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Trade in equity

Trade in equity

How long should it take to get trade in equity back? Took delivery 12/28/2019 the trade has been paid off, but the equity check still hasn’t arrived.

crmedved | 31. Januar 2020

Confused... Trade ins are usually deducted before you pay. In my case, Tesla assumed the debt of my trade in and deducted the remaining equity from my purchase price (or since I was upside down they actually added like $1200).

Why are you expecting a check?

Lonestar10_1999 | 31. Januar 2020

@crmedved- you are correct. If the OP traded in the car to Tesla then the equity amount would be deducted from the purchase price. So everything is settled at time of delivery and no check is forthcoming.

The advantage to trading in to Tesla as opposed to CarMax or some private sale is that with Tesla, the sales tax is reduced as you only pay sales tax on the difference between the cost of the M3 minus the equity of the trade in.

TranzNDance | 31. Januar 2020

The tax treatment varies by state:

Six of the 50 states do not have a trade-in sales tax credit policy. Those states are California, Hawaii, Maryland, Kentucky, Michigan and Virginia.
How Does Sales Tax Work on Trade-ins? | Chron.com
https://smallbusiness.chron.com › Finances & Taxes › Sales Tax

Comicjayabbott | 04. Februar 2020

@ crmedved
Yes I am expecting a check. Was told it would take 30 days. Ever since delivery they have gone radio silent. Does anyone have a solid customer support number?
Trades been paid off, loan fully funded, our reimbursement no where to be found.
We love our Tesla, but this is getting ridiculous.

Magic 8 Ball | 04. Februar 2020

Can you explain circumstances to where you would expect a check? I have traded in before and all balances were accounted for at time of payment.

Lonestar10_1999 | 04. Februar 2020

@jay abbot, you are certainly a comic if you think trading in your old car for a new M3 means Tesla sends you a check. That’s hilarious.

WW_spb | 04. Februar 2020

I am still waiting for tooth fairy to come

Joseb | 04. Februar 2020

Yeah, I'm confused.
- What you mean "trade has been paid off"?
- Why are you expecting a check?

sixstring09 | 04. Februar 2020

Guy walks into a bar and asks " Hey, anyone know when I get my trade in check?"

Bartender says " Yea. It's coming with our Free Beer special Tomorrow."

Guy says " That sign has been there forever. Tomorrow never comes in this bar."

Bartender says " Yea, That's when you'll get your check!"

derotam | 04. Februar 2020

@Comicjayabbott: If your trade-in was worth less than the Tesla then there is no check coming as it all went toward the price of the car.

I hope you dont think that you intended to do some kind of cash out where you only applied a portion of your trade-in value and then got the rest back as a check from Tesla? That would not be a normal business practice. If this was the case then you better have paperwork to back up that claim or you're not getting anything back.

Comicjayabbott | 04. Februar 2020

I guess no one has ever bought a car that you actually had equity in. I had about 9 grand in equity on my trade. Financed the Model 3 through USAA. You don’t have to put everything in on the new car. It’s your money you can do with it as you please.

Magic 8 Ball | 04. Februar 2020

I pay cash for my cars so 100% "equity".
The "equity", or trade in value, is deducted from the purchase price of the new car at time of purchase. There is no additional check that is sent afterward.

Lonestar10_1999 | 04. Februar 2020

Jay, I know companies like CarMax will cut you a check on the spot. But I didn’t think Tesla split up the equity in your trade in with part going towards your purchase and the remainder coming directly back to you.

If this is the case, then you should have walked out with the check in hand or perhaps it was electronically transferred to your bank account. I can’t see why Tesla would delay making you whole.

WW_spb | 04. Februar 2020

I had 29gs of equity in my trade but I have never thought about getting some of it out so I can finance more. Doesn't make sense

derotam | 04. Februar 2020

Yeah normally you would want to put the equity into the new loan...unless you really need it for something else, or you think you can make more off investing it than the interest rate the loan is costing you.

Again, I hope you have paperwork that shows that's what you wanted to do. You check your new loan to see if it got applied to that?

Cmcochranjr | 04. Februar 2020

It took 6 weeks for me to get my check from Tesla.

Joseb | 04. Februar 2020

I've never heard of dealers just giving you money for your trade in.

Big_Ed | 04. Februar 2020

That room must have been pretty crowded with all of you in there.

-TheJohn- | 04. Februar 2020

I have never ever ever ever heard of anyone doing it this way. Never.

Always room for new things under the sun however as well as a chance for me to be wrong about something so...

But still... Never.