What Happens To Vehicle Deposits?

[Florida Guy]

Does anyone know for a fact what happens to the advance deposits over 35,000 people have made? Specifically, are they held in an untouchable escrow account to be used to pay for our purchase of a car or is the money available to the company to use in any manner it chooses prior to vehicle delivery. Many companies have tried to produce cars and many have folded before any car rolled off an assemble line, if the money is in escrow it will be returned to customers. If it goes to the general operating fund of the start up, it is lost. Anyone know what the situation is with ELIO?

 

[Bert]

There's a great amount of information on their website. Basically, if you're "all in", your money is used for promotion, research and developement. If you're "want in", it is banked until the vehicle is being built for you.

 

[Gas-Powered Awesome]

Link below in my signature to the comprehensive list of answers.

 

[bowers baldwin]

They've had my money for a year and a day now, I hope it's been half a busy as I've been..

 

[Julie K]

I think it's a scam. Before going to bed last night, I made a $100 deposit for this $6800 car. This morning, I woke up to an email stating that since my deposit is so little and the fact that they are in need of money for production, my cost will be $7300. That is NOT what I agreed to. No wonder they state that the deposit is nonrefundable. They reneged on this contract and will not refund my money, so I went down to the bank and closed out my account before they were able to take out my money. I wish you guys all the luck in the world getting this car, but please be prepared to lose the money that you gave them already.

Like they say, if it seems too good to be true, it probably is.

 

[Gas-Powered Awesome]

Julie, welcome to the forum.

Unfortunately it appears that you did not actually read the agreement when you put down your $100 last night. There was no promise of a price or even that you would ever get a vehicle in that agreement. They did not renege on the contract, you just failed to read and understand what you were actually agreeing to.

You're not the first, it's easy to get carried away in the excitement of this very interesting vehicle and make assumptions that aren't there in black-and-white. We see it all the time in posts like yours. I'm a highly-skeptical person and I'm pretty sure this is not a scam. I committed $1000 more than 3 years ago and have followed it closely and I still don't think it's a scam.

It also appears you didn't carefully read the email this morning. It is actually locking the price in at $7300, whereas last night there was no locked-in price at all.

 

[Sethodine]

Far too many other businesses and business owners have put their money and reputation on the line, dealing with Elio Motors to make this car happen. So no, it is not a scam.

It is unfortunate you did not read the contract. It is a risk and a hope and a dream, but definately not a scam.

 

[Ty]

I think it's a scam. Before going to bed last night, I made a $100 deposit for this $6800 car. This morning, I woke up to an email stating that since my deposit is so little and the fact that they are in need of money for production, my cost will be $7300. That is NOT what I agreed to. No wonder they state that the deposit is nonrefundable. They reneged on this contract and will not refund my money, so I went down to the bank and closed out my account before they were able to take out my money. I wish you guys all the luck in the world getting this car, but please be prepared to lose the money that you gave them already.

Like they say, if it seems too good to be true, it probably is.

LOL ... seriously? What a hoot. You put down $100 on a car that was going to be "about $6,800" and when they came back and said they were going to lock the price in at $7,000 IF YOU WANT TO, you assumed it was a scam? PLEASE. If you had been rational and just not done anything, you'd still have a deposit on a car that you apparently wanted.

Little math lesson for you... If inflation went up just 1% which is VERY LOW historically speaking, your $6,800 Elio would cost you $6,868 next year when it is finally built. So, your frustration is that they want to lock in the price at $7,000 which is only $32 MORE than you thought it would be... from a startup car company... that's maintained a $6,800 target price for SEVERAL YEARS...

Wow, that's a really really hard line in the sand you've drawn there... and pretty stupid to close a bank account over $32... not to mention you'll now get hit with overdraft charges...

Wow.

 

[acamara]

Julie

Your 1st post seems to be quite negative for a 1st time poster that just joined just today.

You say you paid $100 and that this morning you received an email saying it was too small?

Can post a copy of this email please.

There is also another saying " Seeing is believing"

 

[wizard of ahs]

Julie, welcome to the forum.

Unfortunately it appears that you did not actually read the agreement when you put down your $100 last night. There was no promise of a price or even that you would ever get a vehicle in that agreement. They did not renege on the contract, you just failed to read and understand what you were actually agreeing to.

You're not the first, it's easy to get carried away in the excitement of this very interesting vehicle and make assumptions that aren't there in black-and-white. We see it all the time in posts like yours. I'm a highly-skeptical person and I'm pretty sure this is not a scam. I committed $1000 more than 3 years ago and have followed it closely and I still don't think it's a scam.

It also appears you didn't carefully read the email this morning. It is actually locking the price in at $7300, whereas last night there was no locked-in price at all.

AND IF you commit, the price is only $7,000 (Only $200 more than the estimated price of 5 years ago !!!!)