Took out a 50% Tesla Loan with new M3 2021.
Requested details of how much interest would be saved by an £8,000 overpayment. Received two different answers which didn’t make sense. After back and forth, finally agreed that the overall term length would be reduced as would the interest owed (as expected from an overpayment).
So, paid an additional £8,000 of the loan in June.
Never received written confirmation so chased for it, and got an email confirming it had been received. Chased for written confirmation of the new end date and interest owed. Tesla refused to provide.
Then, in June, I wasn’t billed my usual monthly payment. I chased it up (honest John) and the guy responded saying ‘somehow your invoice has been zero’ed but we’ll ask a developer to look into it’.
That was 3 weeks ago.
Chased again, no reply.
I am now at the point of talking to the Ombudsman, because it is my opinion that Tesla is not running a financial services operation fit for purpose under the regulator. There is always a risk with any loan agreement that any mistake on either party’s part can lead to a damaged credit rating, which would be horrendous given I have an otherwise immaculate record.
What if, for example, their system racks up 10 payments and then whacks it in one big go? Or starts accusing interest? Because I have no written confirmation anywhere of the overpayment and adjusted terms, I would be completely shafted. All because Tesla can’t run a professional outfit.
So wise forum members — thoughts please?
Requested details of how much interest would be saved by an £8,000 overpayment. Received two different answers which didn’t make sense. After back and forth, finally agreed that the overall term length would be reduced as would the interest owed (as expected from an overpayment).
So, paid an additional £8,000 of the loan in June.
Never received written confirmation so chased for it, and got an email confirming it had been received. Chased for written confirmation of the new end date and interest owed. Tesla refused to provide.
Then, in June, I wasn’t billed my usual monthly payment. I chased it up (honest John) and the guy responded saying ‘somehow your invoice has been zero’ed but we’ll ask a developer to look into it’.
That was 3 weeks ago.
Chased again, no reply.
I am now at the point of talking to the Ombudsman, because it is my opinion that Tesla is not running a financial services operation fit for purpose under the regulator. There is always a risk with any loan agreement that any mistake on either party’s part can lead to a damaged credit rating, which would be horrendous given I have an otherwise immaculate record.
What if, for example, their system racks up 10 payments and then whacks it in one big go? Or starts accusing interest? Because I have no written confirmation anywhere of the overpayment and adjusted terms, I would be completely shafted. All because Tesla can’t run a professional outfit.
So wise forum members — thoughts please?