Energy Savings Trust loan for Model 3

[Jellus]

Hello, I'm new here.

I live in Scotland. I have ordered a Model 3 (LR AWD + tow hitch), paid £3k so far to place the order. My order is at the "drafting up your contract" stage. The documents I have available in my Tesla account are the Order Agreement, confirming the total price and vehicle configuration, and a Booking Invoice for the £3k I've paid so far.

I have also applied for and been approved for the interest-free £35k loan from the Energy Savings Trust. I'll be paying the balance from savings. The loan approval was based on the vehicle price and configuration specified in the Tesla Order Agreement. I applied for the loan a few weeks ago because I saw some posts from other people saying the loan took ages to get approval, and then ages more for the money to be issued.

Now, I gather there's some uncertainty about the actual configurations of the Model 3 that will be available in the UK. I'm half-expecting a message from Tesla telling me that I can't have my LR AWD and I need to choose a different configuration or something.

I'm curious if anyone with previous experience of the Energy Savings Trust loan knows what happens if you change the vehicle configuration in between getting initial approval and then finally purchasing the vehicle. Does it invalidate the loan offer, requiring you to reapply, or are they happy to accommodate configuration changes without tons of extra paperwork?

 

[theoceanwaves]

I'm half-expecting a message from Tesla telling me that I can't have my LR AWD

If you've already placed the order for the LR AWD they will fulfil it, going forward it won't be an option that's available.

 

[WannabeOwner]

If you've already placed the order for the LR AWD they will fulfil it, going forward it won't be an option that's available.

Maybe. In the past they have also offered Up/Down-grade after a model was discontinued, with appropriate adjustment in price.

If they have speculatively made a number of LR RHD and they are on a boat, and the OP options-combination is not one of them OP may be offered alternative options (that they do have) or an Up/Down grade.

OP may also wish to change from LR to Performance as given the [current] very narrow price differential Depreciation on LR at re-sale may be a significant hit.

 

[Jellus]

I emailed the Energy Savings Trust to ask what would happen, and this is what they said.

There’s nothing to be concerned about. We will pay your loan amount based on the final invoice provided by Tesla, up to a maximum of the £35,000 you requested. This is the maximum we can pay anyway. If the configuration changes slightly, but it’s still a Model 3, there is no need for us to amend the loan offer or loan documents.
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So it looks like I don't need to worry if I do need to change the configuration.

 

[StephenEdinb]

I joined today just to say i’m In exactly the same position as yourself (order changed from loan application to final Tesla order) and just hadn’t got around to chasing them up to clarify.

Loan application was for SR+ Black with black seats. In the interim time I talked myself into the white interior instead. Figured it wouldn’t make much difference as either way they’re giving us the £35k and we pay whatever extras on top of that.

 

[Rob R]

Yes, I'm in the same situation. All the cars will be over £35000, and so long as you get a Model 3 it should be fine. Personally my concern is that they take too long to pay the £35000, and I miss my slot. I'm not sure how long we will have between Invoice (triggering the availability of the loan) and the obligation to pay the balance. Might not be long!

 

[JegElsker]

Fellow new member, and hopeful new owner in the next few weeks of a M3 SR+
I applied for an EST loan back on the 24th of May, how long did you guys have to wait for approval? between hearing nothing from them, and the long wait for news from Tesla I am on tenterhooks.

I hadn't realised it also takes them a while to release funds, any idea how long that takes?

 

[Rob R]

They actually approved the loans very quickly, once Model 3 was added to the approved list. They allow themselves (in the various documents) quite a while (up to a couple of weeks if I recall correctly) to get you your money, but that does not mean they will take that long, just that they are not liable if they do. I have no idea how long they will take, but when I spoke to them on the phone, I was impressed, so maybe they will actually be efficient.

 

[Matt125]

I'm very jealous of you lucky people up in Scotland being able to take out an interest free loan for an EV! Wow.

Hope you guys get your cars without too much trouble. I'm still waiting on Tesla to give me a delivery date and my leasing company (DriveElectric / LeasePlan) to send me lease papers.

 

[StephenEdinb]

Fellow new member, and hopeful new owner in the next few weeks of a M3 SR+
I applied for an EST loan back on the 24th of May, how long did you guys have to wait for approval? between hearing nothing from them, and the long wait for news from Tesla I am on tenterhooks.

I hadn't realised it also takes them a while to release funds, any idea how long that takes?

Called them last week to chase and was told initial affordability checks had been passed but it was taking the full 15 working days to reply back with the loan offer. Then I assume upto 15 working days again to process the payment. So by the time these cars are (hopefully) arriving in July we should be good.

 

[Subevo]

It’s painfully slow .2 whole months from start to finish.they won’t be rushed and they have many applications to deal with.everything is done by letter .god it’s so slow. in this day and age it should be done electronically.
After waiting ages to get financial approval there’s yet more forms to fill out and send back with witness signatures.phoned several times to try and chase up but to no avail.eventually you get there.

 

[JegElsker]

Sounds like I just need patience then, and at least another 4 weeks. Good to know though thanks!

 

[Shetlandmdl3]

Finally able to complete my application this morning, I had to sell the plug in hybrid I had first which took longer than I expected.

 

[Shetlandmdl3]

Just out of interest those that have applied for the loan did you get any confirmation that they have received the application?

 

[StephenEdinb]

Just out of interest those that have applied for the loan did you get any confirmation that they have received the application?

None whatsoever. They aren’t exactly the most helpful in that regard but I did find if you called up you could usually get speaking to someone for an update.

 

[Avendit]

If you log back in the status says 'submitted' or similar, but yea, an email confirmation would have been nice...

 

[StephenEdinb]

If you log back in the status says 'submitted' or similar, but yea, an email confirmation would have been nice...

You got to submit online? I was told postal application only. So when I called up to chase things last week, they could at least tell me affordability had been passed but I had to wait on a letter confirming this & the next form to be completed arriving in the post. So hopefully at somepoint this week...

 

[Avendit]

I had a long chat with an energy saving trust lady a month or 2 ago. We are also mid specing up an extension and I wanted some advice about the old bit of the house beyond 'install energy saving light bulbs' along side questions about charging, olev etc.

She sent me a long email after and referred me on for an online application for the loan. I only filled it in last week tho, so let's see how the timings work out.

On the other stuff we have a home visit from the trust coming next week, see if it turns up anything. But so far pretty impressed!

 

[Jellus]

Application initiated by phone.
Details confirmed, and application submitted, online.
Paperwork sent by email for me to sign.
The only part of the process so far which involved snail-mail was printing and signing the offer acceptance.

 

[electricspace]

Just sent through my application. Hope it gets sorted in time for delivery.

Just had a thought, not sure if this is the correct thread. But if you get this £35k loan does the £3.5k plug-in grant still apply? If so, just had a look at my "Motor Vehicle Order Agreement" and it's not included on the itemised list (screenshot), will Tesla automatically take that into account or is it handled another way?