Send Email To Dop To Show Support For Elio Motors Loan.

[Ty]

whenever you/company apply for a loan what you are really doing is proving you don't need the money!
for example Individual car loans are not provided reasonably if you have crap credit, no job, no prospects the risk has to be offset and protected.
Elio has to demonstrate he can move forward without it- he currently has no product, and poor credit- a close look at the 35k reservations breaks down very quickly, when only about 25% have put all in. A "Bunch" of the 35k include less money and in many cases no money (refundable) so although 35k looks good to us, when "they" take a close look, which they will ,it'll fall apart quickly.
whatever happens it's my opinion that any further delays will severely jeopardize this project

But Elio isn't counting on deposits to fund production and development. That has already been established. Also, Elio has stated that they have enough funds to get through December equipment and begin production. I didn't see anything anywhere that even remotely hints that Elio "has bad credit" either. Odd that piece of info is never talked about...

35,000 reservations merely shows that, if produced, Elio has buyers for the first 35,000 vehicles. Not many new companies have 35,000 customers lined up before they even begin producing.

 

[Ty]

1) ATV/QUALIFYING COMPONENT ELIGIBILITY [10 CFR 611.2; 611.3]: ATV Eligibility: In order for a vehicle to be eligible as an “ATV” under the ATVMLP, the vehicle must be one of the following: (a) (b) Passenger automobile or light truck (as defined in 49 CFR 523) that satisfies both of the following standards: (x) the emission standards set forth in clauses (i) and (ii) of the definition of “advanced technology vehicle” in 10 CFR 611.2, as evidenced by an emissions certification delivered in accordance with 10 CFR 611.3(a) and (y) the fuel economy standards set forth in clause (iii) of the definition of “advanced technology vehicle” in 10 CFR 611.2, as evidenced by a demonstration of the vehicle’s fuel economy performance in accordance with 10 CFR 611.3(b); or Ultra efficient vehicle (defined as fully closed compartment vehicle designed to carry at least two (2) adult passengers that achieves either (x) at least 75 miles per gallon while operating on gasoline or diesel fuel or (y) at least 75 miles per gallon equivalent while operating as a hybrid electric-gasoline or electric-diesel vehicle or (z) at least 75 miles per gallon equivalent while operating as a fully electric vehicle


http://energy.gov/sites/prod/files/...r-Applicants-Final-Version-October-5-2012.pdf

 

[Jeff Porter]

whenever you/company apply for a loan what you are really doing is proving you don't need the money!
for example Individual car loans are not provided reasonably if you have crap credit, no job, no prospects the risk has to be offset and protected.
Elio has to demonstrate he can move forward without it- he currently has no product, and poor credit- a close look at the 35k reservations breaks down very quickly, when only about 25% have put all in. A "Bunch" of the 35k include less money and in many cases no money (refundable) so although 35k looks good to us, when "they" take a close look, which they will ,it'll fall apart quickly.
whatever happens it's my opinion that any further delays will severely jeopardize this project

Respectfully disagree with you. Car loans are being handed out to folks today which rivals the danger of 2008 when mortgages were given to people that couldn't afford them. People today have bad credit, they want/need a car, and are given a car loan with a huge interest rate and thus monthly payments they can't afford for long.

It's much much more than 25% of reservations for the Elio are all-in... IIRC, it's about 90%. And not most, oops edit needed here, about 1/3 of the all-ins are $1k. About 10% of all reservations are the refundable, folks can correct me if needed.

Not really seeing anything fall apart, per se. And I believe that further delays are inevitable. I'm seeing hints that the target for production may no longer be Sept 2015. EM's Facebook folks are now saying that production will start in 2015, leaving off the '3rd quarter' that they always used to say. I hope those hints that I see are me just imagining things. But at any rate, if delays happen, they will not jeopardize the project, IMO.

 

[Elio Amazed]

I think they are all in Detroit trying to figure out what went wrong...

The UAW only has a small fraction of it's former membership and it doesn't wield anywhere near the power that it used to.

Nice find Ty. I think it's the same language although it's from an updated version (effective October 5, 2012) of the DOE's guidance document.
Here's the U.S.G.P.O.'s link to title 10, including 10 CFR 611 - ADVANCED TECHNOLOGY VEHICLES MANUFACTURER ASSISTANCE PROGRAM.
Grab some brandy, a six-pack, some organic Colorado brownies, or a large pot of coffee and get comfortable for this read.
The information is broken down into a pdf for each of 611's subsections.

http://www.gpo.gov/fdsys/granule/CFR-2012-title10-vol4/CFR-2012-title10-vol4-part611/content-detail.html

 

[Ty]

The UAW is only has small fraction of it's former membership and doesn't wield anywhere near the power that it used to.

I know.... I was referring to all the UAW jobs that disappeared when manufacturers left Detroit and was inferring it was solely the UAW's fault.... to be funny in an ouch-that-is-a-little-too-close-to-reality-for-comfort kind of way.

 

[wayne kemp]

U....unless
A.....American
W....workers

 

[NSTG8R]

U....unless
A.....American
W....workers

o_O

Unless American Workers what?

 

[CompTrex]

o_O

Unless American Workers what?

Unless American Workers Proofread!

 

[Jay3wheel]

The UAW is only has small fraction of it's former membership and doesn't wield anywhere near the power that it used to.

While not the 800 lb. gorilla it once may have been. The UAW still contributes millions of (members) dollars to election funds (mostly one party [see how I didn't mention which party] each election cycle. For these contributions they EXPECT (demand), their pound of flesh!

 

[Jay3wheel]

Before I become the great union basher, let me say I defend their right to do what they do. Meaning working for their own best interest. That is our political system and they have rights too. Do their goals conflict with my vision of how things should be, yes! That being said, God Bless America and the right to disagree.