$60,000 deposit requirement for 2009 model

[pgwoosley]

This subject is discussed somewhat in the Waitlist Update (http://www.teslamotorsclub.com/tesla-roadster/1087-waitlist-update-2009-price-set-sort.html), but here is Tesla's email requesting an additional $55,000:

"Thank you for confirming your interest in purchasing the 2009 model
year Tesla Roadster. Now that we have firmed up the pricing for 2009 at
109,000.00, we are able to move you from the waitlist to the reservaton
via the Tesla Roadster Club.

"Please note that I have attached the Membership Agreement with this
email; please sign and fax back to us. Once we have received your
Membership Agreement and your reservation payment of $55,000 (via wire transfer
or check), we will confirm your status as a Tesla Roadster Club
member.

"A Tesla Motors sales consultant will contact you via email within
24-hours of receiving your payment to confirm receipt. After we receive your
payment, we will counter-sign the Membership Agreement and mail it
back to you.

"Payment Options

"You may mail your check to:

"Tesla Motors
1050 Bing Street
San Carlos, CA 94070
Attn: 2008 Tesla Roadster Reservations

"To wire your payment:

"Account name: Tesla Motors, Inc.
Account address: 1050 Bing Street, San Carlos, CA 94070
Account number: 441-003447
Bank name: City National Bank
Bank address: 2001 N. Main Street, Suite 200, Walnut Creek, CA 94596
ABA or routing number: 122016066

"The reservation payment is fully refundable until three months prior to
production of your 2009 Tesla Roadster. We will contact you at that
time to confirm your options and color choices.

"Please let me know if you have any additional questions; we look
forward to welcoming you into the Tesla Motors Club!

"Best Regards,

"Jeremy

----------------------------------
"Jeremy Snyder
Tesla Motors
11163 Santa Monica Blvd
W. Los Angeles, CA 90025
310.473.8337 Office
[email protected]"

 

[doug]

This is a joke, right?

Couldn't they have come up with a name other than "Tesla Roadster Club"??
It immediately causes confusion with the name of this site.
Mr. Jeremy Snyder even makes that VERY MISTAKE at the end of his message!!

 

[DaveD]

I don't have my Tesla papers in front of me, but it's been named something like "Tesla Roadster Club" since I put down my deposit back in October 2006. I'll post again once I can confirm it, if one of the other owners doesn't reply in the meantime.

 

[doug]

I don't have my Tesla papers in front of me, but it's been named something like "Tesla Roadster Club" since I put down my deposit back in October 2006. I'll post again once I can confirm it, if one of the other owners doesn't reply in the meantime.

Well, I was trying to sound funny more than anything else. It is an amusing point of confusion given that the author of the email mixed it up himself.

Does raise and interesting issue, however. I wonder if at some point Tesla could decide it needs to protect it's brand and try to force a name change here.

 

[vfx]

lol

good catch doug!

 

[pgwoosley]

Early April Email re the $60,000 deposit requirement

Here is email that Tesla sent out in early April:

:On March 17th, Tesla Motors officially began production on the breakthrough, 100% electric 2008 model year Tesla Roadster. 2009 model year production is just one year away! We've finalized 2009 program details and would like to explain the process of transferring your waitlist position to Roadster Club Membership. Roadster Club Membership secures a slot for a 2009 production car. Membership also provides additional privileges such as access to the Owners Area on the Tesla Motors website and test drives at Tesla Store locations. Your waitlist position determines your production sequence, but specific VIN numbers will not be communicated prior to production of your vehicle.

"The estimated base price for the 2009 Roadster is $109,000. Final pricing will be set just prior to start of 2009 production. The membership fee for the Roadster Club is $60,000; your wait list fee of $5000 will be applied to that total. This balance is fully refundable up until 90 days prior to production of your car. At that point, the remaining balance will be due and options selections will be locked in. Tesla Roadsters are “built to order” which is why you need to finalize your purchase commitment, color, and options prior to your vehicle going to the production line.

"A Tesla sales consultant will be contacting you by phone within the next few weeks according to your place in line on the wait list. At that time, you can ask further questions and receive payment instructions to submit your membership fee and secure your production slot. Your payment will be due within two weeks from the date of our phone conversation with you.

"In case you missed it, the Roadster has recently been reviewed by: Car & Driver, Automobile, Motor Trend, Road & Track, and Auto Week magazines - check out the reviews by clicking on the links.

"We look forward to speaking with you soon and welcoming you to the exclusive group of Roadster Club members."

[Signed Tesla Motors]

 

[doug]

Your waitlist position determines your production sequence, but specific VIN numbers will not be communicated prior to production of your vehicle.

This gets weirder and weirder...

Isn't this essentially the exact opposite that Tesla is claiming now with the Founders' Series wrt Martin's car? I.e., a specific VIN number, but production sequence as they see fit.

 

[pgwoosley]

Roadster Club Membership Agreement Form

Electronically converted from pdf format, so there may be typos.

"U.S. Tesla Roadster Club
Membership Agreement
1. How It Works.
● Membership Fee. You pay an amount to join the U.S. Tesla Roadster Club. The membership fee is fully refundable up to the day that you confirm your option selections, which is three months prior to the production of your Tesla Roadster. The membership fee is $60,000.
● Order Placement & Credit. When Tesla Motors begins accepting orders for the Tesla Roadster, each U.S. Tesla Roadster Club member will be given the opportunity to place an order for a 2009 or 2010 model year, before Tesla Roadster orders are accepted from the general public. The membership fee will be credited against Tesla Roadster acquisition costs.
● Purchase Price. The base price of a standard 2009 model year Tesla Roadster is expected to be approximately $109,000 (excluding taxes and other applicable fees), plus a destination charge of $950 and options (if any). Tesla reserves the right to establish the base price in its sole discretion.
● How to Join. To join the U.S. Tesla Roadster Club:
o Complete, sign, and return this agreement by fax to: 650.413.6210.
o Make membership fee payment by check or wire transfer.
o Membership will become effective when Tesla Motors countersigns the membership form at its California headquarters and returns a copy of it to you.
2. U.S. Tesla Roadster Club Terms and Restrictions.
● Residence Restriction. Membership in the Tesla Roadster U.S. Club program is available to individuals residing in the United States Membership in and application for membership in the U.S. Tesla Roadster Club is void if prohibited by law in the state of the applicant's domicile.
● Age Restriction. Members of U.S. Tesla Roadster Club must be at least 18 years of age.
●
Priority. Your numeric position on the priority list will be established by Tesla Motors in its sole and complete
discretion. Tesla Motors may decline membership requests to avoid an oversubscription situation or as it deems
appropriate. Tesla Roadsters may be built and distributed for purposes of in-house and third-party testing, evaluation, and display prior to accepting or fulfilling Tesla Roadster orders.
● Delivery Terms. The estimated delivery dates, final specifications, and acquisition (or any post-acquisition refund) terms and conditions will be established at the time orders from the general public are accepted and are subject to change without prior notice. Tesla Roadsters may be acquired only for delivery and use within the continental United States. Sales will be finalized by and in accordance with requirements applicable to our authorized dealership facilities in California and selected other states. Your membership in the U.S. Tesla Roadster Club does not constitute a sale of a Tesla Roadster.
● Cancellation. Tesla Motors or you may cancel your membership in the U.S. Tesla Roadster Club and obtain a full refund of the membership fee at any time prior to or at the time of final option selections (approximately three months prior to production of the Tesla Roadster). If permitted by applicable state law, after you have made final selections, you may not cancel your membership in the U.S. Tesla Roadster Club and you are required to purchase the Tesla Roadster.
● Not Transferable. Once you have joined the U.S. Tesla Roadster Club, your membership is not transferable.
● Club Membership Maximum. The availability of U.S. Tesla Roadster Club to potential new members may be withdrawn at any time without notice; however, such withdrawal will not affect your status as a member of the U.S. Tesla Roadster Club.
● Modifications. Tesla Motors reserves the right to change any of the terms of the U.S. Tesla Roadster Club for any or no reason, and without prior notice to you. However, if you are unhappy with any change by Tesla Motors, you can terminate your membership in the U.S. Tesla Roadster Club at any time up to the date of final option selections and receive a refund of any membership fee you paid to Tesla Motors.
● Limitation of Liability. Under no circumstances will Tesla Motors be held liable for, including, but not limited to, incidental, special, or consequential damages arising out of U.S. Tesla Roadster Club or any such other products and services, even if Tesla Motors or a Tesla Motors representative has been advised of the possibility of such damages. In the event Tesla Motors is held liable for any damages related to such matters, the member's sole and exclusive remedy will be limited to reimbursement for the membership fee specified above. The member hereby waives any and all rights to bring any claim or action related to such matters in any forum beyond two years after the first occurrence of the kind of act, event, condition, or omission upon which the claim or action is based.
● Use of Funds. Tesla reserves the right to use the U.S. Tesla Roadster Club membership fees for operating capital and for purposes determined by Tesla Motors in its sole discretion. The membership fees will not be held by Tesla Motors in a segregated account.
3. Payment Information.
Membership fees must be in United States dollars and may be paid by (1) check or money order or (2) wire transfer. Please select your payment method below and follow the instructions for that method.
[ ] Check or Money Order. Make your check or money order payable to "Tesla Motors, Inc." Reference the Member Name in the check or money order to ensure proper application of your funds. Send check or money order (payable to Tesla Motors) with your signed agreement to:
o Tesla Motors, Inc.
1050 Bing Street
San Carlos, CA 94070
Attn: Tesla Roadster Reservations
● [ ] Wire Transfer. Reference your Buyer Name on the wire transfer to ensure proper application of your funds. Please contact Tesla Motors if you need wire transfer instructions.
4. Your Personal Information.
Part of building a great car company involves building a great marketing campaign. Many prospective customers and investors are very much interested in the type of customer that desires to purchase a Tesla Roadster. As such, Tesla Motors is interested in acquiring and possibly using (in a very restricted manner) information about you, as follows:
● Scope of Use. Your personal information will be used for the purpose of informing you of additional products and services from Tesla Motors, or by any of our business partners that may be of interest, servicing your requests, improving our services, or answering questions you may have. For example, such
information may be used to inform you about solar power options, car covers, and after market products.
● Statistics. We may also aggregate statistics that we gather about our customers and provide these statistics to third parties. However, when we do, these statistics will not include personal information that identifies individuals. All reasonable measures have also been taken so that the information you provide to us will not be used by our affiliates or third parties for purposes other than those indicated in this document.
● Legal Disclosures. We may also use, disclose, and communicate your personal information if required to do so by law, including by an order of any court.
● Website and Press Release Permission. Do you give Tesla Motors permission to disclose your status as a U.S. Tesla Roadster Club member by including on its website or in a press release your name (but not your email or other contact information)? [ ] Yes [ ] No
Your
Signature:
By (print
name):Member Information
Member Name:
Address: Phone: Email:
Preferred Contact
(if other than above)
Name:
Address:
Phone:
Email:
For internal use only
Tesla Motors, Inc.
Signature:
By (print name):
Title:
1050 Bing Street
San Carlos, CA 94070 Phone: (650) 413-4000 x3 Fax: (650) 413-6210
v. 04.09.08

 

[W8MM]

I don't have my Tesla papers in front of me, but it's been named something like "Tesla Roadster Club" since I put down my deposit back in October 2006. I'll post again once I can confirm it, if one of the other owners doesn't reply in the meantime.

That s the same as I remember from March, 2007:

"Hi Mike,

I would like to confirm receipt of your reservation payment of $50,000 on 3/31/2007. You are now officially on our list for our 2008 Model Year Roadster with an anticipated delivery date of June 2008. We will be mailing you the countersigned reservation agreement and over the next several months, you will be receiving updates on our company and your car. Could you please send us your preferred mailing address so we can mail the agreement as well as other communication pieces?


You have more than simply reserved the world's first high performance electric sportscar, you have invested in the future of the auto industry and in preserving our environment.


We welcome you to the Tesla Roadster Club!

Thank you,

Tom"

 

[doug]

So I guess these are the more interesting parts or the Roadster Club membership agreement:

● Priority. Your numeric position on the priority list will be established by Tesla Motors in its sole and complete
discretion. Tesla Motors may decline membership requests to avoid an oversubscription situation or as it deems
appropriate. Tesla Roadsters may be built and distributed for purposes of in-house and third-party testing, evaluation, and display prior to accepting or fulfilling Tesla Roadster orders.

● Use of Funds. Tesla reserves the right to use the U.S. Tesla Roadster Club membership fees for operating capital and for purposes determined by Tesla Motors in its sole discretion. The membership fees will not be held by Tesla Motors in a segregated account.

What was in the 2008 agreement? Didn't those who placed orders for those cars have the option of paying in full upfront in order to secure a better place in line, and those who paid roughly half (as in this case) agree to let their number slip? Were there two different levels of membership and did they get a different agreement?

 

[donauker]

What was in the 2008 agreement? Didn't those who placed orders for those cars have the option of paying in full upfront in order to secure a better place in line, and those who paid roughly half (as in this case) agree to let their number slip? Were there two different levels of membership and did they get a different agreement?

The Signature 100 were 100% down, then there was a period of 75K down as I recall. Then it dropped to 50K down to lock your position or 30K down to follow all 50K depositors.

 

[Michael]

Who's going to wait a year or so and then offer to submit a deposit of 65k, or more, in order to get placed at the top of the reservations list for the 2009 model?:wink:

Perhaps Tesla will 'allow' us to place bids for placement on the reservations list.

 

[doug]

The Signature 100 were 100% down, then there was a period of 75K down as I recall. Then it dropped to 50K down to lock your position or 30K down to follow all 50K depositors.

Yeah, actually that sounds right. So have those that paid 30K been asked to put up more cash yet? Are they guaranteed 2008 models?

 

[SByer]

No, no additional cash, yes, we get 2008 models. Remember that more than 2 years will have passed between putting that deposit in and getting the car - that represents opportunity cost. I personally consciously chose the "patient" slot to let potential production nigglies settle out.

 

[doug]

No, no additional cash, yes, we get 2008 models. Remember that more than 2 years will have passed between putting that deposit in and getting the car - that represents opportunity cost. I personally consciously chose the "patient" slot to let potential production nigglies settle out.

That appears to have been a very wise choice. Given how Tesla expects to ramp production, as a percentage of the total wait time, those who paid $30K probably won't wait much longer than those who paid $50K. Yet the $30K depositors may end up with a more refined/reliable car.