Trade-in Process Questions?

[vjcinajr]

A couple of weeks ago Tesla asked about trade-in. I do not have a delivery date.

I do not yet know if I will want to trade-in, but I wanted to see what Tesla was offering.

I received an offer (good for 30 days) and Tesla is now asking me to upload an image of my car’s title and there is a (currently disabled, waiting for the title image upload) “ACCEPT OFFER” button.

I’ve been hesitant to upload the title image and press “ACCEPT OFFER” fearing that locks me into doing the Trade-in. Or can I just refuse the trade-in later in the process?

By not uploading the title image, have I placed a “hold” on the entire delivery process?

Has anyone gone thru this process and backed out of the trade-in later in the delivery process?

Or, does none of this really matter at this point in the process?

 

[Uncle Paul]

Tesla offers to take trade ins as a service to their customers. Makes it easier for them.

Once you have an offer, they usually will honor (subject to inspection) that price for about 30 days.

You are under no obligation to trade your car in.

You can simply show up to take delivery and let them know you will not be trading it in. Just pay the difference and be on your way.

Only issue is if they are calculatiing your trade in for financing. In that case you should notify them you will not be trading it in and give them some time to update your paperwork.

 

[myMY808]

My delivery advisor told me I have up to the actual delivery to change my mind on the trade in. However, she asked that I inform them several days prior to delivery, if possible, as that would allow them to revise the purchase documents ahead of time.

Note: I’m approaching 30 days since I got my trade in value (which I accepted so I could advance to the next step) and no Model Y deliver scheduled (no VIN assigned), so it’s probably going to lapse.

 

[Picasso]

myMY808, So are you on waiting for contract after submitting title picture?

 

[DDrawer]

My delivery advisor told me I have up to the actual delivery to change my mind on the trade in. However, she asked that I inform them several days prior to delivery, if possible, as that would allow them to revise the purchase documents ahead of time.

Note: I’m approaching 30 days since I got my trade in value (which I accepted so I could advance to the next step) and no Model Y deliver scheduled (no VIN assigned), so it’s probably going to lapse.

Is it still 30 days after acceptance? I was under the impression the offer was good for 30 days, but once you accept the offer it's a done deal.

 

[Uncle Paul]

nope. The offer is only good for 30 days.

 

[DDrawer]

But the "offer" is done now. I have accepted their terms. Offer is no more, we now have a deal. Do they have some terms and conditions relating to trades that I could review to confirm this?

 

[Picasso]

Some seem to get upload title and some get a note to send in title seems state dependent. That I would think is the acceptance?

 

[tashtibet]

A couple of weeks ago Tesla asked about trade-in. I do not have a delivery date.

I do not yet know if I will want to trade-in, but I wanted to see what Tesla was offering.

I received an offer (good for 30 days) and Tesla is now asking me to upload an image of my car’s title and there is a (currently disabled, waiting for the title image upload) “ACCEPT OFFER” button.

I’ve been hesitant to upload the title image and press “ACCEPT OFFER” fearing that locks me into doing the Trade-in. Or can I just refuse the trade-in later in the process?

By not uploading the title image, have I placed a “hold” on the entire delivery process?

Has anyone gone thru this process and backed out of the trade-in later in the delivery process?

Or, does none of this really matter at this point in the process?

Are you trading Tesla for a Tesla? Did you get good/reasonable offer/deal? I am in talk with Tesla rep for trade in 2018 M3 RWD for MY.

 

[myMY808]

myMY808, So are you on waiting for contract after submitting title picture?

Yes -- been waiting for a contract for over 2 weeks.

But the "offer" is done now. I have accepted their terms. Offer is no more, we now have a deal. Do they have some terms and conditions relating to trades that I could review to confirm this?

That's a good question. I couldn't find anything that specifically stated what happens if the offer you've already accepted ages more than 30 days. I guess I'll find out, as I'm within a couple days of that 30 day expiration.

 

[n88]

But the "offer" is done now. I have accepted their terms. Offer is no more, we now have a deal. Do they have some terms and conditions relating to trades that I could review to confirm this?

We need to differentiate the 30 days allowed to ACCEPT their trade in offer compared to what happens after we hit the I ACCEPT the OFFER button.

Once we hit the ACCEPT button within 30 days of the offer, it is no longer an offer, it is a binding contract for Tesla to accept the trade value whenever delivery takes place. Naturally, they only want a binding trade in amount set in concrete assuming delivery should take place within a reasonably short period of time since values will mostly decline, not appreciate. However, if delivery takes longer than expected, they are still be bound by the accepted trade in offer. Now, they can argue unforeseen circumstances due to the plant closing, however, it has been clearly foreseeable that the plant would have to close several weeks ago, so that legal argument won't fly.

Feel lucky, that you have the option to follow through on their offer for trade in or not to trade in.

 

[DDrawer]

We need to differentiate the 30 days allowed to ACCEPT their trade in offer compared to what happens after we hit the I ACCEPT the OFFER button.

Once we hit the ACCEPT button within 30 days of the offer, it is no longer an offer, it is a binding contract for Tesla to accept the trade value whenever delivery takes place. Naturally, they only want a binding trade in amount set in concrete assuming delivery should take place within a reasonably short period of time since values will mostly decline, not appreciate. However, if delivery takes longer than expected, they are still be bound by the accepted trade in offer. Now, they can argue unforeseen circumstances due to the plant closing, however, it has been clearly foreseeable that the plant would have to close several weeks ago, so that legal argument won't fly.

Feel lucky, that you have the option to follow through on their offer for trade in or not to trade in.

Right this is exactly how I thought it was, but some people seem to think otherwise. It would be nice to see this spelled out in an official document. I guess we will see when myMY808 hits his 30 days. That is the reason why I jumped on and immediately accepted tesla's offer honestly. I wanted to lock them in. They were almost 4k higher than Vroom and Carvana (I assume the others were low due to the virus uncertainty).

 

[myMY808]

One other thing to note: the offer with the 30 day language also mentions that your actual mileage needs to be within 1,000 miles of what you reported.

Not a problem for me right now given that I’ve driven maybe 50 miles in the last three weeks, but it makes sense that adding more than 1,000 miles, if it drags out for several months, could be an “out” for Tesla to renegotiate the original offer, even if it was accepted.

 

[vjcinajr]

Are you trading Tesla for a Tesla? Did you get good/reasonable offer/deal? I am in talk with Tesla rep for trade in 2018 M3 RWD for MY.

Not trading a Tesla for a Tesla. This would be my 1st Tesla. Trading a good condition 2015.5 Volvo XC60 <45K miles. Offer seemed low ($1700 lower then their Kelly Blue Book offer a few weeks ago) but I have not shopped around for competitive offers.

 

[Tj323]

Spoke to my rep at Tesla and the 30 day on trade offer does apply no matter what. If you accept offer and 30 days pass then null in void. A brand new trade offer will need to be made on day 31

 

[Nakk]

I accepted the offer on my trade in, but I planned to get a CarMax appraisal to raise the value of my trade in by $2500. Three and a half weeks later the value of my trade in had dropped by $3500 at CarMax. (Covid-19) I was happy to get $1000 more from Tesla than the CarMax appraisal! Lock in your trade in values ASAP if you can. Used car values are plummeting.

 

[DDrawer]

Spoke to my rep at Tesla and the 30 day on trade offer does apply no matter what. If you accept offer and 30 days pass then null in void. A brand new trade offer will need to be made on day 31

I just had the same conversation with a chat person. Pretty lame. They probably shouldn't allow acceptance of an offer if they aren't ready to deliver.

 

[Tj323]

I just had the same conversation with a chat person. Pretty lame. They probably shouldn't allow acceptance of an offer if they aren't ready to deliver.

Totally agree,, that’s what I said too. During these times they should especially honor what they quoted as long as no excessive mileage or damage