So I traded in my Tesla X with a dealer for an EQS. The dealer sent them a check for what we owed and sold the car to someone else. Tesla will now no longer accept 3rd party trades. They refuse to register the new owner. They refuse to cash the check as they no longer accept checks. None of this is in the lease. They say I am still responsible for payments and late fees. They are horrible to deal with. My wife is so upset she is selling her X.We have bought 4 but have had terrible service.I had nothing but problems with my second x and that was why we sold it.I am so done with Tesla as now we have to hire an attorney.I have never dealt with a company this bad on service.
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Trade-in a Tesla Lease not allowed.
- Thread starter perryb
- Start date
Yup. Worst customer service out there.
Give me a traditional auto dealer any day. Hopefully you opted out of Tesla’s arbitration clause when you leased the vehicle.
tengtengvn
Member
it is right now when pretty much all car manufacturers are not allowing direct lease buy outs by third party dealers. (tesla and otherwise).
I'm really confused by why the dealer didn't know that Tesla didn't allow a third party lease buyout.
Now this is something I didn't know a second ago, but a little googling shows it to be the case for a lot of lenders.
forum.leasehackr.com
Now this is something I didn't know a second ago, but a little googling shows it to be the case for a lot of lenders.
List of Lenders that Allow for Third-Party Buyouts
As used car prices soar, many lessees are finding that their vehicles are worth considerably more than their current payoff amount. Instead of simply returning the vehicle at lease end, you may be able to sell the vehicle to a third party (such as Carvana, Shift, Vroom, and CarMax) for a profit...
forum.leasehackr.com
The App gave me the buyout and Tesla agreed.I owed $75k the dealer offered me $90k.We asked Tesla for the extra $15k if we returned to them .They said they would only pay what we owe not what the car was worth.I undersold my car to the dealer as we could have got $110k.So not good all-around no big deal. But for them not to accept a dealer check is crazy. They want a wire. They want me to sell to the buyer directly and fill in all their paperwork then for me to pay the dealer. None of this is in their lease. I think they are using an outsourced company.
But it is not in their lease ???I'm really confused by why the dealer didn't know that Tesla didn't allow a third party lease buyout.
Now this is something I didn't know a second ago, but a little googling shows it to be the case for a lot of lenders.
List of Lenders that Allow for Third-Party Buyouts
As used car prices soar, many lessees are finding that their vehicles are worth considerably more than their current payoff amount. Instead of simply returning the vehicle at lease end, you may be able to sell the vehicle to a third party (such as Carvana, Shift, Vroom, and CarMax) for a profit...
If you had executed the option to buy the car thats in your lease agreement, for the residual (which sounds like 75k) then you could have sold it for 90k, or 110k or whatever to whomever.
In hind sight but never heard of not being able to trade in as long as they were paid off.
Thats actually not your fault for not knowing about that, but it IS the dealers fault you attempted to sell it to for not verifying that. This isnt new actually, multiple manufacturers do not allow third party lease buyouts. Its not really your fault for not researching that, but assumably the dealer is in business of buying and selling cars, and should know these things.
I am not sure what you can do now. I wish you the best in trying to figure it out. Posting here isnt going to help anything other than allowing you to vent, though.
Does it suck yeah. But at the end of the day you should be more disappointed in the dealer for not doing their job. It’s their responsibility to know what companies allow third party buy out and who doesn’t. The list of those who don’t is pretty long now days. They didn’t do their job and seems like they are trying to shift the blame to Tesla.
Their first step will likely have to be unwinding the deal they did with the people the sold your X to since they can’t supply a title. From their they have to then figure out the best way to handle your deal with them. That will really depend much more on the dealer in question. The sucky part is technically the X is still “yours” on paper.
Their first step will likely have to be unwinding the deal they did with the people the sold your X to since they can’t supply a title. From their they have to then figure out the best way to handle your deal with them. That will really depend much more on the dealer in question. The sucky part is technically the X is still “yours” on paper.
Ending Your Lease Early specifically states third party buyout is not allowed and to check your individual lease for exact options. Check your exact lease if it says “you” the signer can buy it out then that means just you can buy it out no third party. If it says you or a third party then it means just that you or anyone. This has been around for years and years and is not Tesla specific.
Yes you just summed it up.Even though we paid our buyout in full it was not what they wanted and again none of this was in the lease.
On my lease that is not on there.I tripled checked.I have asked them to provide that info and all they send me is that I owe late fees.Why does it matter to them when
they have been paid in full.
On the current page, it says that under "Frequently Asked Questions". But as of February 2, 2021, it didn't say that: Wayback Machine - Ending Your Lease Early
But you were supposed to send them the buyout quote. Oh, and there was a $350 fee for it:
