Documents Required for Financing (Pepper)

[EcoCloudIT]

Hi all, first post here.

I've got my eyes on the Model Y. I think the price is going to be around 150k AUD for the options I want.

Question to those of you who have financed your Tesla through Pepper, especially as a business.

What documents do they require? Has anyone been knocked back?

Another thing, you could start putting $1,300 per month aside until the date of delivery is set for your Model Y. You'll most likely have saved up a deposit of $31,200 (or more) to bring the monthly payments down during ownership.

 

[franciskim]

Depends, do you mean Sole Trader or Pty Ltd?

It's a Pty Ltd

 

[franciskim]

Another thing, you could start putting $1,300 per month aside until the date of delivery is set for your Model Y. You'll most likely have saved up a deposit of $31,200 (or more) to bring the monthly payments down during ownership.

Great idea

 

[EcoCloudIT]

It's a Pty Ltd

Pty Ltd will just come down to a company tax return and years in business. For a Sole Trader it’s a bit easier as long as one owns property and a letter from accountant saying the main use is “business”.

 

[franciskim]

Pty Ltd will just come down to a company tax return and years in business. For a Sole Trader it’s a bit easier as long as one owns property and a letter from accountant saying the main use is “business”.

Awesome, that's insightful - thank you.

 

[paulp]

Pty Ltd will just come down to a company tax return and years in business. For a Sole Trader it’s a bit easier as long as one owns property and a letter from accountant saying the main use is “business”.

Unless of course you are mr x, director of x pty ltd as trustee for x family property trust. (Insert your own name in x), in which case you’ll need to add certified trust deeds, certified ammending deeds, certified asic report, and certified company constitution.

 

[franciskim]

Unless of course you are mr x, director of x pty ltd as trustee for x family property trust. (Insert your own name in x), in which case you’ll need to add certified trust deeds, certified ammending deeds, certified asic report, and certified company constitution.

I don't have a trust setup, fortunately or unfortunately. Thanks for your input @paulp!

 

[paulp]

I don't have a trust setup, fortunately or unfortunately. Thanks for your input @paulp!

If you distribute profits to more than just yourself, or more importantly have a business that means you need to protect your assets, then ask a good accountant about a trust.

 

[Chuq]

Sorry to bump such an old thread, but to be honest a Google search brought me here!

Just wanted to get input from anyone who had recently gone through the Peppers approval process.

Are the details in @strykeroz's comment still accurate?

Documents Required for Financing (Pepper)

Hi all, first post here. I've got my eyes on the Model Y. I think the price is going to be around 150k AUD for the options I want. Question to those of you who have financed your Tesla through Pepper, especially as a business. What documents do they require? Has anyone been knocked back?

teslamotorsclub.com

What happens if you are unsuccessful? I presume you lose the initial $150 or is there scope to renegotiate?

 

[race4life81]

Sorry to bump such an old thread, but to be honest a Google search brought me here!

Just wanted to get input from anyone who had recently gone through the Peppers approval process.

Are the details in @strykeroz's comment still accurate?

Documents Required for Financing (Pepper)

Hi all, first post here. I've got my eyes on the Model Y. I think the price is going to be around 150k AUD for the options I want. Question to those of you who have financed your Tesla through Pepper, especially as a business. What documents do they require? Has anyone been knocked back?

teslamotorsclub.com

What happens if you are unsuccessful? I presume you lose the initial $150 or is there scope to renegotiate?

I've just gone through the process but not as a business/sole trader. They asked me for 2 payslips and asked me to sign the privacy statement. Thats about it. During the appointment they asked me for the financial details such as income, expenses, assets , loans / credit cards etc. The process was very simple and I am very impressed with Pepper money. It only took them a day to get my approval and the approval is valid for 90 days too not 30 days unlike the traditional banks.

They did tell me when asked ' what If my application is unsuccessful ? " Tesla will return the 150 bucks and you can get loan from somewhere else and buy it as 'cash purchase'.


PS: I'd assume if applying as a business / sole trader, they would ask for 2 yearly tax statements etc in addition to the above.

 

[Chuq]

I've just gone through the process but not as a business/sole trader. They asked me for 2 payslips and asked me to sign the privacy statement. Thats about it. During the appointment they asked me for the financial details such as income, expenses, assets , loans / credit cards etc. The process was very simple and I am very impressed with Pepper money. It only took them a day to get my approval and the approval is valid for 90 days too not 30 days unlike the traditional banks.

They did tell me when asked ' what If my application is unsuccessful ? " Tesla will return the 150 bucks and you can get loan from somewhere else and buy it as 'cash purchase'.


PS: I'd assume if applying as a business / sole trader, they would ask for 2 yearly tax statements etc in addition to the above.

Thank you! That sounds really easy. Yes I'll be applying as an individual and the items mentioned above sound pretty standard.

I did a mortgage redraw extension a couple of years ago and that was painful as hell with the level of detail that was needed - especially considering our savings accounts were at the same bank so they were fully aware of our cash in/out situation.

 

[race4life81]

Thank you! That sounds really easy. Yes I'll be applying as an individual and the items mentioned above sound pretty standard.

I did a mortgage redraw extension a couple of years ago and that was painful as hell with the level of detail that was needed - especially considering our savings accounts were at the same bank so they were fully aware of our cash in/out situation.

Yeah I got an investment property loan with the same bank as my primary earlier this year.. I know what you mean. Make sure you double check the details in your Tesla account.. mine had a wrong phone number ( my mistake) and I was wondering why it took so long for pepper to contact me. they send you a text to get the process started and not an email.. so its a little weird as a starting point..

 

[Chuq]

. they send you a text to get the process started and not an email..

Yep, got the text this morning! And booked in my appointment - earliest one, Monday next week!! Argh! I first made my reservation 5 years and 1 month ago but this week is going to be the longest week ever!

I just hope it doesn't cause a delay. Missing the cutoff for the next ship by a week, waiting another 2 months, etc....

 

[Chuq]

I'm a bit nervous about not getting approved, but I've tallied up my monthly income and regular expenses and my cashflow per month is about 4x what the monthly payment will be - I wish I knew where it all went Anyway, I'm a bit less stressed about it now!

 

[nuckles]

I am awaiting approval from pepper , should here back today. here's hoping.

 

[Chuq]

I am awaiting approval from pepper , should here back today. here's hoping.

Good luck

 

[paulp]

Pepper Money have just launched an IPO on the ASX

 

[Chuq]

I notice the financial calculation tool on Tesla's site allows a max deposit amount of 50%. Does anyone know if this includes a trade-in amount, or does that extend you past the 50%? (You don't actually get the trade-in option to appear until after you've ordered).

For those following my order, I cancelled so that I could take advantage of the Tasmanian stamp duty waiver ($2600) - it was first whispered about in the form of an election promise a few days after I ordered. It has only just been formally announced in the last few days (still isn't applying on the Tesla website).

Now I have found about the Tesla Corporate Program which would allow a further $1300 reduction due to the removal of the delivery fee. My employer appears to be eligible for it, but I need to convince them.

And the rumours of the Model Y SR (based on HK launch) are making me reconsider - the Model 3 sedan shape was going to be one of the few things I was compromising about - Model Y would absolutely suit me better but with the cheapest option being LR it was out of my price range. But it depends on (a) whether we get SR (b) what the price differential is.

My original plan was to buy the Model 3 *without* including my Leaf as trade-in, and then later on sell the Leaf privately and use those funds to buy FSD. I may need to sacrifice FSD to afford the 3 -> Y stretch instead. But I'm happy with that.

All of these delays are slightly annoying, but with every fortnight my order is delayed that's a slightly higher deposit amount I'll have saved up.