What Happens To Vehicle Deposits?

[Coss]

If your reservation was an All In reservation, you sign the commitment and you get it for $7,000
If your reservation was a Want In reservation, you sign the commitment and you get it for $7,300

Any bonuses you received when you placed your deposit stay in place; for some 50% +additional bonuses from early deposits, 50% for those after a certain date, then again 25% for those that put a deposit in after July 2016

 

[Ty]

The All-In deposits get converted to Starbucks gift cards...

 

[Coss]

The All-In deposits get converted to Starbucks gift cards...

I don't think so

 

[Rachelalana]

Unless I'm mistaken, something ULTRA important is being overlooked in this entire thread. I've been an "all in" for years, but I always knew 2 things: 1) I wasn't a "depositor", and 2) I could ALWAYS back out when the time came because of any reason, say hypothetically I test drove a production version and didn't like it. The email this morning appears to be something VERY different, an actual Purchase and Sale Agreement which has a whole new meaning. Once I agree and sign I've essentially transacted to buy a vehicle I've never test driven, and as long as they present any vehicle to me, whether I like it or not, I'm legally obligated to complete the sale, or risk being sued for breach of contract. If I don't care for say the roughness of the ride, the fit and finish, the rear visibility, the road noise, it doesn't matter. If they want to exercise their rights, I'm stuck. I personally will NOT enter into a binding contract on a product that not only I've never seen but that technically and actually doesn't even exist yet. The final product still is evolving. " All In" is one thing, Sales Contract is something FAR different.

 

[Coss]

Unless I'm mistaken, something ULTRA important is being overlooked in this entire thread. I've been an "all in" for years, but I always knew 2 things: 1) I wasn't a "depositor", and 2) I could ALWAYS back out when the time came because of any reason, say hypothetically I test drove a production version and didn't like it. The email this morning appears to be something VERY different, an actual Purchase and Sale Agreement which has a whole new meaning. Once I agree and sign I've essentially transacted to buy a vehicle I've never test driven, and as long as they present any vehicle to me, whether I like it or not, I'm legally obligated to complete the sale, or risk being sued for breach of contract. If I don't care for say the roughness of the ride, the fit and finish, the rear visibility, the road noise, it doesn't matter. If they want to exercise their rights, I'm stuck. I personally will NOT enter into a binding contract on a product that not only I've never seen but that technically and actually doesn't even exist yet. The final product still is evolving. " All In" is one thing, Sales Contract is something FAR different.

If you are All In, that is a NON-refundable deposit
If you were Want In, that IS a refundable deposit

If you are All In, if you back out you lose the money you put down.
That is in the contract you signed when you went All In.

 

[Gas-Powered Awesome]

Unless I'm mistaken, something ULTRA important is being overlooked in this entire thread. [...]
The email this morning appears to be something VERY different, an actual Purchase and Sale Agreement which has a whole new meaning.

Welcome to the forum, Rachel.

Nothing is being overlooked. The purchase commitment is 100% optional for current reservation holders.

Not making the commitment doesn't change your place in line or your "All-In" reservation.

 

[Rachelalana]

Thank you for your reply. I was aware of exactly what you're pointing out. What I'm clarifying is that IF you sign, be aware what you're committing yourself to, a legally binding contract. I so want them to succeed, I've been "all in" for years, but when the rubber meets the road (pun intended), I won't sign a blind legal document, I'll just remain an "all in" as I've been.

 

[bunchathrees]

We all have different comfort levels. Thanks for supporting the cause.

 

[Gas-Powered Awesome]

I understand what you're saying. Given the number of people who don't read contracts before agreeing to them (demonstrated in this topic just this morning), I can agree it's a good idea to point that out.

To me the only difference between the "All-In" and purchase commitment is the amount of money at risk. I think one could even say the purchase commitment is "refundable". If Elio goes bust, we get "refunded" the other $6000+ we committed. Whereas we would likely lose 100% of the All-In amount.

I have not decided to make the bigger commitment yet, but I'm leaning toward "yes." My reservation is low enough that if I get it and don't like it, I'll have time to resell it at break-even or maybe even a profit.
But if I like it, ain't nobody getting their paws on it!

 

[Maurtis]

I think the timing for the OP is what confused her. If she put in a $100 "All-in" deposit yesterday and then a few hours later got the email about locking in at a higher price, she may have misunderstood that email and thought it was sent to her alone.

Like typical scam fashion, you give a little money, they ask for more, then more, then more... So this may have just been a misunderstanding on her part. Her reaction was pretty severe, though.