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.
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?
@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.
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.comhttps://smallbusiness.chron.com › Finances & Taxes › Sales Tax
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.
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.
@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.
I am still waiting for tooth fairy to come
Yeah, I'm confused.
- What you mean "trade has been paid off"?
- Why are you expecting a check?
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!"
@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.
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.
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.
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.
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
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?
It took 6 weeks for me to get my check from Tesla.
I've never heard of dealers just giving you money for your trade in.
That room must have been pretty crowded with all of you in there.
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.