Tesla finance question

[Animus-I]

Hi new poster here. I have a question I'm wondering if someone can help me out with.

For context, I've been waiting for my Tesla since December 2021. I only recently got notified that my vehicle will be ready for delivery in August.
I applied for pepper finance back in January and was approved at 3% interest rate. Due to multiple delays, my Tesla rep told me they would honor the 3% interest rate.

However, I found out today that Pepper Money is no longer a Tesla partner, and my Tesla rep is saying they may no longer be able to offer me 3% interest rate.

Is anyone else in a similar boat? Is it unlikely that pepper will honor the agreed monthly payments and interest rate that we were offered when we applied back in January? Is there anything I can do or am I going to have to finance at the new interest rates of 6%??

I'm just really annoyed cause the 3% interest rate played a big role in deciding to order a Tesla on finance, and now feel like I'm screwed due to delays on Tesla's end.

 

[advertisingfre]

When you ordered your car, what time frame did Tesla gave you?

This is from my Order Agreement with Tesla.

"The estimated delivery date of your Vehicle, if provided, is only an estimate as we do not guarantee when your Vehicle will actually be delivered. Your actual delivery date is dependent on many factors, including your Vehicle’s configuration and manufacturing availability. To secure your final payment and performance under the terms of this Agreement, we will retain a security interest in the Vehicle and all proceeds therefrom until your obligation have been fulfilled."

 

[Animus-I]

When you ordered your car, what time frame did Tesla gave you?

This is from my Order Agreement with Tesla.

"The estimated delivery date of your Vehicle, if provided, is only an estimate as we do not guarantee when your Vehicle will actually be delivered. Your actual delivery date is dependent on many factors, including your Vehicle’s configuration and manufacturing availability. To secure your final payment and performance under the terms of this Agreement, we will retain a security interest in the Vehicle and all proceeds therefrom until your obligation have been fulfilled."

Thanks for the reply. They gave me an estimate of 14-20 weeks which would have been around april to end of may. It was around early June when they told me that the car would be delayed to second half of the year but they would honor the interest rate.

 

[Maximillan]

but they would honor the interest rate.

That's the key part of your issue, the commitment made on behalf of another separate organisation that is providing the finance. Even if you have the commitment in writing from the SA, I'd say that you've got next to no chance of getting the finance company to honour it.

I can understand your frustration because you took the rep on their word, but suspect that the only thing that you're going to get out of this situation is a learning experience.

 

[Jagownernomore]

It’s almost feels like it could be part of great scam.

Wish they would not give you the ability to apply for financing with them if you aren’t going to get the vehicle in time. It was a needless credit inquiry. I ended up switching mine to a “cash” purchase and then financed it through my Credit Union once I got my delivery confirmation. At least I’m assured Tesla didn’t get some kickback from the financing of the vehicle.

 

[johnnycnote]

This is the same as any other loan. The terms are not indefinite and are subject to change. This has worked in my favor in the past. Unfortunately, things are going in the opposite direction now and ended up paying a bit more

 

[jamesgo]

I'm guessing the Tesla Finance rates are going up again soon, given that Peppers Bonds are being dumped:

UK investors dump Aussie mortgage bonds in cash scramble

Britain’s pension crisis spilt into Australian securitisation markets as five sellers sold off bonds issued by the likes of Athena, Pepper, Resimac and Zip Co.

www.afr.com

"UK investors dump Aussie mortgage bonds in cash scramble Britain’s pension crisis spilt into Australian securitisation markets as five sellers sold off bonds issued by the likes of Athena, Pepper, Resimac and Zip Co."

 

[BreatheSafe]

I'm guessing the Tesla Finance rates are going up again soon, given that Peppers Bonds are being dumped:

UK investors dump Aussie mortgage bonds in cash scramble

Britain’s pension crisis spilt into Australian securitisation markets as five sellers sold off bonds issued by the likes of Athena, Pepper, Resimac and Zip Co.

www.afr.com

"UK investors dump Aussie mortgage bonds in cash scramble Britain’s pension crisis spilt into Australian securitisation markets as five sellers sold off bonds issued by the likes of Athena, Pepper, Resimac and Zip Co."

Yeah more than likely for the short term but it could go the other way quite quickly too, liquidity in the system is key and no access to 'cheap' funding might grind everything to a halt. We are addicted to credit and the financial system we have allowed to be built. Interesting times ahead that's for sure.