My New York lemon law attorney informed me that Tesla approved to buy back my MY, however, there are some questions I have which I am not sure if I am getting the correct advice or if I should seek a second opinion from another attorney. Does the NY Lemon law refund for new cars include monthly payments that you made or are continuing to make until the car is surrendered back to the manufacturer? I am asking b/c I had a small $3k negative equity in my loan, which is deducted from the total price of the car and I wanted to know if I would get a credit for the monthly payments I am making on my loan every month which could offset this negative equity that I had OR do I NOT get the payments I have been making on the loan since I took delivery of the new car? The law does NOT state monthly payments for finance but it does state it does not include finance charges, so I am thinking I will get back only principal payments made to the new car loan? Does anyone know?
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Tesla Repurchase & Is Monthly Payment Refunded??
- Thread starter Happy Hippo
- Start date
El joe
Active Member
Mine was. I received a check from Tesla covering my down payment and each monthly payment as well. I was surprised, to say the least.
What state are you in? I know each state has their own lemon laws..I am not getting a straight answer from the attorney office, well the paralegal that I am working with. She is telling me that the monthly payment that I paying is decreasing the total payoff for the loan, which I know.. I feel like I probably should have gone through arbitration instead of them... I am in my 4th month of this.. Tesla attorneys are taking their sweet time. Tesla sent a first offer on 4/8/24 and it was wrong and now they are redoing it and should have an updated offer mid next week from them.. UGH!!
El joe
Active Member
Yeah, the whole process took something like 45 days for me. I'm in California which I believe is really consumer-friendly when it comes to Lemon Laws, but in the end, they gave me more than $12,000 ($5,000 down payment and ten months or so of $700/mo. payment) back my 2019 SR+ Model 3.
I was thrilled, because I was upside-down to the tune of something like $13,000.
You are very lucky that you are in Cali. I have been searching the net and it seems like 90% of the posts I find are from people getting all their money back from Tesla are in CA. The value of all our cars are like so upside down (mine is based on the carmax or carvana with the tune of about $22k) and even if I have to pay to get rid of the car, I will do it b/c the value will only keep going down and to get rid of it now!
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