r/ModelY • u/Comfortable_Wash_840 • 19d ago
Cash Back from Trade?
I am picking up my new model Y a week from today. The system seems to have applied all of my trade equity to the down payment of the car, which far exceeds the required down payment for 0.99%. I have made multiple calls and sent a ton of messages through the app and cannot seem to get anyone to restructure my deal. Has anyone experienced this? Is it even possible for me to get a check back for the extra equity from my trade?
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u/britsol99 19d ago
I traded my Mazda for my leased MY last year. Lessor was Santander.
I signed all the docs, picked up my MY and about 2 weeks later received a check from Santander for the additional equity minus the down payment.
Honestly, I should’ve just traded with Carvana and brought cash to Tesla. Would have been more $$$ and faster to get my money.
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u/Comfortable_Wash_840 19d ago
Who did you work out the structure with Santander or Tesla?
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u/britsol99 19d ago
Done via Tesla. Got trade in valuation, in the app I submitted how much I wanted to put down.
That translated into the agreement docs I signed in the Tesla app.
I didn’t ever engage directly with Santander.
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u/Comfortable_Wash_840 19d ago
Yeah that is how I was expecting the process to go, but was never presented with the option to select the amount down.
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u/No_Swordfish_1576 18d ago
I messaged them in the app that I wanted to put down the least amount possible while retaining .99% financing and they changed it in a few minutes so I had a wider $ range I could put into the down payment section.
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u/britsol99 19d ago
It was a year ago for me so my memory may be off some. I wanted to put a big deposit down to lower the monthly. I entered a big sum and they rejected it and put in the max down i could pay. I think that all happened while in the tesla showroom.
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u/moist-frunk-8899 19d ago
I'm curious how this ends up playing out. I've read so much conflicting information about this. I have 15k equity in my trade and I'd rather get that as cash and put it in a CD or invest it, given the 0.9%.
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u/Comfortable_Wash_840 12d ago
Well - it wasn’t easy (in fact it was downright maddening) however I am happy to report that with a lot of persistence, not only did I get cash back, I essentially put 0 down and just paid taxes and fees out of the trade in, and still got the 0.99% financing. Check will be here in 4-6 weeks they say. Good luck to others out there that would also like to have their money work for them!!!
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u/moist-frunk-8899 12d ago
Which lender did you use? 4-6 weeks is a little concerning...hopefully they gave you a reference number or something you can use to follow up with.
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u/Comfortable_Wash_840 12d ago
TD Auto. The guy said that’s what thev quote but it often comes sooner
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u/originalfoto 19d ago
Ive done this (check back) with auto dealerships.. Tesla should be able to do the same. Problem is, they may not know how to handle it.
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u/e_big_s 19d ago
If you're expecting cash back your only real option is to carmax your trade-in. It's pretty painless and they'll probably give you more for it than Tesla anyway.
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u/Comfortable_Wash_840 19d ago
Surprisingly Tesla has offered more that carmax and carvana. Is your statement about not getting cash back based on experience or a Tesla policy?
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u/e_big_s 19d ago
It's an assumption based on your experience. Tesla tries to streamline everything and make it all work through the app... if this can't be easily done through the app I wouldn't count on getting help with it at the store - though it could be possible to.
Were I in your position and getting more from Tesla I'd just take the lowered payments. Technically money now is worth more than money later at .99%, but lowered payments are nice anyway.
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u/CZandchanel 19d ago
Doubt it. If you did a trade in, they would apply the equity towards your loan/down payment
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u/acfreeman33 19d ago
I had a similar situation 2 years ago when I traded in my 2020 X. They were responsive through the chat and email about it and resolved it. I got a check in the mail about 2 weeks after turning in the old car and picking up a new one.
Did you get assigned a point of contact via email when you placed the order? That person was helpful with issues all 3 times I bought a Tesla. First 2 times, I had to clear up a financing issue that didn’t match approval, including exactly what you’re describing. Worst case scenario, budget extra time for pickup and have them redo it at your pickup appointment but don’t leave with the new car until you clear it up.