Ty
Elio Addict
It actually wasn't a contract to purchase a vehicle but rather a commitment to purchase a vehicle. At least, that's how I'd approach that.
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I've Been Talking To Elio And
- Thread starter Coss
- Start date
RSchneider
Elio Addict
Commit to purchase is literally, you just purchased it but not until they make it for you. I think Elio really needs to make this known because it would help them out. You technically have not bought the car today but will be forced to do so when your time comes (which may be tomorrow or 50 years from now). As of now, it's not a sale, thus Elio is safe.
What Elio will have to do is figure out something before Elio #1 is sold and I bet they already have that figured out.
I would look at it as the $1000 was the down payment, commitment to purchase for $7000 was an accepted price on a contract, and anticipated production in 2019 would be considered a timeline. If I was a in charge I would have no problem finding Elio guilty. Will be interesting how it plays out in March. Elio better have a good lawyer.
Watashiwah
Elio Addict
Elio Motors, at least initially, planned on producing a vehicle, they took reservations indexed to a ‘spot in line’ for an eventual product. Elio Motors and ‘reservationists’ contracted for a vehicle product indexed to a spot in line, for various ‘non refundable’ amounts of money. Elio Motors separately sought investment principally thru the new Reg A opportunity for smaller investors. Elio Motors did not spend that investment money as planned or promised. Elio Motors, when trying to satisfy (admittedly shortsighted) state vehicle sales requirements says that they never had (or intended to) produce a product therefore they cannot be fined. Today, there is no product but maybe upwards of 21,000 people holding a ‘spot in line.’ A ‘spot in line’ for what, an initial intention? I believe no judge or jury would ever agree that a ‘spot in line’ for nothing satisfies ‘consideration’ for cash money which was reasonably understood to be a ‘reservation’ for a tangible product. This agreement was for an actual vehicle, not an investment in Elio Motors which offered other ways to invest, i.e., the IPO offering. ‘Forward looking statements,’ or not, the contract, imho, is not enforceable. Another question, but ‘way out there,’ for now is “Where is all that money?” It still doesn’t appear to all add up.
I think that he would like to shut it down, but is scared of the legal ramifications. He made millions on this car and is trying to find a way of keeping it. Ten more weeks to get a clearer picture.
Speculation about law from someone who is NOT a lawyer follows. This is not legal advice!
As I understand things, the Reservations ARE a Contract. But they were a CONDITIONAL contract. Cash was paid at various levels for a spot in line or, in my case, a future spot in line to be determined when the Reservation program ended. The consideration for Elio was the cash. The consideration for the customer was a locked in price, and for some, a spot in line. That's all that is required for two or more parties with the capacity to enter into a contract.
Much like a futures contract, certain conditions in the contract have to be met and in most cases need to be formally exercised. Now that the legal portion is dealt with, enforceability becomes an entirely different issue.
Just as you can't get blood from a turnip, you can't get money from someone with no assets.
As for me. I've gotten exactly what I contracted for. A locked in price for a car which MAY be produced in the future. It is risky by nature and you assumed that risk whether you understood it or not. It was clear to me.
Now I have benefited from Harvey because the car I would replace with my Elio was totaled and I now have a car that's three years newer to help bridge the gap to production. I'm still hopeful that it will happen, but would not be shocked if it doesn't due to the legitimate risks of a massive startup. Failure is not fraud as many want it to be so they can blame someone else for their unhappiness. It is part and parcel of RISK!
I hope this is viewed as intended as SUPPORT for Elio, both the man and the vehicle.
As I understand things, the Reservations ARE a Contract. But they were a CONDITIONAL contract. Cash was paid at various levels for a spot in line or, in my case, a future spot in line to be determined when the Reservation program ended. The consideration for Elio was the cash. The consideration for the customer was a locked in price, and for some, a spot in line. That's all that is required for two or more parties with the capacity to enter into a contract.
Much like a futures contract, certain conditions in the contract have to be met and in most cases need to be formally exercised. Now that the legal portion is dealt with, enforceability becomes an entirely different issue.
Just as you can't get blood from a turnip, you can't get money from someone with no assets.
As for me. I've gotten exactly what I contracted for. A locked in price for a car which MAY be produced in the future. It is risky by nature and you assumed that risk whether you understood it or not. It was clear to me.
Now I have benefited from Harvey because the car I would replace with my Elio was totaled and I now have a car that's three years newer to help bridge the gap to production. I'm still hopeful that it will happen, but would not be shocked if it doesn't due to the legitimate risks of a massive startup. Failure is not fraud as many want it to be so they can blame someone else for their unhappiness. It is part and parcel of RISK!
I hope this is viewed as intended as SUPPORT for Elio, both the man and the vehicle.
t
There is a lot of money, It was removed from Elio Motors. Does not mean that it is lost for good. The money sent to ESG and the loans that were defaulted on first month payments triggering default penalty interest of 18% will be easy recoveries. There are people with deep pockets, so don't be discouraged. If Elio Motors gets that back, it should be easy to get additional financing.
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RSchneider
Elio Addict
I still don't see Louisiana has a leg to stand on. If they did, then Tesla would have been fined millions by now. You can't just fine one company and then let another get away scot free. Elio will win this without a problem what would be nice is to see people in Louisiana get behind Elio because of the jobs and that would make it on the news. If not, it'll be another poop show with politicians making noise about nothing trying to get reelected for 2018. It's obvious what they do. Wait until a primary, then take a small dump on Elio. Then after that, they take a big one leading up to November. After that, it's just quiet until just before the primaries for 2020.
This is why Elio really needs to move to a friendly state and in addition to their incentives, they can get local investment. Right now, Shreveport is not the epicenter of any investment whatsoever. I'd pick Alabama or Nevada because they are friendly when it comes to business right now. Elio is a shoe in for success but at this point, a major change in the business plan might be in order to make it happen with a better location.
This is why Elio really needs to move to a friendly state and in addition to their incentives, they can get local investment. Right now, Shreveport is not the epicenter of any investment whatsoever. I'd pick Alabama or Nevada because they are friendly when it comes to business right now. Elio is a shoe in for success but at this point, a major change in the business plan might be in order to make it happen with a better location.
These people are appointed not elected
Ace
Elio Addict
We would take them here in Alabama, but I'm not sure where we would house them. The manufacturers that have come here have had pretty big incentives and built their own facilities.
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