[Moesess]

I took delivery of my M60 on August 1st and BMW still hasn’t paid off my Tesla Mx loan for my trade in. How long does it usually take? I have another payment due in a week.

 

[TAB]

You dealer is required to pay it off by whatever date was used for the trade. BMW has nothing to do with it. The dealer should be able to tell you.

 

[Moesess]

By bmw I meant my dealer. I just wanted to make sure I’m not over reacting since it’s been almost three weeks and my loan isn’t paid off

 

[nash1991]

By bmw I meant my dealer. I just wanted to make sure I’m not over reacting since it’s been almost three weeks and my loan isn’t paid off

Does seem like a long time... CarMax paid off my Model X loan in 7-10 days I believe. May wanna call the dealer and inquire with their finance department just to be safe

 

[kshatz]

the payoff quote they get from your bank is tied to a payoff date. They need to hit the payoff date. The payoff date can be 30-45 days out. A dealer may wait until exactly the date, or the dealer may have process to pay it off sooner. If they pay it off before the payoff date, there is usually a small check back from your bank

 

[SteveBK123]

I just went through this with my dealer/bank as well.

For trade-in the dealer wanted a 10 day payoff quote from trade-in date.
I traded in on date X, they overnighted the check on X+9, delivered X+10.
My bank said they take 5-7 days to cash the check, so by the time the loan was paid off it was X+17.

In that time I saw my car get listed for sale on the dealer website, and quickly gone.
So they re-sold the car possibly before even mailing the check, let alone before it was cashed hahaha.

End of the day no problem, I was just surprised to see the loan still sitting on my account at the bank that long and wasted time on a number of phone calls since there was a payment due on X+15 that I had to confirm with them not to pay.

 

[HassanReilly]

I'm sorry to hear about your situation. Have you contacted BMW and asked about the status of your loan payoff? Sometimes these things can take a while to process, but it's important to stay on top of it so you don't end up with late payments or fees. You might also want to check with Tesla to make sure they received the payment from BMW. In the meantime, you could try reaching out to your loan servicer and see if they can work with you on delaying the next payment until the payoff is processed. Also, you can talk to Mortgage Advice Sunderland for more guidance and professional support.