Welcome to Elio Owners! Join today, registration is easy!
You can register using your Google, Facebook, or Twitter account, just click here.It's only expensive if you carry a balance They claim the card fee will be low. The almost 100% shouldn't hurt it would be a secured card you wouldn't have the title until you've paid it off.
The cost of the car is the card's balance. Secured doesn't matter when it comes to credit utilization. It's simple balance divided by limit.
I tend to believe what my uncle states. The credit card option will be for those who have low ficco scores or just plain terrible credit. For them a newly issused card showing a basically maxed out limit should not hurt them since they can't get credit anyway. Now if they pay as agreed down the road as the card shows less and less of a balance it could help after a few years to establish a respectable credit score. Any time you get a new credit card you points go down , if you max it out your score plumits. Credit cards are not intended to buy stuff one normally can't afford, those who charge and do not pay balance in full each billing period drop points every month.The interest will be very high for those who buy their Elio with the card plan, that is if it really is to be offered. After reading this below I have to agree with my uncle. Nothing more than sales talk to get reservationsThe cost of the car is the card's balance. Secured doesn't matter when it comes to credit utilization. It's simple balance divided by limit.
For those of you that claim fuel card will not come maxed out with interest to be paid check out what Elio told me below. The card will be issued with the full purchase price on it with aa limit of 300 over that .. If your elio cost 8k your card will have an 8300 limit, basically maxed out. Read below, Elio states you will be charged interest monthly. This is the reason my uncle had his battle with Elio and a few in here.The cost of the car is the card's balance. Secured doesn't matter when it comes to credit utilization. It's simple balance divided by limit.
There is a lot of speculation here, but no facts. No one has any idea how the program will work. You are assuming that the entire purchase price will be carried as a balance on the card. You are assuming interest rates, FICO scores, etc. Why don't we wait until there are some facts?
Chris F
There is a lot of speculation here, but no facts. No one has any idea how the program will work. You are assuming that the entire purchase price will be carried as a balance on the card. You are assuming interest rates, FICO scores, etc. Why don't we wait until there are some facts?
Chris F
I tend to believe what my uncle states. The credit card option will be for those who have low ficco scores or just plain terrible credit. For them a newly issused card showing a basically maxed out limit should not hurt them since they can't get credit anyway. Now if they pay as agreed down the road as the card shows less and less of a balance it could help after a few years to establish a respectable credit score. Any time you get a new credit card you points go down , if you max it out your score plumits. Credit cards are not intended to buy stuff one normally can't afford, those who charge and do not pay balance in full each billing period drop points every month.The interest will be very high for those who buy their Elio with the card plan, that is if it really is to be offered. After reading this below I have to agree with my uncle. Nothing more than sales talk to get reservations
We can appreciate your concern and until our credit card/ gas card program is finalize, we are not marketing this program on our website. I understand this program has been mentioned in articles and interviews, but until it is finalized we can not offer it. With any such program, an individual will be required to register and qualify for the program.
As for the reservations, we are offering a refundable reservation to everyone, as well as a non-refundable option. So if the person making the reservation determines that they can not afford a non-refundable reservation, they will be still be able to place a refundable reservation that would still entitle them to reservation for our vehicle within the first year of production. We have clearly stated in the reservation documentation that this is a risk and does not guarantee an individual a vehicle.
Best Regards,
The Elio Team