Beware! After three years into a pre-purchase agreement (Tesla installs and owns the panels, and I purchase the generated solar power at an agreed to rate from Tesla), a loan started appearing on my Equifax credit report, to the tune of $49,980!
I first contacted Equifax thinking this must be a mistake. They confirmed that it's in fact being reported by Tesla.
I then contacted Tesla and here's their response - "currently Tesla is only reporting to Equifax, so our tradeline will only be visible there. As a PPA contract holder, you are utilizing a Tesla-owned system to generate the energy you pay for and consume, so it standard practice for Tesla to report the agreement as a loan."
Standard practice? Really? Does any of my PG&E equipment show up as a loan? And suddenly have it appear after three years, negatively impacting my borrowing power? No mention of this by the sales rep at time of signing. Oh, and the best part, the only option to have this "loan" removed is to buy the panels from Telsa. You can only do that after 5 years and only during a narrow window. I shudder to think what FMV Tesla will dream up then.
This unethical practice is a blatant attempt by Tesla to artificially bolster their balance sheet - at my expense.
Beware of doing business with Tesla. I sure am regretting it.