Order & APR change

[Oliver C]

Morning everyone

I placed an order for a Model 3 RWD at the end of Feb when the APR was still at 3.9%. Deposit placed etc and matched with a VIN and registration plate is now assigned with a delivery of 24th March.

I've seen a lot of talk about the APR going back up to 7.9%. Offices are closed and the live chat doesn't show for me. I've had the pre-agreements show in the app which all show at 3.9 APR but I haven't physically signed anything or had the final invoice yet for me to pay my initial downpayment - so I've only paid the £200 initial so far.

Has anyone had experience of the APR changing after the order has been placed? Or do Tesla honour what was agreed on placing the order and paying the 200 quid initial deposit?

Thanks all,
Oliver

 

[Lord Farquad]

If you’ve been accepted for the finance, so long as you don’t amend the details or spec of your order it will remain the same. Any changes will likely trigger the new apr.

When lead times were long, lots of finance offers expired and aprs grew. Anyone who didn’t change the order ended up with finance on the original terms.

NB this is personal and not business finance. Personal is via TFS whereas business is Blackhorse. Business customers do appear to suffer from apr shifts in many circumstances.

 

[Oliver C]

That's great. Yes it's a personal PCP. Thanks for that, really useful. Just need to wait for final invoice in that case!

 

[Marsizzler]

I think I saw a message somewhere else that the APR was in fact 7.9% and the 3.9% had been an error on the website, messages had been sent out to people who had been affected by this, not sure of that outcome. Upshot is that the APR never really went back up as it shouldn't have been 3.9% in the first place, not sure how this would impact people like yourself who ordered when they saw the reduced rate and if they will honor that rate.

 

[GeorgeSymonds]

If you've got an offer of finance waiting for you to accept, and you want the car, I'd accept the terms and save copies of everything.

If they try and change it later they're trying to break a contract they've struck. While legally you could argue on that, most wouldn't go all the way with that, but equally Tesla might honour the deal. If you don't accept it, they could withdraw the offer before you do.

I've heard similar rumours though about the APR rates and they seem in a right mess, still emailing offers to people with the lower % while also telling people it was wrong. Welcome to my experiences of Tesla over the last 7 years or so.

 

[UrbanSplash]

Yes I noticed the website now shows 7.9%. Looks like you got a good deal!

 

[Wattsisname]

If you’ve been accepted for the finance, so long as you don’t amend the details or spec of your order it will remain the same. Any changes will likely trigger the new apr.

When lead times were long, lots of finance offers expired and aprs grew. Anyone who didn’t change the order ended up with finance on the original terms.

NB this is personal and not business finance. Personal is via TFS whereas business is Blackhorse. Business customers do appear to suffer from apr shifts in many circumstances.

I really hope they honour the offer though it will possibly be the cause of some head rolling for the data input error.
I missed 3.9% last year and got 4.9% in March.
If this goes through, together with the price reductions, you will have the deal of the century. Good luck.
PS Tesla Broadcast an apology and stated that APR is 7.9%.

 

[Jwdrums]

The completed tasks in your account has a section detailing the finance agreement.

 

[Ricecooker]

The 3.9% APR offer was real, it started near the end of January and was only supposed to last till 31st of January. Then they decided to extend that to 28th of Feb. And just yesterday they reverted it back to the now 7.9%.

 

[Wattsisname]

The 3.9% APR offer was real, it started near the end of January and was only supposed to last till 31st of January. Then they decided to extend that to 28th of Feb. And just yesterday they reverted it back to the now 7.9%.

O.K. I had no idea. So, the error , if it is an error rather than chage of heart, makes some sort of sense. I believe they must and will honour accepted offers of 3.9%
It is unusual for consumer ( not mortgage) rates to be guaranteed available for so long.

However, car dealers used to play with H.P. rates; having accepted a negotiated list price, they could then recoup the apparent cash discount from the finance company by upping the interest rate. Back in the day, the HP was not so transparent or the buyers as savvy as today; dealers spoke of percentage flat rates rather than APR.
This happened to me as a young man but only once.

 

[MylesMor]

From what I've seen there was an email sent out which was just correcting a previous marketing email sent on the 10th February which still stated 3.9% APR was available, which it wasn't anymore. I believe the 3.9% APR if you ordered previous to this increase was real/correct and should be honoured.

 

[Considered1]

It was real, I put my deposit down at 11am, rates changed in the afternoon with a few hours notice, they just didnt manage to get a hold of me in time, should be honoured but I'm not holding out much hope.
Was seriously impressed with the vehicle was great at £590pm (16k down PCP) not worth £711pm..