A new “Cybertruck Only” clause in Tesla’s purchase agreement stipulates that buyers cannot sell their new vehicle within the first year unless they have explicit permission from the automaker, or they may be sued. The company just updated its Motor Vehicle Order Agreement ahead of the first Cybertruck deliveries, which it said last month are on track for November 30.
Under the terms, which have been making the rounds on social media this weekend, Tesla states that it “may seek injunctive relief to prevent the transfer of title of the Vehicle” if buyers breach its resale provision, or it may “demand liquidated damages from you in the amount of $50,000 or the value received as consideration for the sale or transfer, whichever is greater.” The terms also warn that offending resellers could be barred from buying vehicles from Tesla in the future.
Tesla says it may grant exceptions to some people wishing to sell their Cybertruck within the first year, but they must get written consent. If the company does agree, it will either buy the car back at a reduced price — deducting $0.25 per mile driven, plus wear and tear, and the cost of any necessary repairs — or allow the owner to resell the truck to a third-party buyer. Tesla’s Cybertruck is only being released to a small number of select customers at first and won’t enter mass production until 2024, so naturally, the company is trying to get ahead of resellers looking to cash in on the vehicle’s rarity.
This article originally appeared on Engadget at https://www.engadget.com/tesla-fine-print-says-it-may-sue-cybertruck-resellers-for-50k-if-they-flip-it-too-soon-173137300.html?src=rss A new “Cybertruck Only” clause in Tesla’s purchase agreement stipulates that buyers cannot sell their new vehicle within the first year unless they have explicit permission from the automaker, or they may be sued. The company just updated its Motor Vehicle Order Agreement ahead of the first Cybertruck deliveries, which it said last month are on track for November 30.
Under the terms, which have been making the rounds on social media this weekend, Tesla states that it “may seek injunctive relief to prevent the transfer of title of the Vehicle” if buyers breach its resale provision, or it may “demand liquidated damages from you in the amount of $50,000 or the value received as consideration for the sale or transfer, whichever is greater.” The terms also warn that offending resellers could be barred from buying vehicles from Tesla in the future.
Tesla says it may grant exceptions to some people wishing to sell their Cybertruck within the first year, but they must get written consent. If the company does agree, it will either buy the car back at a reduced price — deducting $0.25 per mile driven, plus wear and tear, and the cost of any necessary repairs — or allow the owner to resell the truck to a third-party buyer. Tesla’s Cybertruck is only being released to a small number of select customers at first and won’t enter mass production until 2024, so naturally, the company is trying to get ahead of resellers looking to cash in on the vehicle’s rarity.This article originally appeared on Engadget at https://www.engadget.com/tesla-fine-print-says-it-may-sue-cybertruck-resellers-for-50k-if-they-flip-it-too-soon-173137300.html?src=rss Read More Automotive Industry, Autos, Transportation, site|engadget, provider_name|Engadget, region|US, language|en-US, author_name|Cheyenne MacDonald Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics
