Locked In

[Jeff Porter]

So I have a question. Many of us signed up and dropped our $1000 early on and got that $500 bonus towards the car. By signing this new Locked In nonsense does that negate that bonus, making us agree to simply pay the $7000 price, ignoring our bonus?

This thing is getting sketchier and sketchier to me.

Hey Dante, 5 hours west of you in northwest KS.

Your locked-in bonus in not negated. Elio Motors is simply saying that you have the opportunity to get the vehicle for $7000 if you sign a binding agreement: if EM makes you a vehicle, you will indeed buy it.

If you choose to do nothing, you CAN buy the vehicle that they make for you for $7300. There is no binding agreement for you. All is as it was before, it's just that instead of a target $6800 base price, it's locked at $7300 for you.

Hope that makes sense.

If you have $1500 toward the purchase of your vehicle, if you do nothing, you are looking at $5800 base price.

If you have $1500 toward the purchase of your vehicle, and you sign the binding agreement before there are 65,000 reservations, you are looking at $5500 base price.

 

[xtspode]

The Ural with driven sidecar wheel is great if you are planning to do off road riding. Still a good rig to get. BTW, I had a 1977 Yamaha TT500 in my stable that was once owned by CARROL SHELBY. I hope to have the ELIO by my 62nd birthday next April.

I really like the Yamaha xt, tt and SR 500. I put 62,000 miles on my '79xt. Rode it to Alaska and NWT, and down into Baja. It tried to kill me a few times, but was unsuccessful. I think the Chinese or Russian BMW with sidecar would be a blast. Yours looks great in red.

 

[Jeff Porter]

I read this very differently. Our original "all in" money was simply a non-refundable transaction for the right to buy a future product, with this money then acting as a pre-deposit. If one wanted to walk away from the deal, you could, understanding your loss. But this mornings email presents a whole new reality, a Purchase and Sales Agreement. As long as they present to me a finished product, I'm legally obligated to consummate the sale or risk being sued for breach of contract. If I test drive the eventual vehicle and hypothetically think the rides too rough, the fit and finish is sub par, the rear visibility is too restricted, the road noise is too excessive, whatever, I'm out of luck if they want to exercise their legal rights. I won't sign a P&S for a future possible product.

Very good point, and you are correct, you have the right to do nothing, and then when you ride in one that's made, if you don't like it, you don't have to buy it. The vehicle will be $300 less if you trust their build quality and sign the agreement now.

Another way to look at it: you can do nothing now and lose the all-in deposit that you made, if you decide not to buy when they build your vehicle. This would keep you from buyer's remorse, and needing to buy the vehicle and hating it.

If you signed the binding agreement now, and hated it when you get it, could you sell it for more than $6000 if you didn't like it? I would say yes. But of course it is your choice and one you can make that will help you feel good about whatever risk you want to take.

 

[3wheelin]

Do you even have any actual documentation of your $500 bonus? I did the same thing - paid $1,000 back in August of 2014 for the "bonus" $500.

Pulling back up my confirmation e-mail now all I can see on my receipt is that I paid $1,000 for a t-shirt lol. Literally all it lists is "Gotta Have It! - T-shirt size Large" for $1,000.

After that, they e-mailed me my spot in line (number 6,578) but it's interesting now that I can't find any trace/confirmation of the $500 bonus thing.

Even logging into my account on their website it lists nothing other than that I paid $1,000 for a t-shirt under my order history and it shows "complete" as order status.

I received that locked-in price e-mail this morning but frankly I don't even remember/know at this point what "level" I was at - I'm assuming the $1,000 I paid was the non-refundable option and that I am now locked-in at $7,300 and need to take no further action? Sure would be nice if Elio was a little more clear on the account information on their website.

We have the same exact record and it didn't show non-refundable instead it looked like I said $1,000 for Got to have it T-shirt, in medium!
I did tried the site to lock in my base price of 7K and to my surprise after clicking submit, it gave me a message that I don't have a non-refundable deposit! I was fuming mad at that point and e-mailed them because they don't answer their phones, so I have to leave them a message.

 

[AriLea]

It's pretty simple for anyone who is 'committed' should you not be able to perform on it, you can just simply sell your reservation. It's a transferable entity.
I mean, you've got a locked in price plus your prepaid money is in there, plus your discounts! , who, what new buyer, wouldn't want to get an option for that?

Sometimes people, it isn't all that complex, really!

 

[Coss]

We have the same exact record and it didn't show non-refundable instead it looked like I said $1,000 for Got to have it T-shirt, in medium!
I did tried the site to lock in my base price of 7K and to my surprise after clicking submit, it gave me a message that I don't have a non-refundable deposit! I was fuming mad at that point and e-mailed them because they don't answer their phones, so I have to leave them a message.

Don't feel bad, I got the same message and I was All In in 2013
I'm waiting to hear back from them.

 

[Franklin3]

OK yeah I got the email and read through, but came up confused. So am here hoping for clarity.
I think the part I'm confused about is the $1,000 I put in a few years back.
So if I do this additional commitment, because me dropping 1K years ago just doesn't say I want the car bad enough, it brings the list price down $300, and I'm locked in for a $7,000. car. Am I right so far?

Then when that fated day finally arrives when my Elio gets to the end of the production line, because I'm locked in and because I paid $1,000.00 back in whatever year it was, I then only have to cough up $6,000.00 and the car is mine. ($7,000.00 locked in price minus the $1,000.00 = $6,000.00 ending price). Like I said earlier, nothing says commitment like giving up $1,000.00 on a concept that may or may not reach completion. But I'll sign if that's what they want. How many more hoops?!? Geez

I think you are in for a pleasant surprise.
I only signed up last week so your agreement may different from the current one... but.
The agreement I printed last week reads: "In the event a purchase is made, your Reservation Payment plus a bonus equal to 25% of the payment will be credited against the purchase price." 25% of $1,000 = $250. Your 50% would make it $500, so I expect you will only need to pay $7,000-($1,000 + $500 bonus) = $5,500 due when you purchase. Taking the lock in commitment you would be at risk to pay $6,000 if you do not take delivery.
**Disclaimer I do not have a copy of the older agreement, and am assuming the older commitment has the same general wording as what I quoted above.

 

[Coss]

I think you are in for a pleasant surprise.
I only signed up last week so your agreement may different from the current one... but.
The agreement I printed last week reads: "In the event a purchase is made, your Reservation Payment plus a bonus equal to 25% of the payment will be credited against the purchase price." 25% of $1,000 = $250. Your 50% would make it $500, so I expect you will only need to pay $7,000-($1,000 + $500 bonus) = $5,500 due when you purchase. Taking the lock in commitment you would be at risk to pay $6,000 if you do not take delivery.
**Disclaimer I do not have a copy of the older agreement, and am assuming the older commitment has the same general wording as what I quoted above.

Spoken like an old pro.

 

[aahz]

I say Bravo! It's about time we got a concrete number!
7G? That will work! !!

 

[TMOSteel]

My final base price will be $6850.
That's $7300 - $300 "lock-in incentive" - $100 reservation - $50 bonus. So, pretty close to the promised base price. I am OK with that!

We're budgeting $9k anyways for options, delivery, etc.

OK, so I'm in the same boat, put down $100 non-refundable + $50 bonus, my only concern is the wording here:

"...that I am agreeing to purchase a base model vehicle for $7,000..."

What if I don't want a base model vehicle? What if they decide to sell a DLX or LTD or XYZ model when these actually go on sale?

Now I'm locked into the base model when I want to ultra limited edition Star Trek Beyond shuttlecraft themed model? (It only comes in white, by the way).

That wording makes me hesitant. Somebody (other than my wife) tell me I'm nuts and not to worry about it, please.