a week after i picked up my car saying that the total deposit for the Tesla was 13k (9k deposit previously stated + part exchange cash).

I'm not saying that they are wrong in anyway, I am just saying that it definitely wasn't clear.... I don't buy cars often and do not go through this process regularly. I am good with money though and I missed it.

My point is this could be a lot more refined process to prevent confusion for other customers like myself. It just means I need to clear a couple of ££££k off of my credit card I didn't expect to.

 

[DJP31]

I originally expected that the value for my old car would get taken off of the price

So this is what actually happened, i.e. the deposit went up by the value of your old car but

I was told on the phone by a Tesla sales person that they would pay me the money after receiving the car

based on the above you thought you'd get the cash back and be able to clear a chunk of the credit card?

As nowhere on Tesla's documentation showed a reduction of the amount owed from the part exchange of my car I didn't think they were applying it.

It wouldn't be shown on the Tesla paperwork as that's just the price of the car plus options etc etc, but it would have been shown on the quote for the finance. Presumably the monthly payments are what you originally expected them to be as from the start you were expecting the value of the old car to be factored into the deal?

 

[BCrider]

I too am using the part-ex facilities and finance.
In my case the part-ex value was as good as any received and has been honoured 3 months later! Not something I have ever experienced elsewhere in the motor trade.
That said I have to agree the invoicing is incredibly confusing. In my case the invoice is to Black Horse with me as the recipient of the goods (car). From the total is then deducted the £3.5k grant and then a value which at first confused. In my case it seems that this is the initial £2k deposit plus the equity from my part-ex. Once you understand this it all makes sense. But in fairness even the Tesla staff were struggling to understand why the explanation does not accompany the invoice. Allegedly due to them wanting to use the same online process across all countries and struggling to come up with an acceptable “norm”!

Anyway I am off to Birmingham to pick up the new car tomorrow lunchtime. Quite excited for an old man!

 

[MrBadger]

I'm in a bit of a conundrum after 4 months waiting, the very day we got a Vin, the car reported that a service was coming up. Its all rather hit and miss whether we will get the car before the car says service is actually overdue. I hope time based we will be OK, but probably end up a couple of hundred miles past 9k. Not sure what Tesla policy is on this? The car is effectively valued as 'scrap', and suspect it will be treated as break for parts, so a 'service' is a large % of trade in value.

 

[DJP31]

I'm in a bit of a conundrum after 4 months waiting, the very day we got a Vin, the car reported that a service was coming up. Its all rather hit and miss whether we will get the car before the car says service is actually overdue. I hope time based we will be OK, but probably end up a couple of hundred miles past 9k. Not sure what Tesla policy is on this? The car is effectively valued as 'scrap', and suspect it will be treated as break for parts, so a 'service' is a large % of trade in value.

I’ve no direct experience but from what I’ve read Tesla won’t care less. The car gets passed straight to the trade and on to auction, it’s not like the typical dealer experience where they walk around the car with a pad and pencil sucking teeth at every blemish.

 

[BCrider]

I'm in a bit of a conundrum after 4 months waiting, the very day we got a Vin, the car reported that a service was coming up. Its all rather hit and miss whether we will get the car before the car says service is actually overdue. I hope time based we will be OK, but probably end up a couple of hundred miles past 9k. Not sure what Tesla policy is on this? The car is effectively valued as 'scrap', and suspect it will be treated as break for parts, so a 'service' is a large % of trade in value.

Hi
They didn't even look at mine - even asked me to confirm he mileage, so suspect this wont make any difference to you at all. Good luck!