Tesla Loan — avoid. Possible breach of contract by Tesla.

[curmudgeon]

If this was me I'd email Tesla (dont bother phoning) asking for an explanation for the missed payment and the impact of the overpayment on the loan. Give them 7 days to reply or you'll be referringit to the financial ombudsman. You'll need to demonstrate to the FA that you have sought to resolve this before they will do anything. Then just chill.

I used the FA against Porsche for warranty misselling years ago, it was very successfull. Unlike Porsche however, who were being devious and dishonest, I'd be extremely surprised if there was any mischief or breach of contract here, just Telsa not getting there act together and not communicating very well.

OP, please keep this thread updated, I'd be most interested to read how this turns out.

 

[HenryT]

If this was me I'd email Tesla (dont bother phoning) asking for an explanation for the missed payment and the impact of the overpayment on the loan. Give them 7 days to reply or you'll be referringit to the financial ombudsman. You'll need to demonstrate to the FA that you have sought to resolve this before they will do anything. Then just chill.

I used the FA against Porsche for warranty misselling years ago, it was very successfull. Unlike Porsche however, who were being devious and dishonest, I'd be extremely surprised if there was any mischief or breach of contract here, just Telsa not getting there act together and not communicating very well.

OP, please keep this thread updated, I'd be most interested to read how this turns out.

By FA do you mean Financial Conduct Authority - FCA?

 

[Js1977]

My sentiments, Im with you. Have a look at this one PCP finance early settlement

Also there is one bit that I failed to comment on my thread. They contacted me about 4 months later (i can dig up exact date and emails) saying I still owed a payment (the one they did not take/failed to collect apparently!)

To cut this story short, a polite but firm email resulted in them "kindly" waiving this as a goodwill gesture.

By all means, do email them as to keep a record/trail but do also call them. Everyone I spoke to was very helpful but unfortunately their setup (financial) is just a bit archaic and I would not trust it again. Just try to keep your cool when you dress them as unfortunately its the system they have to work with.

Im sure it will work out ok for you but none the less, best of luck.

 

[Irata]

It never ceases to amaze me how such a young company would have archaic systems in place.

 

[twmorgan11]

Thanks all.
Yes, as long as you keep below the threshold under which they are eligible to claim compensation for lost interest, then no penalty would be due from ab overpayment — and the overall end date and amount owed will reduce accordingly.

In the end, I have had a reply saying their developers are still ‘working on a solution’ and in the meantime please could I transfer them 2x monthly payments.

So I have done that now — although in my opinion they should have waived both. A QA engineer costing £700/day clearly missed the bug that I raised with them! Imagine building a finance system that doesn’t support overpayments.

 

[curmudgeon]

By FA do you mean Financial Conduct Authority - FCA?

Oops, sorry, meant FO, the financial ombudsman service. And they actually require 8 weeks of unresolved complaint before getting involved. But are very good.

OP, glad you got this sorted, as I thought, just Tesla not having systems in place yet. Looks like you are the first person to make early repayments!

 

[Irata]

In the end, I have had a reply saying their developers are still ‘working on a solution’ and in the meantime please could I transfer them 2x monthly payments.

Well done for making progress.

Please do post if they let you know it's fixed, I'm sure many will be interested in that.