I'm considering putting a deposit on a Model S Performance. Do you know if we can put the deposit on an Amex card? Thanks
Their online shop accepts the usual MC, Visa, Discover, and AMEX: Tesla Store Help Tesla Motors So, there's no reason they wouldn't be able to accept that for reservations as well.
I used Visa. Not that I'm thinking of it, but would cancellations just see the money put back on the card???
I did a wire transfer, would have been much nicer to use a credit card... (25$ cheaper + cashback/points)!
Depends on how long after the reservation you do it. Normally, merchant accounts allow 30-90 day refunds by default and you can request special permission to make up to a 365 refund either on a one-time or permanent basis. I'm guessing for refunds beyond a year, they just cut you a check.
On a related note. Has anyone who has taken out a loan attempted to put their down payment on a credit card or AMEX? Some of them offer ~2% or at least 1% cashback, which can be significant on a ~40k down payment.
I think that question was posed to Tesla by someone. Only checks (even personal) and EFTs apparently for the downpayment (over and above the original $5,000 deposit); Tesla would have to swallow the 2-3% commission on the credit card transaction otherwise.
I paid my P reservation on VISA two years ago, the upgraded to Sig when a slot became available last June. My rep said NO to putting the +$35k deposit on VISA, instead they said wire transfer or check. I fed-ex them my check, and they paid for the fed-ex.
That's quite possible -- I only did the 5k at the event (left my checkbook and let Bonnie get the jump on me)
I was able to use an Amex back in May when placing my Model S reservation. But today when wanting to place a Model X reservation, Amex was not an option. Paypal was an option, however, and I used my Amex with Paypal. I can't see how that would be beneficial to them considering that both Paypal and Amex get a cut.
I avoid credit cards so as to not give these big banks more money. The 2-3% that they make goes against the vendor. In this case Tesla. If Tesla does accept credit cards I think they should charge the convenience fee to the customer. Visa, MasterCard Settle Merchants’ Swipe-Fee Lawsuit - Bloomberg
I used AmEx for the original 5k deposit, but I don't think I got any cash back. Don't places like Costco/Sams club negotiate with CC companies for special rates, but then cash back/bonus things don't work with them. for those of us reserving 1-2 years ago, tesla could have made more than 2-3% in interest, or at least more than 2-3% in value of not having to raise that cash some other way. [excluding those of us from WA state where the money is locked up somewhere]
AMEX usually gives you points towards travel and/or other things unless you have the Blue Cash. Most CC companies make their money from the interest they get (since most people keep a balance) so they'll readily waive the transaction fee for large retail chains like Walmart or Costco. I don't know if Tesla is a big enough company but since they're financing through Wells Fargo, I figured that'd be sufficient to get the CC companies to waive the fee. Or at the very least, if you used a Wells Fargo CC, there'd be no fee to Wells Fargo...