Tesla Loan

[khyros]

Hi,

I am actually trying to LEARN what the terms of the Tesla loan are. I can't see them anywhere. Tesla is also kind of ignoring my question as no one will get back to me when I ask this question. I don't think having an agreement out of the blue a week before delivery makes sense. I want to compare and evaluate the two different options.

Can anyone help here?

 

[yessuz]

Hi,

I am actually trying to LEARN what the terms of the Tesla loan are. I can't see them anywhere. Tesla is also kind of ignoring my question as no one will get back to me when I ask this question. I don't think having an agreement out of the blue a week before delivery makes sense. I want to compare and evaluate the two different options.

Can anyone help here?

what are the main tcs you are looking for?

 

[khyros]

what are the main tcs you are looking for?

Well I need to know whether I can make extra repayments.
For example I was planning to pay a deposit of £14,000 now and an additional £10,000 this Summer (some shares stuff at work).
I was told that should be OK but I have not seen that written anywhere.

 

[debrooker]

They are generic loan terms, which basically say that there could be a charge for overpayment if over 8K in a year.

Its probably a case by case basis on whether they will allow 10K

 

[yessuz]

Well I need to know whether I can make extra repayments.
For example I was planning to pay a deposit of £14,000 now and an additional £10,000 this Summer (some shares stuff at work).
I was told that should be OK but I have not seen that written anywhere.

exact text is:

<...>We may also claim compensation under s.95A of the CCA for the cost incurred by us as a result of your early repayment if your early repayment exceeds £8,000 or where more than one early repayment is made in any 12- month period, the total of those repayments exceeds £8,000. More details are contained in the SECCI as well as the full agreement<...>

basic standard text

 

[khyros]

exact text is:

<...>We may also claim compensation under s.95A of the CCA for the cost incurred by us as a result of your early repayment if your early repayment exceeds £8,000 or where more than one early repayment is made in any 12- month period, the total of those repayments exceeds £8,000. More details are contained in the SECCI as well as the full agreement<...>

basic standard text

Thanks, well that sucks. I shouldn't have confirmed the terms .. I'll give them a call to see if can change them. They were allowing up to 22K deposit.

 

[khyros]

has anyone had any luck changing from one finance option to another? I'm thinking of switching from Tesla Loan to PCP. Unfortunately I confirmed my offer before I know of the 8K year limit for overpayments.

 

[yessuz]

has anyone had any luck changing from one finance option to another? I'm thinking of switching from Tesla Loan to PCP. Unfortunately I confirmed my offer before I know of the 8K year limit for overpayments.

you should ask Tesla what are the charges of overpayments above 8000? Maybe it's minimal?

 

[sc20]

My understanding is you can make early repayments including a full settlement at any time.

 

[browellm]

My understanding is you can make early repayments including a full settlement at any time.
View attachment 759971

You can indeed, but they also reserve the right to charge you for the privilege as per the previous posts highlighting the relevant clause.

 

[sc20]

Hmm

 

[sc20]

Can PCP be paid off in full from day 1 or do you need to wait for 50% to be paid?

Wondering which is better for those who suspect they may pay off within the first year

 

[sc20]

10.7
We may claim compensation under s.95A of the
Consumer Credit Act 1974 for the cost incurred by us
as a result of your early repayment if your early
repayment exceeds £8,000 or where more than one
early repayment is made in any 12-month period, the
total of those repayments exceeds £8,000.
The compensation will not exceed the lower of 1% of the
early repayment where the remaining duration of the
Agreement from the date of your repayment is more
than one year, 0.5% where that period is equal to or
less than one year, or the total amount of interest that
would have been payable under this Agreement if you
had not repaid early.

Reading this, it would appear the charge could not exceed about £600 on a £60k car if you're cancelling in the worst case scenario - cancelling with more than one year left on the term.

 

[Tony Hoyle]

Can PCP be paid off in full from day 1 or do you need to wait for 50% to be paid?

Wondering which is better for those who suspect they may pay off within the first year

PCP is just HP with a big final payment.. same as any other loan, if you have the cash you can pay the settlement figure and walk away.

If you're going to pay it off within the first year just go for the lowest APR whatever that is.. OTOH if you really intend to do that you could probably get a low interest 12 month loan from your bank.

 

[73henny]

Do you 'own' the car with a Tesla loan or is it secured against the car? I assume it is.
Does that make any difference for insurance purposes?
Trying to decide which route to go down - I don't want to put out all the capital for a M3P so will trade in my A4 (which I own) and then finance some or all of the rest. If I finance all of the difference I'd like to use the T loan, and if I finance part of the difference I'd use my bank as their rates are a little better than Tesla and I can obviously pay more than 50% of the car unlike the T loan.

 

[kshar]

Do you 'own' the car with a Tesla loan or is it secured against the car? I assume it is.
Does that make any difference for insurance purposes?
Trying to decide which route to go down - I don't want to put out all the capital for a M3P so will trade in my A4 (which I own) and then finance some or all of the rest. If I finance all of the difference I'd like to use the T loan, and if I finance part of the difference I'd use my bank as their rates are a little better than Tesla and I can obviously pay more than 50% of the car unlike the T loan.

TFS owns the car with you as the registered keeper. You will have to declare the same to insurer but it should not be a major difference.

 

[s7gpt]

putting £15k down on tesla loan with a view to pay in full at 2 years old, hope I don't get hit with any extra charges.

another benefit of the Tesla loan (if the same regulations as HP) is that you can pay the lowest deposit and just hand the car back when half way through the loan IF you owe more than its worth !