Elio Buyer Financing Options Discussion

[RichardVII]

Now that the cost of fuel is going down.
1. How does this affect financing this vehicle.
2. Will there be an option to make a set payment amount .

 

[Joshua Caldwell]

1) It doesn't since there will be a minimum needed payment anyway.
2) You can pay whatever you want to pay over the minimum.

 

[Gas-Powered Awesome]

Welcome, Richard! Finally somebody with a lower reservation number than me.

I don't think Elio has commented on either question, so anything posted here will likely be speculation. My speculation is that gas prices would have to drop under $2.50 a gallon before they would make a big change to the "pay-as-you-go" fill-up financing.

I think the Saudis will ony keep the prices this low long enough to make the tar sands boom a bust, and to teach Iran and Russia who really runs the show. Then they'll jack it back up to about $90/barrel. I'd give it a year at-most.

So prices will be high again by the time we get our Elios.

 

[OctoberGlory]

Here's a link to what EM has to say about financing as of September 23, 2014

https://eliomotors.zendesk.com/hc/en-us/articles/203256920-Financing-Can-I-finance-my-Elio-

 

[Smitty901]

You do understand gas prices will shoot back up I hope

 

[Jeff Miller]

You do understand gas prices will shoot back up I hope

I certainly don't hope they shoot back up but I do know that it is inevitable

 

[Lil4X]

By spring we should see an increase in gas prices as refineries go back to producing more expensive summer blends and demand for motor gasoline rises against the need for cheaper heating oil. This is a cyclic situation that you can depend on occurring in the spring and fall, but overall with the reduced imports of foreign oil contributing to price stability in crude stocks, we should be a bit better off than last summer. But then there's inflation . . . .

 

[RUCRAYZE]

Matters not the price of gas, what you must know is the interest rates.
Do you think, paying the minimum monthly, will eventually cost you the same as if you paid $400/ month.
No one is gonna stretch out payments and not collect interest.

It's to the lending institution's benefit that you take the longest time to pay off a note. No one even mentioned the rate that the institution will be charging,no one said we'd get some kind of Elio discount, what basically has been said is that they will be offering a loan tied to gas purchases. They could tie it to the price of milk for all it matters. They get their monthly amount either way, we decide how long and how much of a loan and interest we undertake.

 

[JEBar]

They get their monthly amount either way, we decide how long and how much of a loan and interest we undertake.

when the time comes we will take a look at whatever program EM comes up with and contrast it with our Credit Union and a couple of other lending institutions that we have used over time .... I do like the concept of paying part of the payment with money saved on gasoline .... in the end we will go with whatever program proves to be best for us .... as a side note, some folks may not be aware that dealerships of all types get a kick back from loan companies on every loan made .... I doubt EM will be any different

Jim

 

[RUCRAYZE]

when the time comes we will take a look at whatever program EM comes up with and contrast it with our Credit Union and a couple of other lending institutions that we have used over time .... I do like the concept of paying part of the payment with money saved on gasoline .... in the end we will go with whatever program proves to be best for us .... as a side note, some folks may not be aware that dealerships of all types get a kick back from loan companies on every loan made .... I doubt EM will be any different

Jim

to add just a side note, if the thinking is that the lending institution is going to make Elio loans to EVERYBODY who wants one, they, who are not "credit worthy", are in for a big surprise - the last things banks want is to own cars or homes. If you're a college kid (some of the market Elio is hoping to attract), with a perfect straight "A" average, and you want/need the car to commute, and you have a revolving balance credit card, no source of immediate income, future school loan payments and live at home- no lending institution will give you the $ to buy the car- hence the co-signer (don't screw your parents pay it off)
On the other hand a kid who has not gone to college, but has worked as a plumber's helper (easy- no p.c. stuff my dad was a plumber) for 5 years, has his own apt,. pays utilities, buys his own food, probably has income potential exceeding the above college kid, (lol) will be in a much better position to get a loan

We who are eligible to shop for the best loan will surely do so after factoring in all the variables- EM will not co-sign, and lending institutions will not say "hummmm, this is a great car, and he/she is smart enough to buy it, so lets give them a "special" reduced rate!!!!"