Locked In

[Ekh]

I read this very differently. Our original "all in" money was simply a non-refundable transaction for the right to buy a future product, with this money then acting as a pre-deposit. If one wanted to walk away from the deal, you could, understanding your loss. But this mornings email presents a whole new reality, a Purchase and Sales Agreement. As long as they present to me a finished product, I'm legally obligated to consummate the sale or risk being sued for breach of contract. If I test drive the eventual vehicle and hypothetically think the rides too rough, the fit and finish is sub par, the rear visibility is too restricted, the road noise is too excessive, whatever, I'm out of luck if they want to exercise their legal rights. I won't sign a P&S for a future possible product.

I suspect they won't enforce such reluctant buyers' commitment agreements. It's not to their interest, and the whole point of this exercise is to make a point to the DOE.

Even if I'm wrong and if you do commit, and then don't like the car, sell it to someone else for a $300 profit.

But truly, I just can't see Elio holding anybody's feet to the fire. It jusr wouldn't make sense.

 

[Ekh]

Hey Dante, 5 hours west of you in northwest KS.

Your locked-in bonus in not negated. Elio Motors is simply saying that you have the opportunity to get the vehicle for $7000 if you sign a binding agreement: if EM makes you a vehicle, you will indeed buy it.

If you choose to do nothing, you CAN buy the vehicle that they make for you for $7300. There is no binding agreement for you. All is as it was before, it's just that instead of a target $6800 base price, it's locked at $7300 for you.

Hope that makes sense.

If you have $1500 toward the purchase of your vehicle, if you do nothing, you are looking at $5800 base price.

If you have $1500 toward the purchase of your vehicle, and you sign the binding agreement before there are 65,000 reservations, you are looking at $5500 base price.

All true, PLUS you are helping Elio make the vital case they must make to the DOE. This is about optics -- and DOE needs to see the word "commitment" before they spend money on the wedding ...

 

[Cjr]

Everyone wants an Elio ASAP. That means money must be raised from somewhere and the Federal Loan is the most straight forward mechanism. For those if us who are "All-in" with significant reservation funds committed, the answer is clear. Help Elio Motors get the factory going so we can take delivery by making the Federal loan possible with commitments from all of you other Elio fans, addicts, etc.

I am an Elio fan. I went all-in at $1000 and got the $500 bonus. I purchased stock. Now I have completed the commitment to purchase. I now know I have done all I can do to be able to buy my base Elio at $5500 sometime next summer. I am happy to do it. Let's help make it happen. SIL #16872

 

[electroken]

If you fill out the form online, a green banner appears at the top telling you you're good to go. Otherwise, I'm not sure what you mean by "I got a rock.'

Sorry for the Charlie Brown reference.

What I got was a red banner and a claim that I have no non-refundable reservation. Under my account on the Elio site it's clear that I do.

In fact, a day later I'm still getting the red banner.

 

[Marshall]

Do you even have any actual documentation of your $500 bonus? I did the same thing - paid $1,000 back in August of 2014 for the "bonus" $500.

Pulling back up my confirmation e-mail now all I can see on my receipt is that I paid $1,000 for a t-shirt lol. Literally all it lists is "Gotta Have It! - T-shirt size Large" for $1,000.

After that, they e-mailed me my spot in line (number 6,578) but it's interesting now that I can't find any trace/confirmation of the $500 bonus thing.

Even logging into my account on their website it lists nothing other than that I paid $1,000 for a t-shirt under my order history and it shows "complete" as order status.

I received that locked-in price e-mail this morning but frankly I don't even remember/know at this point what "level" I was at - I'm assuming the $1,000 I paid was the non-refundable option and that I am now locked-in at $7,300 and need to take no further action? Sure would be nice if Elio was a little more clear on the account information on their website.

If you want the $300 discount, you'll need to make the commitment. If not, no further action is needed. The three hundred does not replace previous discounts.

 

[KD]

Don't feel bad, I got the same message and I was All In in 2013
I'm waiting to hear back from them.

I am in the exact same position. At least I feel as though I am in good company here!

 

[Gregw]

EM said they are locking the price in until they reach 65,000 total reservations. Is that the loan requirement threshold?

56,411 reservations now, 8,589 more needed to meet that threshold, is that doable?

 

[Ekh]

I have told a contact at EM that this glitch is occurring. Hope the catch it soon. Meanwhile i suggest anybody with this problem report it through the Support tab on the Elio website.

 

[Jeff Porter]

EM said they are locking the price in until they reach 65,000 total reservations. Is that the loan requirement threshold?

56,411 reservations now, 8,589 more needed to meet that threshold, is that doable?

Yes, absolutely doable. Over the past several months, the slowest micro-unit of measure of a week's reservations is just short of 1 reservation per hour. If there is a slight increase and we looked at an average of 30 reservations per day, then 8589 / 30 = 286 days.

I don't know if that's a threshold for a loan requirement or anything else. It's a number that Elio Motors threw out there to see what happens. They can always change the number if it benefits them. I'm sure they considered the 65k number thoroughly and came up with a long estimate (in days) to get there and a short estimate to get there.

 

[Ekh]

If you're having trouble locking in because you haven't gotten a letter yet, try this link: click here for All In “non- refundable” reservations