Let Your Gas Savings Make Your Payments Plan - How Does This Work?

[Sethodine]

If I remember correctly, they were talking about the Elio Card as being tied to the Elio, i.e. the Elio itself is collateral against the credit (similar to a traditional car loan). Thus, expect comprehensive insurance as being a requirement in the cardholder agreement, so that if you default than they can repo yo Elio. However, this also means that you will have a much lower interest rates than you see on traditional credit cards (3%-10%, instead of 17%-24%).
Thus, the only difference between the Elio Card and your typical auto loan is that the payee has a little more flexability in how big their car payment will be each month. You can bet the card will have a minimum payment, but I expect a monthly payment of $90 won't be out of the question.
As to "$300 credit limit", I'm pretty sure this means exactly as it sounds: you can never spend more than $300 on the card without paying down some of the bill first. This could simply be a control mechanism to discourage people from using their Elio card as a general purpose credit card.

 

[Jeff Bowlsby]

All the eliomotors.com site says is:

"Your Elio can be purchased by traditional methods. You may have the opportunity to drive off with no money down [implying no equity or trade in], using a unique Elio credit card payment plan. The plan allows you to pay for your Elio over time when you charge fuel. Each time, there will be an extra charge equal to twice the fuel amount that automatically applies to the vehicle price. Think of it this way: For about what you have been paying to fuel your existing vehicle, you can fuel your Elio and buy it too!"

Nothing in there about trading in your existing car, or minimum payments. I don't think this payment plan is fully developed or detailed yet anywhere, was there more detail given somewhere else?

 

[RUCRAYZE]

All the eliomotors.com site says is:

"Your Elio can be purchased by traditional methods. You may have the opportunity to drive off with no money down [implying no equity or trade in], using a unique Elio credit card payment plan. The plan allows you to pay for your Elio over time when you charge fuel. Each time, there will be an extra charge equal to twice the fuel amount that automatically applies to the vehicle price. Think of it this way: For about what you have been paying to fuel your existing vehicle, you can fuel your Elio and buy it too!"

Nothing in there about trading in your existing car, or minimum payments. I don't think this payment plan is fully developed or detailed yet anywhere, was there more detail given somewhere else?

Write on!! NOTHING is fully developed or detailed, as we once again try to make meaning of the obtuse posted definition. For sure the card can only be a gas credit card, and if you buy $50.00 worth of gas per month + 3x= 200, payment- never happen, I can't do the math, but for sure it would take many.many years to pay off this "loan"- If they do, it'll become more profitable financing than selling the E!!

 

[slinches]

You may have the opportunity to drive off with no money down [implying no equity or trade in], using a unique Elio credit card payment plan.

I don't think that's clearly implied at all. All "no money down" means is that you may be able to walk away with an Elio without an up front cash payment once any incentives and trade-in value is deducted. There's no way to get any car without putting something of value in unless you get a separate loan or can provide an alternative source of collateral.

 

[Rob Croson]

Nothing in there about trading in your existing car, or minimum payments. I don't think this payment plan is fully developed or detailed yet anywhere, was there more detail given somewhere else?

Not really any more details, just a little snippet from an email I got yesterday about the TEDx thing:

"Which of these resonated with the audience the most? Paul explained the “let your gas savings make your payments plan” and how it has the potential to get clunkers off the road. The plan being developed would allow anyone with a vehicle that gets less than 27 MPG trade in their vehicle for an Elio. They would receive a credit card to use with fuel purchases, but would be charged three times the amount of the actual purchase. One-third would go toward the fuel, the other two-thirds to paying off the vehicle.

“We can literally give vehicles away and get clunkers off the road,” Paul told the crowd.

They responded with enthusiastic applause."​

The phrasing implies that you trade in your existing vehicle, but that could just be me reading too much into the phrasing.

 

[champsman]

I believe when any fiancial institution issues a credit card they would make a minimun required payment over the fuel cost, example 150 pmt , resulting in a minnum fuel purchase of 75 + 150 = 225.00. Less fuel purchased would be say 40 +150 = 190

 

[Jeff Bowlsby]

Lets refrain from speculation ok? None of use knows anything because nothing concrete has been said, its all just a concept at this point. "trade in" could mean literally trading in for a credit towards purchase of the Elio...or it could just be a figure speech.

 

[RUCRAYZE]

Lets refrain from speculation ok? None of use knows anything because nothing concrete has been said, its all just a concept at this point. "trade in" could mean literally trading in for a credit towards purchase of the Elio...or it could just be a figure speech.

Hey- we know, that none of us knows, but that's the point of this site, trade tales waiting for the "$$"
and to add
and what if your trade -in is worth more than the E??
and what if...................
and what if...........
well XI:XV, time to turn in

 

[Hotscoots]

Elio could glean a whole new profit center by taking trade-ins . Partner with Carmax to facilitate the transaction and share a percentage. With regard to the gas payment plan , there will undoubtedly be a minimum monthly payment . The program is depicted in a clever way but it will still be Elio's finance partner writing a car loan . One would be better off churning those "-0- percentage for 1 year" credit cards . $208 per month for 3 years and done .

 

[Jeff Porter]

Lets refrain from speculation ok? None of use knows anything because nothing concrete has been said, its all just a concept at this point. "trade in" could mean literally trading in for a credit towards purchase of the Elio...or it could just be a figure speech.

You nailed it Jeff, that's the double-edged sword that is this forum. It's entertaining, interesting, and sometimes informative! But it's also at times frustrating, folks typing-without-thinking, and wildly speculative.

A skill you'll want when reading threads here, is to recognize speculation and treat it as such. Once you have that skill, the frustration goes down a bit.

One thing we all could do, is when someone asks a question, we could all say "..... I dunno....", but what fun would there be in that?!