Ready to pull the trigger on the Model X Plaid - question on financing/trade

[FloridaSun]

I'm ready to order the Model X Plaid but have a question what the best way to proceed it regarding trade and financing. I have a 2021 Model Y Long Range AWD which I want to trade in and I will use financing. However, if I start out by adding the trade now, the value won't be the same at time of delivery in October or November when I will take delivery. Same goes for financing.. I don't want to have the inquiry on my credit now if the approval will expire before taking delivery. Can I add trade and financing through Tesla later and select CASH on the initial order?

 

[DCGOO]

I'm ready to order the Model X Plaid but have a question what the best way to proceed it regarding trade and financing. I have a 2021 Model Y Long Range AWD which I want to trade in and I will use financing. However, if I start out by adding the trade now, the value won't be the same at time of delivery in October or November when I will take delivery. Same goes for financing.. I don't want to have the inquiry on my credit now if the approval will expire before taking delivery. Can I add trade and financing through Tesla later and select CASH on the initial order?

You can add the trade-in now. They will ask you to update the mileage, monthly. Just leave the balance due, as cash. Finance any balance later. If you have a loan on the trade-in, you will need to have pay-off amounts available. I suspect they’ll allow you update the existing loan information, though I don’t really know, i do not have a loan on my 2018. If nothing else, you will get a text from Tesla at least monthly, to update the mileage, so you’ll know there is life on the other side.

I’ve had my trade-in listed with them since last July.

 

[FloridaSun]

You can add the trade-in now. They will ask you to update the mileage, monthly. Just leave the balance due, as cash. Finance any balance later. If you have a loan on the trade-in, you will need to have pay-off amounts available. I suspect they’ll allow you update the existing loan information, though I don’t really know, i do not have a loan on my 2018. If nothing else, you will get a text from Tesla at least monthly, to update the mileage, so you’ll know there is life on the other side.

I’ve had my trade-in listed with them since last July.

Looks like Tesla currently does not offer trade evaluations at the time of order, just when close to delivery..

 

[wildstar]

You won’t be taking delivery in October, if you order a plaid it will be ready for delivery in just a few weeks or months based on them pushing out these models. Apply for financing once you have a vin as you will keep getting a hard inquiry every 30 days until it comes in. Trade in values are the same but at least you can get an idea of what it might be worth.

 

[FloridaSun]

You won’t be taking delivery in October, if you order a plaid it will be ready for delivery in just a few weeks or months based on them pushing out these models. Apply for financing once you have a vin as you will keep getting a hard inquiry every 30 days until it comes in. Trade in values are the same but at least you can get an idea of what it might be worth.

I hope so! Just ordered this morning and made contact with my SA.. Can't wait..

 

[Stevedore]

Congratulations, OP! An X Plaid sounds like a lot of fun, and practical as well. I always enjoy your getting the knuckledraggers over at CF all wound up!

 

[FloridaSun]

Congratulations, OP! An X Plaid sounds like a lot of fun, and practical as well. I always enjoy your getting the knuckledraggers over at CF all wound up!

Thanks, I like stirring the pot over there.. So easy to trigger the haters..

 

[wildstar]

Lol practical is what you make of it. I got a Plaid because who knows when my LR would actually get delivered. Rather have a car now than nothing, which is exactly what I've had since I ordered the LR in Jan 2021.

 

[laceyboy]

I also reserved a Plaid and EDD is October.
I do put my trade-in in but haven't finished all steps yet.
I also wait till near delivery date to apply for a loan.
I do notice interest rate went up. Tesla is offering now 2.75% comparing to 2.49% before.
They also have a history of low ball offer for your trade-in but who knows this time around when demand is higher than supply.

 

[FloridaSun]

I also reserved a Plaid and EDD is October.
I do put my trade-in in but haven't finished all steps yet.
I also wait till near delivery date to apply for a loan.
I do notice interest rate went up. Tesla is offering now 2.75% comparing to 2.49% before.
They also have a history of low ball offer for your trade-in but who knows this time around when demand is higher than supply.

I will very likely sell my 2021 Model Y LR AWD in 2 months or so.. Gotta take advantage of the high gas prices as the demand for Teslas is likely increasing with increased gas prices.. In the meantime, I will drive my parents Jeep Patriot.. My parents are only in town from March to April and from late October to January.. So, I'll have unrestricted use of their car until the Plaid gets delivered.. Not going to drive a lot and the cost for gas won't exceed what my payment on the MY is.. I'll probably make over $10k on my MY LR over what I paid.. Once Austin production ramps up, delivery times on the Model Y will decrease and I'll not be able to get as much for the car as before that..

 

[nilesborg]

I do notice interest rate went up. Tesla is offering now 2.75% comparing to 2.49% before.
They also have a history of low ball offer for your trade-in but who knows this time around when demand is higher than supply.

Were you able to apply / start applying for financing through Tesla when you made the order? We placed order in Sept 2021 for MX LR and don't think we had the option at the time. Got the $2.49% on the '21 MS LR we took delivery of in June 2021, so $2.75% isn't too bad if that can be gotten still! Had to apply twice for that bc delivery date got pushed back a few times, which was annoying, so trying to wait for VIN on the X before starting that process...

 

[laceyboy]

Were you able to apply / start applying for financing through Tesla when you made the order? We placed order in Sept 2021 for MX LR and don't think we had the option at the time. Got the $2.49% on the '21 MS LR we took delivery of in June 2021, so $2.75% isn't too bad if that can be gotten still! Had to apply twice for that bc delivery date got pushed back a few times, which was annoying, so trying to wait for VIN on the X before starting that process...

I got approved for MX at 2.74% last month.
I also got approved for MYP at 2.99% last week

 

[nilesborg]

I got approved for MX at 2.74% last month.
I also got approved for MYP at 2.99% last week

Sweet, that's the plan. Was that through Tesla Financing or another bank/credit union?

 

[laceyboy]

Sweet, that's the plan. Was that through Tesla Financing or another bank/credit union?

I got both with Tesla Financing with US Bank which is also my current lender for my current MX. Tesla Trade-in also offered me pretty good deals on both X and Y considering I do have sales tax off set from state law.

 

[nilesborg]

I got both with Tesla Financing with US Bank which is also my current lender for my current MX. Tesla Trade-in also offered me pretty good deals on both X and Y considering I do have sales tax off set from state law.

V cool. Thx for the info!