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Question on order cancellation

I placed an order for a model S and my delivery window is from June 4-24. I am currently working out my financing options. Right now I was told I needed a co-applicant since I don't have enough credit history. My credit score is pretty good at 730, but just moved here from abroad and have a bought a house about a year ago.

My question is about cancellation, if ever i am unable to secure a decent financing rate, is it possible to cancel my order if I am already at this point? Will I get my deposit back (no deductions)? Up to when can i cancel? Can I put a hold on my delivery until I work out my financing past my delivery window? I would like to know my options and it seems like the individual at financing nor my client advisor didnt know the answer. I emailed ownership@teslamotors.com, but I am also trying to seek help here. Thanks.

As far as I know you can cancel it at anytime before you sign your purchase agreement, and at that point, your custom car would be labeled an "inventory car" and will be on the market for grab.

Have you tried with Alliant Credit Union for financing yet? I've heard quite some good things about them :)

@mkidding, thanks! I haven't tried Alliant Credit Union. I looked at their site and the nearest in the the SF Airport (i'm in Daly City). I have tried Patelco, but they were only able to counter up to 50%. I do have sufficient salary but with only 3 years of credit history, I am not really sure if Alliant would be any different to Patelco. :(. I'm hoping I wouldn't have to co-apply with anyone, but it seems like it's the only way for me given my situation, unless someone knowledgeable says otherwise.

@LuvTesla... We used Alliant and you don't have to worry about a location being close to you. We are doing everything over the phone/e-mail. I also recall from our contact that the 1.49% rate would apply for people with a 730 or 740 score (can't remember).

Alliant also will finance a higher amount (probably is still dependent on your score) but would suggest contacing them. Our contact said to provide his information to anyone interested. He has been great to work with:

Jason Freese
Alliant Credit Union
11545 W Touhy Ave Chicago IL 60666
jfreese@alliantcreditunion.com
800-328-1935 Ext 2164
Direct 773-462-2164

What about Tesla sponsored finance? They might be more willing to approve a loan that buys their car? You will also get the residue value guarantee.

Dear Tesla,
I have ordered an S model but i would like to cancel my order. I already payed the 2500 dollar deposit to the car.
I wanted to contact Tesla Motors but nobody answered me. How can I cancel my order?
Please answer as soon as possible!
Thanks!

877-798-3752

The contract says if you are not able to get financed you can get your deposit back. If you get financed but at an unreasonable rate you still may be stuck but I would assume that's if you use one of their lenders.

@kelda - what did you order? May be someone here that would like to take over your order...and delivery date!

@luvtesla

I used alliant credit union too. Have too short of credit history but good credit. I borrowed $55,000 @ 1.49% interest and was approved in 20 min. The 1.49% is for direct deposit which I have 1/2 of each months payment direct deposited each paycheck then alliant auto transfers the payment each month.

You do have to open an online account with them which is super easy. They even make the initial deposit of $5 for you.

They are usually running a new member promo that if you make a new auto loan they deposit $100 in your online account. Before my first Tesla payment was due I had already made $105.00.

I deposit the money I am saving each month not buying gas into my alliant account with the money to cover my car payment and it is actually drawing interest.

Good luck on your Tesla.


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