TLDR - Tesla failed to deduct my trade in from the preapproved blank check provided to them at delivery and charged the full preapproved amount!
So I picked up my Model Y last week 08/10 and yesterday 08/17 I got a promissory note confirmation from my lender. I noticed that instead of the ~40k loan amount it was for 55k. I immediately contacted the bank and inquired about this and they confirmed that Tesla had submitted the preapproved check for $55k instead of the actual sale price.
I contacted Tesla and they confirmed they errored and that they failed to update their system to reflect the trade in properly and as a result they submitted the $55k preapproved amount. They instructed me to contact the lender to stop payment on the check so the check would bounce and I would then request that the lender issue a new check and they would submit the check with the correct amount. I contacted my lender and unfortunately they had already paid the check.
Going back to Tesla because the check was cashed all they could do is issue a refund check for the difference of ~15k. They said it would take a couple of weeks for me to get the check.
So I get to wait for this refund check, while my loan is charging interest on this erroneous amount. Upon receiving the check I can cash it then pay my lender the amount received back from Tesla. Which will stop the interest on this additional amount from continuing. However, because my loan funded at a higher amount than expected my monthly payment is over $200 more per month than I had budgeted for! Granted I will end up paying my loan off faster and I can afford it but this is not what I had planned and I get to enjoy this mistake for years.
I asked Tesla what they can do to make it right and CRICKETS.
AWESOME!
So I picked up my Model Y last week 08/10 and yesterday 08/17 I got a promissory note confirmation from my lender. I noticed that instead of the ~40k loan amount it was for 55k. I immediately contacted the bank and inquired about this and they confirmed that Tesla had submitted the preapproved check for $55k instead of the actual sale price.
I contacted Tesla and they confirmed they errored and that they failed to update their system to reflect the trade in properly and as a result they submitted the $55k preapproved amount. They instructed me to contact the lender to stop payment on the check so the check would bounce and I would then request that the lender issue a new check and they would submit the check with the correct amount. I contacted my lender and unfortunately they had already paid the check.
Going back to Tesla because the check was cashed all they could do is issue a refund check for the difference of ~15k. They said it would take a couple of weeks for me to get the check.
So I get to wait for this refund check, while my loan is charging interest on this erroneous amount. Upon receiving the check I can cash it then pay my lender the amount received back from Tesla. Which will stop the interest on this additional amount from continuing. However, because my loan funded at a higher amount than expected my monthly payment is over $200 more per month than I had budgeted for! Granted I will end up paying my loan off faster and I can afford it but this is not what I had planned and I get to enjoy this mistake for years.
I asked Tesla what they can do to make it right and CRICKETS.
AWESOME!
