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Entire Buying Process + Tesla Finance (UK)

itzKris

Member
Oct 17, 2020
99
31
United Kingdom
Hi guys,

Thought I'd recount my journey on here in the hope that it may be helpful to anyone out there, if there's anything I've missed or something you'd like more detail on either drop a line below or ping me directly and I'd be happy to share.

Is buying a car now, daft?

If you've got the cash or ability to safely finance, go for it.

Waiting might be sensible however there are plenty of reasons. At least here in the UK we have a grant similar to the US which has been dwindling down over the past 2 years. With covid19 provisions, cuts in some areas are likely ie. the £3000 EV grant.

Personally I work in a profession where the goal is to save money and reduce costs so I feel relatively safe.

What was the buying process like?

I actually did everything on my phone, it took about 10 minutes altogether. Selected the trim and other details of the car, paid the £100 deposit, entered a few lines of personal particulars and applied for the Tesla Loan finance option. I elected to put down a £19,119 deposit taking monthlies on the LR M3 to £450 a month. The Tesla Loan was instantly approved which is weird considering my credit score is the past 2 months has not been that high as I have opened up a new bank and credit card account due to being annoyed with my previous bank's service. The Tesla Loan is either instantly approved or reviewed then manually approved or additional information is sought/verified prior to a loan agreement.

How/Why did you finance the car and at what rate?

I financed the car directly with Tesla's 'Tesla Loan' for 3 big reasons.

1) It's easily and instantly approved without any faff for the vast majority of cases - even for those with a moderate credit score.

2) Easily amendable, if you decide on a different trim level ie. LR or Performance, they will simply change the finance amount keeping the deposit the same, they will also not conduct another hard check. This is my first-hand experience.

3) An APR of 3.99% but more importantly a 0% on overpayments. This means I can easily take a personal loan and pay off the Tesla Loan therefore effectively refinancing my loan saving a nice bit of £$£$. I plan to do this over the coming months as Personal Loan rates so south of 2%.

How long does it take till pickup?

Once the ordering is done and financing approved, you're assigned to a car. Expect delivery/pickup of 1 month from when the order was placed. You then just need to wire the deposit and e-mail a screenshot or proof of transaction to the Tesla finance e-mail a few days prior to pickup/delivery.

That's it folks - do let me know if you have any questions!

If you'd like to use my referral code then just drop me a quick DM and I'd be happy to share.
 

Gagan

Member
Sep 20, 2017
135
113
Los Angeles
Pickup 1 month after delivery? I ordered mine 2 weeks ago and it's got the estimated delivery as 15/1/21?
He definitely ordered before before refresh when there was a lot of inventory cars so he got matched nearly instantly.

I actually got matched 2 days after my initial order but I held off. Now I'm still waiting a month later, but for a refresh model.
 

itzKris

Member
Oct 17, 2020
99
31
United Kingdom
He definitely ordered before before refresh when there was a lot of inventory cars so he got matched nearly instantly.

I actually got matched 2 days after my initial order but I held off. Now I'm still waiting a month later, but for a refresh model.

in order to keep things simple I omitted the fact that I did receive the pre-refresh M3 Performance, had it for a week and returned it all before the new changes were announced as they had given me a heavily damaged car where the discount was even irrelevant due to the damage.
 

MJR-VR

Member
Nov 6, 2020
20
6
Lincolnshire UK
Am about to order but getting confused.
I must be getting old.
Can someone help explain this for me my figures come out different?

"Representative Example | 60 fixed monthly payments of £439 | On-the-road cash price £46,990 | Customer deposit £23,000 | Total amount of credit £23,835 | Interest charges £2,496 | Fixed rate of interest per year 3.99% | Length of agreement 60 months | Total amount payable £52,431 | Representative APR 3.99%."

So £23K deposit plus 60 months at £439 = £26340 so total should be £49340.
How does Tesla figures come to total payment £52,431?
Many thanks.
 

itzKris

Member
Oct 17, 2020
99
31
United Kingdom
Am about to order but getting confused.
I must be getting old.
Can someone help explain this for me my figures come out different?

"Representative Example | 60 fixed monthly payments of £439 | On-the-road cash price £46,990 | Customer deposit £23,000 | Total amount of credit £23,835 | Interest charges £2,496 | Fixed rate of interest per year 3.99% | Length of agreement 60 months | Total amount payable £52,431 | Representative APR 3.99%."

So £23K deposit plus 60 months at £439 = £26340 so total should be £49340.
How does Tesla figures come to total payment £52,431?
Many thanks.

I had the same question as you.

You’re basically taking out a loan of 23,990 - the 100 deposit so 23,890. At 3.99% your interest is 2496 alone over the 6 years. However your total amount payable is;
- £100 order deposit
- £23,000 deposit
- £3,000 grant
- Loan
- Interest

Hope that helps you out! I’d you’d like to use my referral code that would be amazing - let me know :)
 

itzKris

Member
Oct 17, 2020
99
31
United Kingdom
Thanks itzKris
I have already promised to use a referral from someone else sorry.
No worries mate! Hope the initial purchase went smooth. Now begins the joy of waiting, you’ll get a text in a week or 2 with a VIN assigned, expect delivery in a month or so - the shipping thread is a good starting point.
 

itzKris

Member
Oct 17, 2020
99
31
United Kingdom
Things may have since changed since last month when I returned the Perpfrmance Model 3. On the new order I was only assigned a VIN last week and have not since been asked to post anything.
 

MJR-VR

Member
Nov 6, 2020
20
6
Lincolnshire UK
Nop, for the direct debit I specified the details online then had to reconfirm them in store on the pickup day. At no point did I post anything to Tesla.
Not to Tesla but to send all my bank details To a company in London called Ayden, basically giving them permission to remove money from my bank account via direct debit, no mention of any specific amount. Almost like a blank cheque.
 

itzKris

Member
Oct 17, 2020
99
31
United Kingdom
Not to Tesla but to send all my bank details To a company in London called Ayden, basically giving them permission to remove money from my bank account via direct debit, no mention of any specific amount. Almost like a blank cheque.
That sounds weird, I went through the Tesla Loan and had nothing of the sort. Perhaps if you go through a lease or PCP Ayden get involved but it does raise a few flags. Defo give Tesla a ring and ask for some clarification.
 

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