Trade-In Not Paid Off Yet?

[arroyobass]

Has anybody had any issues with Tesla not paying off your trade in?

Im due to make a payment on Jan 1 for my old car, but I obviously shouldn't have to pay that since it's not my car now.

If I can't get Tesla to pay that then it's going to be a nightmare getting that refund from Tesla.

 

[Brother T]

You are asking a bit too late there, buddy, if your payment is due on Jan 01. I would advise you to pay the payment right now if your lien holder doesn’t allow any grace period and avoid having any fees incurred and an unnecessary hit to your credit due to late payment. That car is still under your name until the paperwork (and the payoff amount) reaches your lien holder.

Tesla is not the one that will refund you for an overpayment. Once Tesla recuperates from the Year-end mess, they will reach out to your financial institution and pay off the balance which, hopefully, will be within the next couple weeks. When they do that, any overpayment that you may have made will be refunded to you in the form of a check 2-3 weeks after the account is closed.

So, pay the amount due this month today and watch for the account being marked as closed and wait for 20 days after that to get back the money you paid today.

 

[arroyobass]

You are asking a bit too late there, buddy, if your payment is due on Jan 01. I would advise you to pay the payment right now if your lien holder doesn’t allow any grace period and avoid having any fees incurred and an unnecessary hit to your credit due to late payment. That car is still under your name until the paperwork (and the payoff amount) reaches your lien holder.

Tesla is not the one that will refund you for an overpayment. Once Tesla recuperates from the Year-end mess, they will reach out to your financial institution and pay off the balance which, hopefully, will be within the next couple weeks. When they do that, any overpayment that you may have made will be refunded to you in the form of a check 2-3 weeks after the account is closed.

So, pay the amount due this month today and watch for the account being marked as closed and wait for 20 days after that to get back the money you paid today.

Yea I had to pay it already today, but I was really trying to figure out if this is a common issue with Tesla or if it's just a one off thing.

Trying to figure out how long it usually takes before Tesla pays off those cars for people. I get it that it's the end of the year rush but I've had other dealers pay off the car within 24 hours in the past.

 

[Brother T]

Yea I had to pay it already today, but I was really trying to figure out if this is a common issue with Tesla or if it's just a one off thing.

Trying to figure out how long it usually takes before Tesla pays off those cars for people. I get it that it's the end of the year rush but I've had other dealers pay off the car within 24 hours in the past.

Tesla is, and I’m glad, not like other dealers. In fact, they are not even dealers, they are like Amazon - order and receive. Hopefully, they will get better in this “pay off trade-in quickly” department. It usually takes 10-14 days for the account (of your trade-in’s financial institution) to reflect online from the time you signed off on the trade-in. After that, you have to wait patiently for the next couple weeks. Be happy that you weren’t hit with a fee or a late payment credit mark on your credit.

 

[Euphguy]

I was in a slightly similar situation with my trade in. Since I leased my Tesla I didn't want to apply the trade in towards the lease. They offered a check for my trade in and I accepted. That check took a full 6 weeks to arrive. Also multiple calls and emails on my part.

 

[BoneHLP]

Has anybody had any issues with Tesla not paying off your trade in?

Im due to make a payment on Jan 1 for my old car, but I obviously shouldn't have to pay that since it's not my car now.

If I can't get Tesla to pay that then it's going to be a nightmare getting that refund from Tesla.

I'm in the same boat as you...I made the payment because I didn't trust them to get all of the paperwork handled in time (they had 14 days to make the payoff and they didn't do it so I paid and will patiently wait for a refund from Audi.