Can't Cancel Reservation?

[Knightshade]

I guess they want to hold your reservation $$ over the end of quarter for "accounting" purposes

that doesn't make sense, for accounting purposes.

A deposit is a liability, not an asset, under accounting rules- because it means you owe a customer something you have not yet delivered.

(which is why the folks who suggested they're holding more invites until 7/1 to move the "deposit revenue" into Q3 don't make any sense- since that's not revenue- it's more liability.... it only becomes revenue when they deliver the car)

 

[SabrToothSqrl]

It's not a 'deposit' it's a 'reservation' they are under no liability other than to return it, according to the agreement.

In any case... I still like Tesla, I just changed my mind and want to see the Model Y

 

[Lloyd]

Also calling Tesla on the hour, every hour until I have a refund. You don't F* with my money.

Or your nuts from your avitar!

 

[McRat]

Can you imagine putting a down payment on a car, and not getting your refund within 5 days if you ask? I'd be freakin' livid. Yes, they have to verify the funds, then acct'g needs to issue a check. That never actually takes 3 days anymore.

 

[Grendal]

I work in retail. I can hand the money back to Visa/MC/Amex immediately and give a customer the receipt. The CC companies take at least 2 business days to process the refund/transaction. So heads up on that. I always warn my customers.

 

[Knightshade]

It's not a 'deposit' it's a 'reservation' they are under no liability other than to return it, according to the agreement.

In any case... I still like Tesla, I just changed my mind and want to see the Model Y

it's absolutely a deposit balance-sheet wise. Hence, a liability in accounting terms.

Being refundable or not doesn't change that in any way.

I can link you to Teslas Q10 disclosure statement if you'd like to see them telling you that too?

 

[buttershrimp]

This thread struck fear in my heart, as I was just about to cancel my order, only to find it's useless even trying.

 

[mongo]

it's absolutely a deposit balance-sheet wise. Hence, a liability in accounting terms.

Being refundable or not doesn't change that in any way.

I can link you to Teslas Q10 disclosure statement if you'd like to see them telling you that too?

Or any quarterly report. The deposits are in the cash line item on the assets side and the deposits line on the liability side. Net effect on total balance is zero.

 

[SabrToothSqrl]

Or your nuts from your avitar!

One of these days I'll get those nuts... lol

 

[PR MAVERICK]

I cancelled my second reservation and got my funds back the next day direct deposit to my bank. They have different options either direct deposit to you ban account, debit card or sending a check.

 

[Phillyasian]

I cancelled my second reservation and got my funds back the next day direct deposit to my bank. They have different options either direct deposit to you ban account, debit card or sending a check.

Same thing here. I canceled my 2nd order on Tuesday and today Wednesday I see a pending credit to my checking account. So it will be 48 hours from online request to funds in my checking account!

 

[SabrToothSqrl]

Still no refund in my hand. Calling again today

 

[Amit519]

@SabrToothSqrl, a strong cautionary tale for any friend or family member that dares borrow money from you. It's just amazing how you made a reservation for a car that was going to cost you more than $50,000 and you are this upset over a $1000 deposit. Wow! Had you tried better, maybe you could have "sold" your reservation and made a profit on top of it too. Just remind everyone not to borrow money from you, ever!

Also calling Tesla on the hour, every hour until I have a refund. You don't F* with my money.

 

[SabrToothSqrl]

No worries @Amit519, I'd never lend anyone money. Luckily no one's ever asked .

You should have seen me when Burger King tried to take me for $0.11 on an item. I got my $0.11 back.

I fight not just for me, but for everyone else they'd have ripped off. (BK).

 

[SabrToothSqrl]

Friday. Still no refund. Calling shortly.

 

[SabrToothSqrl]

NOW they say "next friday". I said... well, I appreciate that you've standardized on "friday" as the day, but *sugar* if I don't believe that I'll call next week and you'll say "next" friday again... So... gonna call today just for fun, see if the date changes.

 

[darrelld]

I put a deposit for a Model S last year which I later cancelled. It took 4 weeks for the refund to appear. No dispute necessary.

i am experiencing similar problems with Alliant Credit Union and Tesla. Cancelled a Model S new inventory order and cannot find anyone in Tesla that can send the funds back to Alliant. Ordered the S as a result of previous S getting totaled and taking a long time to settle insurance. I forfeited my 2500.00 which is ok but Alliant has on open loan for a Model S that I never took delivery of?

Anyone have a contact?