Energy Savings Trust loan for Model 3

[Andy6781]

If you don't know already, some ISA's allow withdrawn funds to be replaced in same tax year - so if you have one of those, that the one to withdraw from and hopefully EST payment can then be used to repay the funds.

I have read that EST cannot be used on a car already received, so timing may prevent obtaining an EST payment.

Per the EST website. “ with exception of an initial deposit, applicants must not have made any other payments towards the purchase of the vehicle before receiving a loan offer.....”

So long as the loan offer has been made I doubt there will be an issue paying for the car before they process the payment

 

[DaddyCool]

Invoice today and emailed EST, lets see how this pans out

 

[Andy6781]

Invoice today and emailed EST, lets see how this pans out

good stuff. once received can you post an update to give others a timescale?

EST contacted me today. My application is now at the appeal stage.

 

[DaddyCool]

good stuff. once received can you post an update to give others a timescale?

EST contacted me today. My application is now at the appeal stage.

100% - see my Signature for my "journey"

 

[DaddyCool]

good stuff. once received can you post an update to give others a timescale?

EST contacted me today. My application is now at the appeal stage.

Just off the phone from EST and they suggested I delayed my Tesla collection by one week to guarantee cleared funds, fortunately I can pay for the car without the loan but there's no movement on their process and timescales. Again confirmed as OK.
Im not delaying as I'm loaning a Works Mini Cooper - the fun is wearing off, however, thoroughly recommend this as it sharpens up your pothole dodging skills and makes the M3P feel like a Bentley in comparison

 

[Andy6781]

Just off the phone from EST and they suggested I delayed my Tesla collection by one week to guarantee cleared funds, fortunately I can pay for the car without the loan but there's no movement on their process and timescales. Again confirmed as OK.
Im not delaying as I'm loaning a Works Mini Cooper - the fun is wearing off, however, thoroughly recommend this as it sharpens up your pothole dodging skills and makes the M3P feel like a Bentley in comparison

I originally thought I might need to delay delivery if gets scheduled for the end of March.

Then I popped onto BBC news during lunch to find out Tenerife has corona virus. Hopefully the car will cheer up the wife, now she isn’t getting some winter sun.

 

[DaddyCool]

I originally thought I might need to delay delivery if gets scheduled for the end of March.

Then I popped onto BBC news during lunch to find out Tenerife has corona virus. Hopefully the car will cheer up the wife, now she isn’t getting some winter sun.

We just topped up our winter sun skiing in Northern Italy 2 weeks ago - a week later and we'd be looking at 2 weeks' home based quarantine - this was our Turin arrival welcome on the 8th Feb (been in / out Paris CDG <-> Edinburgh twice since then and no temperature checks)

 

[DaddyCool]

Just been contacted via email that my claim form was never submitted - this was news to me as after every email and posting of required documents (Order, Deposit, Invoice, Contract and DD Mandate) I phoned to confirm everything was OK!!
Don't be a div like me and make sure you also complete and return the claim form (via post!!)

 

[Maz0]

I’ve been sitting at “claim being checked” for a week now (final stage apparently) delivery date set for 6th of March. At my witts end with this mob, 2 months this whole process has taken so far. Total farce. Could have had the funds cleared a month ago if they weren’t stuck in the dark ages.

 

[DaddyCool]

Government procedures and management approval processes - I guess as it's public funds it would be worry if it was slapdash and slack
But somewhere in the middle would be less stressful.

@Maz0 have you phoned them for more details of 'being checked'?

 

[Maz0]

Government procedures and management approval processes - I guess as it's public funds it would be worry if it was slapdash and slack
But somewhere in the middle would be less stressful.

@Maz0 have you phoned them for more details of 'being checked'?

I usually email them to chase them up and they respond within a few hours. I’m gonna phone them tomorrow and see if I can get some movement on it. I had tesla on the phone today as well trying to see what stage my EST loan was at. Don’t want to give them ammunition to assign car to someone else again so keeping it vague!

 

[Chanser]

Invoice today and emailed EST, lets see how this pans out

Sent mine last night, moved the collection date to march 9th.

 

[Andy6781]

My claim has now changed back to “application being checked”, I took them 5 days the last time before the status changed, and requested I send them my credit karma score.

I don’t know why Tesla just don’t email the final invoice the minute a VIN is assigned. I know there can be cancellations at a moments notice. If they end up reassigning the vehicle and saying tough luck, next delivery is May/June, we’re all just going to be in the same position again with the EST taking an age to release the funds, and Tesla giving little notice.

I wonder how far in advance other manufacturers issue a sales invoice.

 

[DaddyCool]

My claim has now changed back to “application being checked”, I took them 5 days the last time before the status changed, and requested I send them my credit karma score.

I don’t know why Tesla just don’t email the final invoice the minute a VIN is assigned. I know there can be cancellations at a moments notice. If they end up reassigning the vehicle and saying tough luck, next delivery is May/June, we’re all just going to be in the same position again with the EST taking an age to release the funds, and Tesla giving little notice.
I wonder how far in advance other manufacturers issue a sales invoice.

I can only guess they invoicing is last minute to save on admin/raising credits and shipment dates may well match how/when they want to spread recognising the revenue from a profit perspective. Have to admit if feels shite and an ideal solution would be the EV manufacturer (Tesla) deal with EST direct bit like how it works for the grants.

 

[SFBanks]

I recieved a text today from tesla saying my final invoice was ready on my account. Checked account, nothing! Called tesla and they said they would look into it and then I get another text to say first text was in error!

 

[DaddyCool]

I recieved a text today from tesla saying my final invoice was ready on my account. Checked account, nothing! Called tesla and they said they would look into it and then I get another text to say first text was in error!

It took 24hrs after email for invoice to appear - got the txt today after the invoice! (I did phone the Edin shop to chase the invoice up too)

 

[Andy6781]

I can only guess they invoicing is last minute to save on admin/raising credits and shipment dates may well match how/when they want to spread recognising the revenue from a profit perspective. Have to admit if feels shite and an ideal solution would be the EV manufacturer (Tesla) deal with EST direct bit like how it works for the grants.

The revenue will only be recognised when the risks of the vehicle have been transferred to the customer, basically upon collection of the car.

There isn’t really any excuse for Tesla not to get this right. One fella I seen documenting his collection experience on YouTube, didn’t even have his invoice on the day of collection.

 

[DaddyCool]

The revenue will only be recognised when the risks of the vehicle have been transferred to the customer, basically upon collection of the car.

There isn’t really any excuse for Tesla to get this right. One fella I seen documenting his collection experience on YouTube, didn’t even have his invoice on the day of collection.

For HMRC CT and VAT liability will be dictated by the invoice date.
See Tesco - they were creatively accounting a few yr ago by delaying purchases and early presenting sales to boost profits

 

[Andy6781]

For HMRC CT and VAT liability will be dictated by the invoice date.
See Tesco - they were creatively accounting a few yr ago by delaying purchases and early presenting sales to boost profits

VAT will be due per the tax point of the invoice as for CT, the income will be recorded in the books as deferred income, and the vehicles as stock, until they are delivered. Only then will the income and expense be recognised in the P&L.

 

[Andy6781]

Loan approved. Let’s see how long it takes to process.