Trade In / Finance

[kmrnt]

Hi all,

If I’m trading in with 3rd party (carmax), ideally I’d love to have financing approved and settled with Tesla before actually getting rid of my current vehicle, but have Tesla take into account that the current loan would be taken care of.

I have a crazy low interest rate/payments on this car and would hate to trade it in and then find out what the numbers are on Tesla’s end. My credit score/DTI is solid but I’m sure the existing loan would affect Tesla’s numbers.

*Also particularly worried about trading in well before time, and the uncertainty I’m seeing with delivery dates, etc.

SAs haven’t offered much insight as it pertains to this, and am wondering what past experiences have been like.

 

[jjrandorin]

You mean, you are selling to a third party (not trading in), right? Unless you are buying a vehicle from Carmax at the same time, you arent trading anything in, you are selling it.

I used outside financing (my own credit union) but I am unclear on why you cant apply for the loan from Tesla during the order process if thats what you want to do, to see what they offer you? You can also consider applying for a loan wherever you bank , or any other outside financing company.

Unless you are leasing the car (and not buying it) you should feel free to shop around / get an idea of what financing looks like before you sell your current car, if you think its going to be impacted by the current loan.

 

[kmrnt]

Hey - thanks.

I plan on leasing from Tesla.
Correct - I would be selling to Carmax.

My problem is I’d prefer avoiding the sale before having the final lease #s from Tesla. Wondering if there’s a workaround folks have used in the past?

I.E - maybe I need to email their finance team to take into account that the current loan would be null before I take delivery?

 

[DMan]

I had them work my numbers with a trade first. Then I got an offer from Carmax later. Carmax came in a little higher after we worked the numbers out so they modified the numbers and removed my trade-in before I took delivery and gave me an amount due at delivery.

 

[kmrnt]

I had them work my numbers with a trade first. Then I got an offer from Carmax later. Carmax came in a little higher after we worked the numbers out so they modified the numbers and removed my trade-in before I took delivery and gave me an amount due at delivery.

Thanks!