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Shafted by Blackhorse [title edited to reflect contents of thread]

TM3PTN

Member
Sep 8, 2019
203
95
Bolton
Well...My final invoice came through yesterday, ahead of picking up the car this Friday (ordered on 3rd October from inventory), and my finance agreement had been recalculated based on an updated residual value which mean my monthly payment went up by £20! This may not seem like much but over a 48month term it adds up!

I spoke to the chaps at customer services and they basically said tough :mad:

I find it ridiculous that i paid a deposit on the website when the residuals were 'x' expecting to pay a certain monthly figure which I had budgeted for, but then between that point and 10days later I am required to take on the downside via my finance agreement.

This would never happen in a normal car dealership. The finance agreement would be locked in when you're sat with the salesman and any movements in residuals aren't even discussed (in my experience).

Has anybody else had a similar issue? I just find it nuts that they can just generate a new finance agreement at the click of a finger and put the whole risk onto the buyer, even though they 'bought' at a certain price point.

Maybe i'm being too cynical...
 

NigelT

Member
Sep 5, 2019
99
39
UK
Really frustrating for you and I guess anyone else yet to pick their car up who is using the Tesla provided finance?
 

Banksy888

Member
Oct 8, 2019
36
41
UK
That is indefensible and it amounts to changing the price after the order.

Was the finance with Black Horse? I would also be interested to hear if anyone else suffered this because if they do that to me I will walk.
 
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ItsNotAboutTheMoney

Well-Known Member
Jul 12, 2012
10,867
8,569
Maine
Well...My final invoice came through yesterday, ahead of picking up the car this Friday (ordered on 3rd October from inventory), and my finance agreement had been recalculated based on an updated residual value which mean my monthly payment went up by £20! This may not seem like much but over a 48month term it adds up!

I spoke to the chaps at customer services and they basically said tough :mad:

I find it ridiculous that i paid a deposit on the website when the residuals were 'x' expecting to pay a certain monthly figure which I had budgeted for, but then between that point and 10days later I am required to take on the downside via my finance agreement.

This would never happen in a normal car dealership. The finance agreement would be locked in when you're sat with the salesman and any movements in residuals aren't even discussed (in my experience).

Has anybody else had a similar issue? I just find it nuts that they can just generate a new finance agreement at the click of a finger and put the whole risk onto the buyer, even though they 'bought' at a certain price point.

Maybe i'm being too cynical...

They can change things until that final invoice.

Refuse the car. Look again.
 

TM3PTN

Member
Sep 8, 2019
203
95
Bolton
Really frustrating for you and I guess anyone else yet to pick their car up who is using the Tesla provided finance?
Yeah - very frustrating! I used Blackhorse and have basically been shafted. I had to re-arrange my personal finances and paid an extra £1000 now to keep the monthlies down to an acceptable level.

Just be aware that they can play these underhand tactics.
 

TM3PTN

Member
Sep 8, 2019
203
95
Bolton
That is indefensible and it amounts to changing the price after the order.

Was the finance with Black Horse? I would also be interested to hear if anyone else suffered this because if they do that to me I will walk.
Yeah it is with Blackhorse via Tesla. I would love to walk but i have already made all the arrangements and have settled the finance on my other car (i did this earlier this week prior to all of this).
 

TM3PTN

Member
Sep 8, 2019
203
95
Bolton
They can change things until that final invoice.

Refuse the car. Look again.
I wish i had the option to walk. Technically i can still walk away as i haven't signed anything but realistically and logistically I'm stuck as I need a car for work and have made arrangements that i cannot reverse on my other car. Also, having been looking forward to owning one of these for so long my gut has also taken over.
 

TM3PTN

Member
Sep 8, 2019
203
95
Bolton
Mine went up about £20/month as well. Got my finance quote late August and picked the car up September 30th
Did you ask the question or did you just accept?

I argued it over the phone but i got the usual "unfortunately the calculations are bringing up this number so i can't do anything im afraid sir"

I even sent the previous finance quote to the chap and he basically said it isn't worth the e-mail it was sent in.

Shocking really
 

TM3PTN

Member
Sep 8, 2019
203
95
Bolton
Presumably this is Black Horse doing the 'shafting' though, not Tesla... ?
Possibly. But all residual changes are reflected by Tesla so Blackhorse are probably being dictated to, hence why they are changing their finance agreement.
As you say though, Blackhorse maybe have the option to pass this on or kick back, or something. They effectively chose to do neither and left me with the downside.

Not happy but i'm hoping that feeling of being duped will go once i get behind the wheel.
 

kevuwk

Member
Aug 5, 2019
330
172
UK
Did you ask the question or did you just accept?

I argued it over the phone but i got the usual "unfortunately the calculations are bringing up this number so i can't do anything im afraid sir"

I even sent the previous finance quote to the chap and he basically said it isn't worth the e-mail it was sent in.

Shocking really
Just accepted it. Will probably keep it over 4 years so means I have to pay less at the end
 

TM3PTN

Member
Sep 8, 2019
203
95
Bolton
Just accepted it. Will probably keep it over 4 years so means I have to pay less at the end
Yeah my plan is to keep the car in the family over 4years and refinance it when this agreement comes to an end (or overpay it once finances have settled and i start my new job).

It just stinks with the way they work - poor comms from order to delivery, no indication of price changes, no understanding from a customer's perspective, etc.
The only reason I have known about my car's status is down to me calling them every few days (waiting the best part of 30mins on hold each time) to ask for an update. Even yesterday when I rang to pay the deposit I was only told about the collection appointment when I asked, and only given my registration number when I asked for it to enable me to sort my insurance.

From what I have read on this forum a lot of people have had the same issue. I'm actually one of the lucky ones in that I haven't had to wait months and months like the original reservation holders - I really do feel for them.
 
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browellm

Member
Oct 4, 2019
559
510
Notts
Shocking stuff. I would be interested to get the view of a contract lawyer because even verbal contract carries some weight. The fact you've had an order placed based on a price you've ben quoted via their portal should count for something.
 

DJP31

Active Member
Aug 30, 2015
1,685
1,092
UK
Possibly. But all residual changes are reflected by Tesla so Blackhorse are probably being dictated to, hence why they are changing their finance agreement.
As you say though, Blackhorse maybe have the option to pass this on or kick back, or something. They effectively chose to do neither and left me with the downside.

Not happy but i'm hoping that feeling of being duped will go once i get behind the wheel.

I completely agree it is very poor business practise and do sympathise. I think Blackhorse are setting the residuals, and one way you could check the ‘value for money’ would be to get a quote from another PCP provider, there are plenty out there. That would at least give an alternative residual view.

Historically the GFV’s have been ridiculously high (mine’s 54% after 4 years with 40k miles) and the finance providers will have taken a beating, especially after the huge price drops in the P models a few months ago. There has also been the HMRC ruling where the VAT treatment changes if the GFV’s are so high it’s really a lease - nobody buys the car because it’s in deep negative equity. That has also depressed residuals, although Tesla’s seemed affected more than others - probably because they were so out of kilter.

I’m sure you will love the car, but it definitely leaves a bad taste. Tesla make a car that is currently unrivalled but IMO their corporate integrity leaves much to be desired.
 
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TM3PTN

Member
Sep 8, 2019
203
95
Bolton
I completely agree it is very poor business practise and do sympathise. I think Blackhorse are setting the residuals, and one way you could check the ‘value for money’ would be to get a quote from another PCP provider, there are plenty out there. That would at least give an alternative residual view.

Historically the GFV’s have been ridiculously high (mine’s 54% after 4 years with 40k miles) and the finance providers will have taken a beating, especially after the huge price drops in the P models a few months ago. There has also been the HMRC ruling where the VAT treatment changes if the GFV’s are so high it’s really a lease - nobody buys the car because it’s in deep negative equity. That has also depressed residuals, although Tesla’s seemed affected more than others - probably because they were so out of kilter.

I’m sure you will love the car, but it definitely leaves a bad taste. Tesla make a car that is currently unrivalled but IMO their corporate integrity leaves much to be desired.
Thanks for the tip! Would you know any? I can’t think of any at the top of my head. I’ll try and get a view today and then challenge Blackhorse if I can (I doubt I’ll get anywhere but it’s worth a shot).
 

TM3PTN

Member
Sep 8, 2019
203
95
Bolton
Shocking stuff. I would be interested to get the view of a contract lawyer because even verbal contract carries some weight. The fact you've had an order placed based on a price you've ben quoted via their portal should count for something.
That would be great. Any lawyers on here? Please do shout :) I’m a numbers guys so although I have some knowledge of the law of tort and contract, I am by no means in the right place to know the intricacies o_O
 

DJP31

Active Member
Aug 30, 2015
1,685
1,092
UK
Thanks for the tip! Would you know any? I can’t think of any at the top of my head. I’ll try and get a view today and then challenge Blackhorse if I can (I doubt I’ll get anywhere but it’s worth a shot).

I would just Google PCP and I’m sure you’ll get plenty of hits. I do recall Hitachi finance being mentioned.

In the past whenever I’ve looked at 3rd party financing it’s been more expensive than via the ‘preferred’ partner, but these are strange times.
 
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DJP31

Active Member
Aug 30, 2015
1,685
1,092
UK
That would be great. Any lawyers on here? Please do shout :) I’m a numbers guys so although I have some knowledge of the law of tort and contract, I am by no means in the right place to know the intricacies o_O

Presumably you received a pre-sale quote? I would expect you to find small print in there that confirms it is not a binding contract and subject to change blah blah blah.
 

GeorgeSymonds

Active Member
Mar 16, 2018
1,352
977
UK
Try reporting it to the financial services people responsible for holding companies to account.

But I've heard worse, one guy had collected his car and signed for it, they then contacted hm and said the signature had been rejected because the amounts were wrong and he needed to pay more or he could return the car. Tesla blamed Black Horse for using the wrong amounts, Black Horse blamed Tesla, neither of which were the buyers fault - he signed in good faith.

Its time Tesla had a little more honesty and dilligence about their practices. The Germans made them price the car more clearly on the website probably because of the car manufacturers there but its still right to be clear and not mess around like this.
 
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