I was gob-smacked!

[LillyMayPatterson #1685 & #5648]

You made me look ! It's been 6 days since I deposited my $100 deposit. It is still there, lol. I say you should cash or deposit it right away, just in case it goes FIFO and the later refunds might bounce. Good Luck Everybody.

 

[RSchneider]

I made me look ! It's been 6 days since I deposited my $100 deposit. It is still there, lol. I say you should cash or deposit it right away, just in case it goes FIFO and the later refunds might bounce. Good Luck Everybody.

I found this out from my lawyer who does business law. In his experience this is what's happening.
1. Bankruptcy (like I mentioned before)
2. Elio doesn't want to or can't continue paying the escrow monthly fee (escrow accounts are not free)

Both situations lead to this. Since it's been years that people have put down money on refundables, many have moved or died. So, unless people that have moved, let the company know where to send the check, then it'll most likely never make it to the intended receiver. Them being quiet about this makes it better too. With people that have moved or even forgot about it, those checks will never get cashed. There's usually a 30-90 day period that those checks need to be cashed or then it's over for the refundables to ever get their money.

What happens if 10% never cash those checks? That's $110,000 which goes to Elio Motors. Then that can be spent anyway they want as long as they are not doing situation #1. Most likely, it turns into someones paycheck. So lesson learned, deposit it right away.

 

[Rickb]

I found this out from my lawyer who does business law. In his experience this is what's happening.
1. Bankruptcy (like I mentioned before)
2. Elio doesn't want to or can't continue paying the escrow monthly fee (escrow accounts are not free)

Both situations lead to this. Since it's been years that people have put down money on refundables, many have moved or died. So, unless people that have moved, let the company know where to send the check, then it'll most likely never make it to the intended receiver. Them being quiet about this makes it better too. With people that have moved or even forgot about it, those checks will never get cashed. There's usually a 30-90 day period that those checks need to be cashed or then it's over for the refundables to ever get their money.

What happens if 10% never cash those checks? That's $110,000 which goes to Elio Motors. Then that can be spent anyway they want as long as they are not doing situation #1. Most likely, it turns into someones paycheck. So lesson learned, deposit it right away.

The lesson I learned is don’t put down another refundable or non-refundable reservation deposit on a new startup concept that doesnt have a test vehicle screaming around the test track that I’ve never test driven to verify driver comfort, performance, fit, finish, and safety specs.

 

[RSchneider]

The lesson I learned is don’t put down another refundable or non-refundable reservation deposit on a new startup concept that doesnt have a test vehicle screaming around the test track that I’ve never test driven to verify driver comfort, performance, fit, finish, and safety specs.

I agree. Why people put money down on the MLM is beyond me. Yet a bunch did. I'd be asking back for my money if I did. Especially when they shelved the product (which was not looking like it was remotely to final production). Hopefully Arcimoto is not delaying those deposits like we read about Elio and that one guy that had to jump through hoops to just get his money back.

 

[LillyMayPatterson #1685 & #5648]

I realize you are right. My Elio is dead. It's time to gather my memories and mementos and box it. As I said, it is like I lost another companion dog. OK, It's over, lets move on. Thank you for being my friends and sharing this dream with me.

 

[ehwatt]

I realize you are right. My Elio is dead. It's time to gather my memories and mementos and box it. As I said, it is like I lost another companion dog. OK, It's over, lets move on. Thank you for being my friends and sharing this dream with me.

Yup. You're a hoot, Lilly,