No way can your commitment be enforced should you back out when your # is up. I've signed a contract to purchase a car from a dealer, and have, backed out without question, refunded my deposit- Elio can ill afford to "MAKE" folks pay $7000.00 for a vehicle they don't want/can't go forward with the purchase (poor credit rating). Florida allowed 3 days to even back out after purchase
the "special" Elio financing that too is suspect, have yet to see the minimum payments/ loan duration/interest rate.
I happen to be blessed to be in a position to pay cash, for those folks who can't the concept of paying 2x the cost of the gas, for a vehicle that will get (fill in the amount mpg) will either require putting on exceptional milage, or see their payments stretched out for (fill in the many years)
The idea that a first time, not credit worthy buyer might not keep up with the payments, might even get a "car" loan ,had enough $ reservation but not now, bought another vehicle, and kisses the 1k away)?
will then lead to a repossessed slew of used units?? Now what? go to the "dealers", and buy a used E for $4500??Just see the headlines "Elio has taken action against (fill in the number) of poor and first time buyers for not purchasing their product, after to the buyer's commitment to do so"- it's not even a contract!
I know we have lawyers here- please comment and clear this up.
IMO it has nothing to do with mandating purchase, but just a list of committed buyers to show for the loan approval
You want real commitment - put $ where your mouth is have Elio rase the 1k all in to 3k all in and then see who's committed
Many here (including me bought shares,) and after all the TALK they came up very short of the $ expected.
Again, money talks B.S walks
Ahhh I feel better!