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Should I Sell My Tesla Cybertruck & Lose $30,000 in 6 Months or Just Let It Get Repo’d & Ruin My Credit Score?

A Cybertruck owner in financial distress says he’s trying to decide whether to sell his Cybertruck and lose $30,000 in six months or let it be repossessed and get out of the remaining $93,000 loan.

Sledder is a Cybertruck owner from Ventura County, California, and says he has found himself in a financial dilemma after his truck massively depreciated in the six months since he bought it.

The Cybertruck owner is trying to decide between selling his truck and losing tens of thousands of dollars or having the bank repossess it and getting out of the loan early.

Sledder doesn’t want to lose a lot of money on his Cybertruck purchase, but he’s worried that it will negatively affect his credit score if he stops making his loan payments.

Sledder says he financed most of the Cybertruck’s cost through a credit union and still owes $93,000 on the all-electric truck.

He’s willing to sell his Foundation Series Cybertruck AWD for $89,000 and take a $4,000 hit; however, he doesn’t want to sell it for $70,000 to $80,000 and pay his credit union $13,000 to $23,000 out of pocket.

The conflicted Cybertruck owner went on the Tesla Cybertruck group on Facebook and shared his predicament.

Here is what he wrote…

“Should I sell my Cybertruck for $80k and lose $30k in 6 months or just let it get repo’d? How long will my credit be ruined?”

Below his post, Sledder included a picture of his matte black Foundation Series Cybertruck that he has posted for sale on Facebook Marketplace.

Sledder adds that the Cybertruck resell market is bad enough; however, all the free benefits Tesla is offering new Cybertruck buyers are hurting his chances of selling his truck for a good price.

The California resident says that a couple of weeks ago, someone offered to buy his truck for $91,500; however, the deal fell through after Tesla started offering new Foundation Series Cybertruck buyers free lifetime supercharger access.

He writes…

“I was offered $91,500 two weeks ago, then he bought a new one when they offered free supercharging. I wish they would not have done that. It really hurts Foundation Series Cybertruck owners.”

Sledder is not alone in this complaint. Several early Cybertruck owners are looking to start a petition, hoping to pressure Tesla to offer them the same free lifetime supercharging access as new buyers.

Unfortunately for Sledder, starting yesterday, Tesla is moving in the opposite direction and has started discounting brand-new Cybertrucks, which means the longer he holds on to his truck, the less valuable it will become.

Looking at the comments, several people offered Sledder advice on how he could quickly get rid of his Cyertruck. Most people suggested that he should sell it to vehicle Wholesalers.

A fellow group member, Tony Arnold, writes…

“Try Carmax, an AutoNation dealer, a Sonic dealer, and other places, and take the best of the bids. You can try Carvana and one of the other wholesalers online. I think you can get upper seventy thousand.”

However, Sledder refuses, saying, “I need $89,000. I am sure those places will be in the 70s.”

Sledder seems determined not to lose money on his Cybertruck, which leads us to the other option of letting his bank repossess it.

Naturally, several people strongly advised Sledder against going through this route.

A fellow group member, Fabian Rosadi, writes…

“Repo stays on record for 7 years. You can get another car in the future but at a stupendous interest rate. Sell your Cybertruck and pay off the difference if you want to keep your credit clean.”

Other people similarly pointed out that letting the bank repossess his Cybertruck would negatively affect his credit score and that he’ll likely not be able to get a good vehicle in the future.

Stuck between a rock and a hard place, other forum members suggested that maybe he should rent his Cybertruck on Turo to help him with his monthly payments.

However, Sledder says that’s not a good idea, writing, "To make $100 a day after Turo takes its cut and hope the people don't damage it? No thanks.”

Sledder might be correct in this regard. We have all seen the Cybertruck that was loaded with fireworks and gasoline and exploded in front of the Trump Hotel.

This made headlines and is clearly a very rare occasion; however, other Cybertruck owners have shared their struggles after renting their trucks on Turo.

Yesterday, we reported about a Cybertruck rented from Turo that ran over a deer going 75 miles an hour on the freeway. However, the people renting the Cybertruck drove it an additional 60 miles using FSD rather than getting it towed.

Other Turo renters have similarly shown that their Cybertrucks have sustained tens of thousands of dollars of damage after being rented to strangers.

Overall, it seems that Sledder doesn’t want to hold on to his Cybertruck and, at the same time, is not willing to sell it below $89,000.

Given these requirements, I don’t know what option he has. However, please let me know if you have any suggestions. Share your ideas by clicking the “Add new comment” button below. Also, visit our site, torquenews.com/Tesla, regularly for the latest updates.

Image: Screenshot from DragTimes YouTube channel

For more information, check out: A Tesla Cybertruck Slices in Half a Deer While Driving 75 Mph on the Freeway. Despite The Heavy Damage, The Turo Rental Cybertruck Continues for 60 More Miles on FSD

Tinsae Aregay has been following Tesla and the evolution of the EV space daily for several years. He covers everything about Tesla, from the cars to Elon Musk, the energy business, and autonomy. Follow Tinsae on Twitter at @TinsaeAregay for daily Tesla news.

Comments

John (not verified)    January 17, 2025 - 1:47PM

All new vehicles depreciate. You knew that before you bought it( I hope). Tesla is a fad that will soon die out. If you want a real truck, stick with the Big3. Diesel trucks last a lot longer ( in general) than gasoline. Take what you can get now before you loose even more$$

Jeffrey (not verified)    January 23, 2025 - 1:54PM

In reply to by John (not verified)

I agree. This guy deserves to take a massive hit if for no other reason than to learn a lesson. Vehicle markets move all the time, that's life. All vehicles take the biggest depreciation hit immediately after driving them off the lot. Don't buy a $100 k toy if you can't afford it is the advice this guy needs. Idiot.

John (not verified)    January 17, 2025 - 1:49PM

All new vehicles depreciate. You knew that before you bought it( I hope). Tesla is a fad that will soon die out. If you want a real truck, stick with the Big3. Diesel trucks last a lot longer ( in general) than gasoline. Take what you can get now before you loose even more$$

Mike M (not verified)    January 17, 2025 - 4:19PM

He's responsible for the shortfall if it's repossessed. He should be able to get a better price than the bank will

Mike (not verified)    January 18, 2025 - 7:31AM

In reply to by Mike M (not verified)

Yeah I'm surprised people don't realize this. You think banks just let people walk away and lose money?

No they sue and put a lien against you for the difference of what they sold it for after repoing the vehicle.

Correct me if I'm wrong, but if someone were to hit a deer with your cyberytuck while on Turo, wouldn't Throw insurance or the driver's insurance cover it? With the nonavailability of fixing cuberytucks, wouldn't they total it leaving you clear?

I'd Turo that car and try to get 10-15k back then sell it meanwhile praying that one of those dummies crashes it (and doesn't injure anyone obviously).

2 months of Turo and you'll have your month that you would have lost as long as Tesla doesn't drop the price again. Which is certain to happen.

Phillyhorse (not verified)    January 24, 2025 - 5:46AM

In reply to by Mike (not verified)

You'll be surprised what banks will let you do my wife's car got behind the bank charged the car off but she got to keep it and continue to pay the loan off at zero interest. Alot of banks are adjusting to all the bad pandemic loans they let out that people now can't afford. But he can also lease the car out to someone that has the income but not the credit to get it.

Josh Jones (not verified)    January 18, 2025 - 9:13AM

Did you buy this vehicle as an investment? Did you finance it or pay cash l.o.l.? Assuming you have full coverage auto insurance you have two choices: a) drive your virtue-signaling money pit of a car to work, around town, on vacation or business trips like you would with any other car, or b) crash it into a tree at highway speeds and say you swerved to avoid a deer.

Z (not verified)    January 18, 2025 - 11:39AM

In reply to by Josh Jones (not verified)

Repo you have to pay the difference
Selling it. You take the haircut and you have to pay the difference
Turo you might make some cash
Swerving for a "deer"..... Tesla's have cameras insurance will just look at the cameras to see if there was really a deer there.
I would just say Turo it, and hope people don't get carsick I like I have been hearing.

Manny N'for (not verified)    January 18, 2025 - 12:08PM

In reply to by Josh Jones (not verified)

Please, take it with a pinch of salt and yield to this suggestion by.......
"Josh Jones (not verified) January 18, 2025 - 9:13AM
Did you buy this vehicle as an investment? Did you finance it or pay cash l.o.l.? Assuming you have full coverage auto insurance you have two choices: a) drive your virtue-signaling money pit of a car to work, around town, on vacation or business trips like you would with any other car, or b) crash it into a tree at highway speeds and say you swerved to avoid a deer"
.................... and let your auto insurer payoff your loan. This opinion might seem crazy, but his idea is the smartest pathway to your financial redemption!!

DOOM1000101 (not verified)    January 18, 2025 - 10:59AM

His first task is to learn what actually happens to the loan when a vehicle gets repoed. His options are to lose $30,000 or ruin his credit AND lose the difference between the loan balance and the auction price (probably way more than $30,000).

Bobby murphy (not verified)    January 18, 2025 - 12:29PM

Gap insurance and an "accident". And maybe make more responsible decisions in the future.

Mm (not verified)    January 23, 2025 - 7:00PM

In reply to by Bobby murphy (not verified)

Deliberately totaling your vehicle is called "Insurance Fraud" Can they prove it? Maybe , maybe not. But that's what it is. Now ask yourself, did I use the same name here as anywhere else on the internet and could the insurance company figure it out? If your finances are in bad shape (they WILL check and your expensive car you can't afford gets conveniently totalled they WILL dig deeper. Maybe you can get away with it. It's like Vegas, maybe your willing to get it all on black. Maybe not.

Some guy (not verified)    January 18, 2025 - 1:22PM

I mean what happens if you're in California and it gets eaten by the fire just saying it could happen to anyone

David (not verified)    January 18, 2025 - 2:05PM

A repo doesn't absolve you from paying the remaining balance.
If you owe $93,000, you owe $93,000. If the bank sells the truck for $75,000, they will deduct the cost of selling the truck to your loan and you will still owe $23,000 or more

DD (not verified)    January 18, 2025 - 4:03PM

Let the bank repo the truck. Don't worry about bad credit records. You can still buy a high price ticket item without paying high interest if you are creative.

Derek (not verified)    January 18, 2025 - 5:24PM

What is the "resell market"? It's that similar to a resale market?

Furthermore, most repos are sold at way less than book, so he'd not only destroy his credit, he could owe the bank way more than $30,000.

Steven (not verified)    January 19, 2025 - 10:33AM

People do know that just because the truck gets repo'd doesn't make the loan go away right? If the bank can't sell it high enough to cover the loan at action you're still in the hook.

Samuel (not verified)    January 22, 2025 - 1:46PM

What you need to do is Haaaaa, haaaa, haha, haha, sorry I just realized what did you purchased. 😅

Dang (not verified)    January 22, 2025 - 3:55PM

It sounds like he's just mad about the depreciation what did he expect? Since he's obviously not very bright, his best option would be to donate it to charity and take the bus.

L (not verified)    January 22, 2025 - 11:34PM

If you let it get repossessed you will not only ruin your credit, but you will still owe the balance, unless you file and are granted bankruptcy protection.

Chris C (not verified)    January 23, 2025 - 8:08AM

If he let's the bank repo the car, he doesn't "get out" of the debt. He'll still owe the difference between the outstanding balance and whatever the bank values the vehicle at. And they can (and will) use the courts to enforce payment.

It's 1,000% better to sell at loss and handle the debt on his own.

M (not verified)    January 23, 2025 - 8:53AM

If you let it go back to the bank your not done with what you owe. The bank will wholesale your truck and you will be on the hook for the difference between what the bank got. Lets say the bank gets $70,000 for it you still owe the difference.

Chris (not verified)    January 23, 2025 - 1:10PM

It's not a hard call at all. When your vehicle gets repoed The bank sells your vehicle at auction and then you still owe the bank the difference and you have ruined your credit score. You're better off selling it for what you can get and getting a loan to make up the difference.