when the time comes we will take a look at whatever program EM comes up with and contrast it with our Credit Union and a couple of other lending institutions that we have used over time .... I do like the concept of paying part of the payment with money saved on gasoline .... in the end we will go with whatever program proves to be best for us .... as a side note, some folks may not be aware that dealerships of all types get a kick back from loan companies on every loan made .... I doubt EM will be any different
Jim
to add just a side note, if the thinking is that the lending institution is going to make Elio loans to EVERYBODY who wants one, they, who are not "credit worthy", are in for a big surprise - the last things banks want is to own cars or homes. If you're a college kid (some of the market Elio is hoping to attract), with a perfect straight "A" average, and you want/need the car to commute, and you have a revolving balance credit card, no source of immediate income, future school loan payments and live at home- no lending institution will give you the $ to buy the car- hence the co-signer (don't screw your parents pay it off)
On the other hand a kid who has not gone to college, but has worked as a plumber's helper (easy- no p.c. stuff my dad was a plumber) for 5 years, has his own apt,. pays utilities, buys his own food, probably has income potential exceeding the above college kid, (lol) will be in a much better position to get a loan
We who are eligible to shop for the best loan will surely do so after factoring in all the variables- EM will not co-sign, and lending institutions will not say "hummmm, this is a great car, and he/she is smart enough to buy it, so lets give them a "special" reduced rate!!!!"