Pay With Fuel Credit Card

[BlioKart]

I believe if it does work as Elio states its possible someone could run off with the vehicle and not pay for many months etc. But I think like any normal car you will have to have some sort of credit to get an Elio and possibly a deposit or initial payment of some sort.

People can be low life and shitty this type of thing happens all the time with conventional cars and dealerships. Elio wont be any different in that reguard.

 

[trock59]

If any one of the first lucky people who get to take delivery ever defaults on their financing they won't have it for long. With over 40k reservations thats a lot of spotters to help the repo agents find it.

 

[NSTG8R]

A friend's son missed a couple of payments on his used Toyota. The dealer had installed some kind of 'kill switch' that could only be reset by the dealer [I'm assuming]. I hadn't heard of such tech being installed in vehicles other than OnStar, especially used ones. Don't think it'd be too hard to install something like that in the Elios to ruin the people that don't like to pay their bills free joy-ride.

 

[Gas-Powered Awesome]

Don't get me wrong I hope it work for ELIO but I see scams being planned already

Again, neither Paul Elio nor the credit card companies are naive. Give them a little credit. (pun intended. )

 

[Rickb]

A friend's son missed a couple of payments on his used Toyota. The dealer had installed some kind of 'kill switch' that could only be reset by the dealer [I'm assuming]. I hadn't heard of such tech being installed in vehicles other than OnStar, especially used ones. Don't think it'd be too hard to install something like that in the Elios to ruin the people that don't like to pay their bills free joy-ride.

EM could secretly install a google self-drive option on financed Elio's, miss a payment and the Elio drives itself to the closest Elio Store.

 

[goofyone]

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.

 

[JNR]

Your statement, "sounds Like A High Interest Scam " is irresponsible, since no RATES (normal credit card or auto loan rates have been stated). Why don't you WAIT until the information is released, BEFORE you make accusations?

ahhh, those were the days... When RogWild was the voice of reason.

(this post I replied to was almost a year ago)