Tesla check for trade-in bounced

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Needsdecaf

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Joined
Dec 27, 2018
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1,128
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The Woodlands, TX
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#21
so the trade in was worth $8k more than the new car from Tesla?
No, he's saying that he only applied part of the trade-in value against the Tesla.
He probably financed (or leased) his purchase, and didn't want to put any more down on the car.
Who knows what he did. I have a friend who is has his dealer's license and is a serial car buyer and seller. He's done all kinds of trades. Not just 1 for 1 but 2 for 1, 2 for 3, 3 for 1, whatever. Sometimes there is cash involved both ways. People "trade down" more often than you'd think if they are savvy at buying and just want a different car.

I traded in my Acura (owned outright) when I leased a Lexus. I didn't want to put any cash down on the lease AT ALL, so they cut me a check for the full value that I had agreed upon (pretty damn good too, that car held it's value amazingly well). Technically I sold them my car, but it was part of the lease paperwork so it was a "trade in".
 

Needsdecaf

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Messages
1,128
Location
The Woodlands, TX
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Model 3
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#22
Don't get me wrong - I love the car. But yes this is basic execution that's just absurd and inexcusable.
Good memory! Yes, there was a prior report here of a Tesla check bouncing. The check was for a whopping $86 in excess DMV fees. o_O

In this case, my guess is the same as yours... It was drawn on the wrong account. Yes, this shouldn't ever happen... but it totally did. :confused:
Unlike us individuals, companies generally print checks along with the MICR line so it’s most likely a clerical error with the check being cut out of the wrong account.

That said — stupid mistake and a bad look.
Unfortunately I have no problem believing this given my experience with Tesla and my trade. They botched it so badly it's not funny. They paid off VW Credit but didn't complete the paperwork required to own the car. So they couldn't sell it for 60 days after they had paid for it!