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Locked-in Poll

Are you locked in?

  • Yes

  • No

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Ekh

Ekh

Elio Addict
Joined
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Loveland OH
Ty said:
The lock-in commitment is different from being all-in. Being all-in means you won't get your $1,000 back if you decide at the last minute to not purchase. Being committed means that if you back out at the last minute, you still owe them $7,000. It's their legal way to assure the DoE that they have a bank of customers who will actually follow through.
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You have to be all-in before you can be locked-in!
 
RUCRAYZE

RUCRAYZE

Elio Addict
Joined
Aug 17, 2014
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On Vashon Island
No way can your commitment be enforced should you back out when your # is up. I've signed a contract to purchase a car from a dealer, and have, backed out without question, refunded my deposit- Elio can ill afford to "MAKE" folks pay $7000.00 for a vehicle they don't want/can't go forward with the purchase (poor credit rating). Florida allowed 3 days to even back out after purchase
the "special" Elio financing that too is suspect, have yet to see the minimum payments/ loan duration/interest rate.
I happen to be blessed to be in a position to pay cash, for those folks who can't the concept of paying 2x the cost of the gas, for a vehicle that will get (fill in the amount mpg) will either require putting on exceptional milage, or see their payments stretched out for (fill in the many years)
The idea that a first time, not credit worthy buyer might not keep up with the payments, might even get a "car" loan ,had enough $ reservation but not now, bought another vehicle, and kisses the 1k away)?
will then lead to a repossessed slew of used units?? Now what? go to the "dealers", and buy a used E for $4500??Just see the headlines "Elio has taken action against (fill in the number) of poor and first time buyers for not purchasing their product, after to the buyer's commitment to do so"- it's not even a contract!
I know we have lawyers here- please comment and clear this up.
IMO it has nothing to do with mandating purchase, but just a list of committed buyers to show for the loan approval
You want real commitment - put $ where your mouth is have Elio rase the 1k all in to 3k all in and then see who's committed
Many here (including me bought shares,) and after all the TALK they came up very short of the $ expected.
Again, money talks B.S walks
Ahhh I feel better!
 
Rob Croson

Rob Croson

Elio Addict
Joined
Apr 28, 2015
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Ohio
RUCRAYZE said:
Florida allowed 3 days to even back out after purchase
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Ohio does the same.

IMO it has nothing to do with mandating purchase, but just a list of committed buyers to show for the loan approval
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I agree. It would be an absolutely horrible business model to try and force people to buy the vehicle if they didn't want it. Either the Elio will be so popular that they won't have trouble selling as many as they can make, or they'll be so crappy that no one will want them regardless of any prior commitment (in which case they fold almost immediately). If a locked in reservationist walks away without buying, then Elio get's to keep their reservation money, and sell the vehicle at full price to the next buyer for a higher price, so they make more money all around.
 
Ekh

Ekh

Elio Addict
Joined
May 2, 2014
Messages
3,794
Reaction score
9,525
Location
Loveland OH
RUCRAYZE said:
No way can your commitment be enforced should you back out when your # is up. I've signed a contract to purchase a car from a dealer, and have, backed out without question, refunded my deposit- Elio can ill afford to "MAKE" folks pay $7000.00 for a vehicle they don't want/can't go forward with the purchase (poor credit rating). Florida allowed 3 days to even back out after purchase
the "special" Elio financing that too is suspect, have yet to see the minimum payments/ loan duration/interest rate.
I happen to be blessed to be in a position to pay cash, for those folks who can't the concept of paying 2x the cost of the gas, for a vehicle that will get (fill in the amount mpg) will either require putting on exceptional milage, or see their payments stretched out for (fill in the many years)
The idea that a first time, not credit worthy buyer might not keep up with the payments, might even get a "car" loan ,had enough $ reservation but not now, bought another vehicle, and kisses the 1k away)?
will then lead to a repossessed slew of used units?? Now what? go to the "dealers", and buy a used E for $4500??Just see the headlines "Elio has taken action against (fill in the number) of poor and first time buyers for not purchasing their product, after to the buyer's commitment to do so"- it's not even a contract!
I know we have lawyers here- please comment and clear this up.
IMO it has nothing to do with mandating purchase, but just a list of committed buyers to show for the loan approval
You want real commitment - put $ where your mouth is have Elio rase the 1k all in to 3k all in and then see who's committed
Many here (including me bought shares,) and after all the TALK they came up very short of the $ expected.
Again, money talks B.S walks
Ahhh I feel better!
Click to expand...
We've been through this before. It is not to Elio's best interest to enforce commitment pledges very strictly. There won't be a need to; these things have a useful lifespan lifespan that lasts as long as it takes the atvm loan to come through. After that they have no value. Annoying Elios customers is not anything they want to do. I am convinced that if you sign a commitment and eventually decide you do not want the car you will not have a lot of problem getting out of it. Maybe some small fee. Nothing earth shattering.
 
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