I think the issue is that people are looking at a high balance on a (possibly) high rate credit card and getting put off. Since we don't know any real details, this is all speculation. We really have no idea how economical the plan will be. Its a novel idea, but the details will determine if it makes sense for any individual buyer.
Elio Motors Customer Service (Elio Motors)
Apr 10 19:24
Hello!
Thanks for your email.
Elio Motors will be offering many different financing options as we come to production time next year. Financing is an extremely exciting area for us. One option that we will be taking advantage of will work as follows:
1. Elio customer determines their vehicle of choice.
2. Elio customer receives a credit card that holds the balance of the vehicle’s cost ($6800+cost of options (upgrades?)+taxes+delivery fee)+$300 room of credit card for gas charges.
3. Elio customer MUST purchase gas using this card (we are working out now how this will be monitored, penalties for not using the card, minimum monthly charge requirements etc.).
4. Each gas charge will be charged to the Elio owner at 3 times their gas purchase, i.e. a $25 gas charge = $75. The difference of $50 will go towards paying down the vehicle’s balance. This $50 (less interest charges from the credit card company) will go toward paying down the balance on the vehicle.
NOTES: card can only be used for gas, there will be a minimum amount that needs to be charged monthly (amount and the “minimum amount” have not yet been determined). Elio Motors is striving towards working with a bank that accepts a wide range of credit worthiness potential customers.
We expect that due to the low price of the Elio, a great percentage of applicants will be able to finance their Elio.
Best,
The Elio Team