Elio Buyer Financing Options Discussion

[BlioKart]

Lots of good advice being giving. I would like to add a little also.

If you do not have extra to put down on the Elio right now, then wait and save. With the production numbers being proposed you will only be a few months behind those who went All-In a year ago. That is a few months more to save up the price of the Elio.

Now the math: Assume you wish to save up $7,000 rather than borrow $7,000. If you, and anyone else with bad credit, have to pay WAAAAAAAYYYY high interest rates on that money, then your monthly payment will be very high. Instead, make those payment to yourself now and save that money before you get the Elio. I would recommend that you check with your local Coin Store as to their buy/sell rates before doing this, but think about buying silver coins every paycheck and saving these. Then when it is time to take delivery of the Elio, take the coins back down to the coin store and sell them back, or sell them to another collector. Not too long ago a friend from the office was talking about selling a gold coin to buy a new computer. I told her not to, but if she insisted, I would buy the coin from her. Even though I offered her more, she sold it to me at the coin store's buy price, so I got a good deal on the transaction. You may be able to do the same. One thing that we do know is that silver will not earn you interest, but in two years it will be worth more.

$7,000 divided by 100 weeks (one year 11 months) is $70 per week, about $300 per month. If that is too much, the half that, $35 per week in silver coins will give you over half the purchase price, and the rest can be financed using the gas credit card, even with bad credit. Remember, $70 per week is only $10 per day. Try to find ways to save those little things and it will add up.

To sum it up, why wait to make payments, make them now and pay yourself the interest.

I like the sliver idea. I prefer to invest my money in "Smith & Wesson" I have made way higher returns in my hobby than anything. I have been thinking of buying silver simply because i cant afford gold.

 

[Jim H]

I like the sliver idea. I prefer to invest my money in "Smith & Wesson" I have made way higher returns in my hobby than anything. I have been thinking of buying silver simply because i cant afford gold.

Just like your American Express card -- Never leave home without it

 

[Terrence]

• • At some point I am going to have to decide how to pay for my Elio. Elio Motors replies below gave me some additional insights. Terrence
  • "Elio Motors replied·5 Replies
• September 3 at 7:36pm
  • [Broken External Image]
    Elio Motors Hello Mohammad, we have two planned methods of financing, the traditional route, and the Elio gas card financing. With our gas card financing, you'll be charged 3x the amount every time you fill up with 2/3 of that coming to us. If you were to put in $20 of fuel in your Elio, your total bill would be $60 with $40 becoming your Elio payment!
    1·September 3 at 10:38pm
  • September 4 at 7:07am
  • [Broken External Image]
    Elio Motors Then the gas card financing wouldn't be for you Sean; in all likelihood, there will be a minimum amount needed to be spent each month just like in traditional financing.
    1·September 4 at 8:10am
  • September 4 at 8:08pm
  • 14 hours ago
  • 14 hours ago "
    
  • Question? with a minimum amount need to be spent each month as stated above by Elio Motors. If you have another vehicle, could you then use the Elio Motors gas card on another vehicle to fulfill that minium? Terrence

 

[JEBar]

I can't even follow this thread!

I've read this entire thread and the above pretty well sums it up .... with it I need a "Confused" button, not a "Like" button .... hopefully, IF/when they get the program finalized whatever info they provide will make sense

Jim

 

[LillyMayPatterson #1685 & #5648]

I've read this entire thread and the above pretty well sums it up .... with it I need a "Confused" button, not a "Like" button .... hopefully, IF/when they get the program finalized whatever info they provide will make sense

Jim

I'm not going to worry about it at this time. Just saving money the best I can for the next year and I should be OK on mine. Hubby got his already. And 'WE' will have to work something out with the daughter when the time comes. She's making payments to me for the car she has now.

 

[NSTG8R]

Sounds good! More toys to play with!

The Elio? Or the boob job?
Either way, it sounds like a win-win situation to me.

 

[JEBar]

I'm not going to worry about it at this time.

I don't think their credit card financing program would be something we would be interested in but I like to be able to consider all options .... to do that I need to understand the terms of each .... hopefully that will come in time

Jim

 

[trock59]

I don't think their credit card financing program would be something we would be interested in but I like to be able to consider all options .... to do that I need to understand the terms of each .... hopefully that will come in time

Jim

I will try to finance with my credit union but after asking me "please explain what an Elio is" they said a vehicle must be listed on the NADA list before they can offer financing. I made her look it up though!

 

[NSTG8R]

I'm calling them before I go to get mine to get the exact amount owed, dropping a money order in there lap for the full amount, and walking away with a set of keys and a smile. Not a big fan of compound interest, unless it has to do with my 401K. After being laid off 4 times, I learned to stash at least 6 months of my household expenses in the savings...got a little carried away with "saving for a rainy day", but that turns out to be a very good thing when it comes to my Elio purchase.

 

[HHH]

Careful about taking loans out of 401-K. One thing that is not obvious is the loss of income by not having that money that you took out working for you. 4% interest probably won't make up for the lost income. Just something to think about...

Another important point to consider regarding 401 (k) loans: Should you lose your job or quit the balance is immediately "called", which means you must pay it off. This has tripped up many people at a time when this was the last thing they needed to find out. No income and a loan payoff can be a nasty combination.