Tesla loan question

[Spark1993]

Hi,

I'm coming up to my first yearly anniversary paying for my M3 using a Tesla Loan. Do Tesla automatically send you a finance update? I received these annually from RCI on my previous Zoe. Or do I need to request one. I phoned Tesla support but the person who answered didn't know as it wasn't his department. I haven't received a call back.

Thanks.

 

[Lord Farquad]

I’ve been wondering the same…..interested in any answers…..

 

[Pajo78]

Hi,

I'm coming up to my first yearly anniversary paying for my M3 using a Tesla Loan. Do Tesla automatically send you a finance update? I received these annually from RCI on my previous Zoe. Or do I need to request one. I phoned Tesla support but the person who answered didn't know as it wasn't his department. I haven't received a call back.

Thanks.

drop a mail to [email protected]. applied for a loan and had some queries. Quick to respond over the mail.

 

[SpareHeadOne]

Interesting question, I've not had one on my loan and it's about 16 months now.

I say interesting, because under section 77A of the Consumer Credit Act 2006 they are legally required to send you a statement at least once a year.

Consumer Credit Act 2006

An Act to amend the Consumer Credit Act 1974; to extend the ombudsman scheme under the Financial Services and Markets Act 2000 to cover licensees under the Consumer Credit Act 1974; and for connected purposes.

www.legislation.gov.uk

Interestingly it says that as long as they're not in compliance you are not liable for any interest or default fees and they're not allowed to enforce the agreement - although I'm not a lawyer, so I wouldn't test that without legal advice.

If I wasn't about to change my car I think I'd write to Tesla and ask for the statement, but it's kind of moot as I expect to be trading it for a new one before the end of June (fingers crossed).

 

[Bobly]

Hi,

I'm coming up to my first yearly anniversary paying for my M3 using a Tesla Loan. Do Tesla automatically send you a finance update? I received these annually from RCI on my previous Zoe. Or do I need to request one. I phoned Tesla support but the person who answered didn't know as it wasn't his department. I haven't received a call back.

Thanks.

There is a “finance” section in the app as of a few versions ago, maybe the documents will be available in there? (Sending something physical via the post doesn’t feel very “Tesla”).

 

[Kansalis]

Interesting question, I've not had one on my loan and it's about 16 months now.

I say interesting, because under section 77A of the Consumer Credit Act 2006 they are legally required to send you a statement at least once a year.

Have you checked for the statement in your online account? There's an Invoices/Statements section in there.

 

[WhosAsking]

In the App the Financing section has "statements". No documents there for me at the moment. First payment taken April 2021, 13 payments in total, so a yearly statement is due about now (perhaps overdue). If you email the finance support team make sure you include your VIN, I didn't and the email went into a void with no response.

 

[SpareHeadOne]

Have you checked for the statement in your online account? There's an Invoices/Statements section in there.

Yeah, empty.

 

[Irata]

Yeah, empty.

Same for me, absolutely no annual statement anywhere which is rather naughty of them.

Interestingly that does indeed look like the creditor is now non-compliant.