What happens to the left over trade in value?

[Spaceosaurus]

I recently picked up my Model Y (amazing and love it so far!) and traded in my old ICE car. My downpayment + fees and everything worked out to be about half the trade in value I was provided.

Do they apply that amount directly to the lease/loan? Or do you get a check for the difference?

I haven't heard from Tesla and my delivery specialist didn't seem to know. I moved after picking up the car and am concerned they will send the check to the wrong place, but I don't know where to call since both the showroom and Tesla Financing couldn't give me any information.

 

[acarney]

Why did you put any money down out of pocket if the trade in value was enough to cover the Y purchase?

 

[jeffbco]

I recently picked up my Model Y (amazing and love it so far!) and traded in my old ICE car. My downpayment + fees and everything worked out to be about half the trade in value I was provided.

Do they apply that amount directly to the lease/loan? Or do you get a check for the difference?

I haven't heard from Tesla and my delivery specialist didn't seem to know. I moved after picking up the car and am concerned they will send the check to the wrong place, but I don't know where to call since both the showroom and Tesla Financing couldn't give me any information.

How do you take possession of the car and not know what you financed. Look at your MVPA - it will show how all the $'s were applied.

 

[PJFW8]

I recently picked up my Model Y (amazing and love it so far!) and traded in my old ICE car. My downpayment + fees and everything worked out to be about half the trade in value I was provided.

Do they apply that amount directly to the lease/loan? Or do you get a check for the difference?

I haven't heard from Tesla and my delivery specialist didn't seem to know. I moved after picking up the car and am concerned they will send the check to the wrong place, but I don't know where to call since both the showroom and Tesla Financing couldn't give me any information.

They will re-calculate the numbers resulting in no payment to you and the net amount owing. In other words they will apply the trade in value and down payment to your loan or lease. Your finance or your lease will be based upon the net balance.Unfortunately these final numbers are often not known until the day of the transaction.

 

[jeffbco]

They will re-calculate the numbers resulting in no payment to you and the net amount owing. In other words they will apply the trade in value and down payment to your loan or lease. Your finance or your lease will be based upon the net balance.Unfortunately these final numbers are often not known until the day of the transaction.

The "day of the transaction" has occurred - he's already taken delivery of the car - wouldn't he know this already?

 

[PJFW8]

We are missing something here. When you pick up the vehicle the paperwork shows a zero balance due. It obviously shows how the funds have been disbursed and the distribution of various credits.If you were bringing a check with you that will exactly total the amount due. There is no mystery here. I purchased twoTeslas. Both times I was told that there is rarely if ever any money to the buyer after closing.They work to avoid that.

 

[PJFW8]

The "day of the transaction" has occurred - he's already taken delivery of the car - wouldn't he know this already?

Sorry for the lack of clarity.I am explaining the process. Not necessary what happened to the original poster. He obviously didn’t bother reading the paperwork at delivery which would clarify this. They don’t deliver the car with money due and really with money owing the buyer.

 

[Spaceosaurus]

It was a lease, not a finance -- your posts seem to be assuming I purchased. I did review the paperwork, and while it shows balance for pickup as being zero, I still have required lease payments.

 

[acarney]

It was a lease, not a finance -- your posts seem to be assuming I purchased. I did review the paperwork, and while it shows balance for pickup as being zero, I still have required lease payments.

Your lease payments are just lower now. That trade in acted as a capital cost reduction, a down payment if you will. Usually on leases it isn’t wise to put down large down payments, but what is done is done. Just know your payments would have been much larger without that trade.

 

[Spaceosaurus]

Your lease payments are just lower now. That trade in acted as a capital cost reduction, a down payment if you will. Usually on leases it isn’t wise to put down large down payments, but what is done is done. Just know your payments would have been much larger without that trade.

Well with the lease I had the option to manually set the down payment. My trade in was valued at $22K, and with my down payment + taxes/fees it came out to be $14K. This set my lease payment to $450/mo which I was just billed at for the first month about 3 weeks after delivery. So, assuming that $450/mo holds, it means I should still have about $8K left on my trade in which is owed. Either they can apply that automatically to my lease payments (which I'm totally fine with, but doesn't seem to be happening), or they could cut me a check.

At the moment neither seems to be happening, and I don't know who at Tesla to reach out to in order to find out .

 

[Stirthepot]

how do you buy a car/sign paperwork and not know what you are expected to pay.

sorry, but that is completely irresponsible, and now you expect people on a forum to figure it out.

go back to the tesla location where you purchased the car, go through it with them and don't leave until you understand it. and don't ever sign something that you don't understand.

 

[Spaceosaurus]

how do you buy a car/sign paperwork and not know what you are expected to pay.

sorry, but that is completely irresponsible, and now you expect people on a forum to figure it out.

go back to the tesla location where you purchased the car, go through it with them and don't leave until you understand it. and don't ever sign something that you don't understand.

I think you misunderstand the situation, and perhaps are unfamiliar with how Tesla does leasing. I 100% know exactly what I was expected to pay, and have the photos/scanned paperwork. Tesla leasing states I will be given the value of the difference in trade in, in the case the total trade in value exceeds the agreed upon downpayment (+ taxes, fees, delivery costs, and the like). I qualify for this circumstance. Tesla further states in a situation where you give the vehicle back within the 7 day delivery window, you will not be provided with your trade in back, and instead they will further send you the amount which initially went to the downpayment.

The question I have is not how much I expected to pay, nor how much I'm owed, but instead how I am provided how much I'm owed. Now you could argue I shouldn't have left the service center (which is touchless, contactless, and minimizing human interaction) without knowing how I would be provided that difference but truthfully at the time it didn't matter (as I'm fine with it being a check, or being applied to my balance). It only began mattering when I moved addresses, and realized they may be sending the check to the wrong address.

Also, like I mentioned in my original post, I did contact the Service Center I picked my car up from and they weren't able to tell me. I could show up in person, risking their health and mine, to try and force the issue, but I decided to try first to find some helpful, friendly guidance on this board.

 

[acarney]

Ah ok. Most likely they’ll cut you a check, and they’ll probably be done by corporate in California. It might take 2+ week and I wouldn’t be surprised if even 4 or 6 weeks based on how Tesla does stuff. Email your advisor (or call the store and ask for someone’s email so you can communicate that way with them) and ask for Tesla’s leasing group or finance group. You might be able to email them, or at least have the store employee contact them on your behalf. Make sure you have a forwarding address with the post office so any mail should get forwarded to your new address and if possible see if you can update your Tesla account with your new address. They should absolutely make you whole, it may just take a long time... sorry, Tesla is horrible with paperwork and especially when trying to do it in a timely manner.

 

[RoBoRaT]

I think you misunderstand the situation, and perhaps are unfamiliar with how Tesla does leasing. I 100% know exactly what I was expected to pay, and have the photos/scanned paperwork. Tesla leasing states I will be given the value of the difference in trade in, in the case the total trade in value exceeds the agreed upon downpayment (+ taxes, fees, delivery costs, and the like). I qualify for this circumstance. Tesla further states in a situation where you give the vehicle back within the 7 day delivery window, you will not be provided with your trade in back, and instead they will further send you the amount which initially went to the downpayment.

The question I have is not how much I expected to pay, nor how much I'm owed, but instead how I am provided how much I'm owed. Now you could argue I shouldn't have left the service center (which is touchless, contactless, and minimizing human interaction) without knowing how I would be provided that difference but truthfully at the time it didn't matter (as I'm fine with it being a check, or being applied to my balance). It only began mattering when I moved addresses, and realized they may be sending the check to the wrong address.

Also, like I mentioned in my original post, I did contact the Service Center I picked my car up from and they weren't able to tell me. I could show up in person, risking their health and mine, to try and force the issue, but I decided to try first to find some helpful, friendly guidance on this board.

It took about 8 weeks for Tesla to send me a refund in a form of a check to my address on file/MVPA. The amount was a refund of vehicle license fee, which I was exempt from paying, but the Delivery Advisor/Center can not change/reverse at time of delivery.

None of the people at the Delivery Center knew how I was going to be refunded. It took several emails, and a in-person revisit to the Delivery Center within span of one month after delivery - then an Advisor at the Delivery Center found a note in my account from Finance stating that I will receive the refund in 4-6 weeks.

I waited, then sure enough a check arrived by mail 4 weeks after the note by Finance, and total of 8 weeks since delivery.

I suggest have an email trail/record of your asking for the refund with Tesla acknowledging to refund you - otherwise, no one is/will be acting on it.

Goodluck.

 

[Spaceosaurus]

It took about 8 weeks for Tesla to send me a refund in a form of a check to my address on file/MVPA. The amount was a refund of vehicle license fee, which I was exempt from paying, but the Delivery Advisor/Center can not change/reverse at time of delivery.

None of the people at the Delivery Center knew how I was going to be refunded. It took several emails, and a in-person revisit to the Delivery Center within span of one month after delivery - then an Advisor at the Delivery Center found a note in my account from Finance stating that I will receive the refund in 4-6 weeks.

I waited, then sure enough a check arrived by mail 4 weeks after the note by Finance, and total of 8 weeks since delivery.

I suggest have an email trail/record of your asking for the refund with Tesla acknowledging to refund you - otherwise, no one is/will be acting on it.

Goodluck.

Thank you, that's helpful! (And sorry to hear you had a poor experience) All roads seem to lead to Tesla Finance, so I'll keep on them.

 

[PJFW8]

I think you misunderstand the situation, and perhaps are unfamiliar with how Tesla does leasing. I 100% know exactly what I was expected to pay, and have the photos/scanned paperwork. Tesla leasing states I will be given the value of the difference in trade in, in the case the total trade in value exceeds the agreed upon downpayment (+ taxes, fees, delivery costs, and the like). I qualify for this circumstance. Tesla further states in a situation where you give the vehicle back within the 7 day delivery window, you will not be provided with your trade in back, and instead they will further send you the amount which initially went to the downpayment.

The question I have is not how much I expected to pay, nor how much I'm owed, but instead how I am provided how much I'm owed. Now you could argue I shouldn't have left the service center (which is touchless, contactless, and minimizing human interaction) without knowing how I would be provided that difference but truthfully at the time it didn't matter (as I'm fine with it being a check, or being applied to my balance). It only began mattering when I moved addresses, and realized they may be sending the check to the wrong address.

Also, like I mentioned in my original post, I did contact the Service Center I picked my car up from and they weren't able to tell me. I could show up in person, risking their health and mine, to try and force the issue, but I decided to try first to find some helpful, friendly guidance on this board.

Thanks! Clarifies things a bit. With my first Tesla, fees and taxes were estimated. My small over-payment took a few weeks to refund. For my second Tesla. my Ownership Loyalty Advisor answered all my questions promptly. Both were Tesla financed but were not leases.

 

[Velcade]

How do you take possession of the car and not know what you financed. Look at your MVPA - it will show how all the $'s were applied.

MVPA shows nothing of my trade-in... It doesn't show anything about how you're applying your money toward the car.