WilliamH
Elio Addict
The gas plan explained ...........
http://www.autoblog.com/2015/04/03/elio-motors-gas-savings-payments-plan/
http://www.autoblog.com/2015/04/03/elio-motors-gas-savings-payments-plan/
Welcome to Elio Owners! Join today, registration is easy!
You can register using your Google, Facebook, or Twitter account, just click here.The gas plan explained ...........
http://www.autoblog.com/2015/04/03/elio-motors-gas-savings-payments-plan/
The gas plan explained ...........
http://www.autoblog.com/2015/04/03/elio-motors-gas-savings-payments-plan/
I believe some people are envisioning the credit card payment scheme as being way more complicated than it really is. This is simply two existing financial products linked together, a standard vehicle loan and a secured credit card account. The new and different part is that there is a bit more computer logic involved which multiplies your fuel purchases, separates this information into a separate column, and when you make your credit card payment applies this amount against your vehicle loan balance.
The credit card may also be locked down only to gas purchases. This is already built into the credit card system so it is not an issue at all as the credit card system is already set up to track fuel purchases and also to restrict fleet fuel cards to only buying fuel. In the January town hall Paul Elio also said that the multiplier may even be variable to help ensure that fuel purchases cover the minimum loan payment for most people.
Elio Motors is not in the business of lending money but instead a bank will do that. EM will of course negotiate some kind of commission which they will receive for providing the bank these loan customers. The loan underwriting bank will be who determines who qualifies for these vehicle loans and the exact terms such as minimum monthly payments. The standard way for lenders to handle various types of buyers is that the interest rate will vary depending on the credit risk of each buyer and I do not see why this would by an different for Elio loans.
Sure, with a $300 credit limit.Sounds good but you will most likely have to pay it off each month...