Trade-In Question

[CT-Mike]

I ordered a 2026 R1S Dual Max and looking to trade-in my 2023 MY. Thing is it is financed through US Senate FCU and they don't allow for payout through 3rd party dealers. The message says "Lessor's buyout statement doesn't allow 3rd party dealer buyouts."

I am waiting for a reply from Rivian and from Hudson as to what the next steps are, but I'm just wondering if anyone has dealt with this situation, and what the resolution was? Sell privately?

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[bfilippo]

Sorry, I am a bit confused here. Are you trying to trade in a Tesla lease to Rivian? In that case, it would not surprise me that Rivian would not be able to engage in this process given the laws about dealers and manufacturers direct sales, etc in many states.

 

[CT-Mike]

The Tesla is owned, (financed through USSFCU), not leased. It is USSFCU that seemingly isn't allowing this transaction as Rivian itself isn't buying the vehicle from me, but rather Cox Automotive (3rd party in the transaction).

 

[Time2Roll]

I would look at refinancing or pay off from savings.

 

[jakasspeech15]

The Tesla is owned, (financed through USSFCU), not leased. It is USSFCU that seemingly isn't allowing this transaction as Rivian itself isn't buying the vehicle from me, but rather Cox Automotive (3rd party in the transaction).

I'm with you, that doesn't sound right for a financed vehicle. If it's a loan, they just hold the title until the debt is paid—they shouldn't care if the check comes from you, Rivian, or Cox Automotive. Definitely push back on them, it sounds like a misunderstanding on the credit union's end regarding who Cox is.

 

[ndmiller]

Sounds like the new thing some of the Japanese manufactures are doing to avoid people trading in leases elsewhere. They disallow a third party to pay off the lease in the lease contract. Guessing as only CT-Mike has the contract.

The solution is for the leaseeto pay it off and then trade in the vehicle assuming there is value left and you wouldn't be better just turning it in.

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