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What Happens To Vehicle Deposits?

Coss

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If your reservation was an All In reservation, you sign the commitment and you get it for $7,000
If your reservation was a Want In reservation, you sign the commitment and you get it for $7,300

Any bonuses you received when you placed your deposit stay in place; for some 50% +additional bonuses from early deposits, 50% for those after a certain date, then again 25% for those that put a deposit in after July 2016
 

Rachelalana

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Unless I'm mistaken, something ULTRA important is being overlooked in this entire thread. I've been an "all in" for years, but I always knew 2 things: 1) I wasn't a "depositor", and 2) I could ALWAYS back out when the time came because of any reason, say hypothetically I test drove a production version and didn't like it. The email this morning appears to be something VERY different, an actual Purchase and Sale Agreement which has a whole new meaning. Once I agree and sign I've essentially transacted to buy a vehicle I've never test driven, and as long as they present any vehicle to me, whether I like it or not, I'm legally obligated to complete the sale, or risk being sued for breach of contract. If I don't care for say the roughness of the ride, the fit and finish, the rear visibility, the road noise, it doesn't matter. If they want to exercise their rights, I'm stuck. I personally will NOT enter into a binding contract on a product that not only I've never seen but that technically and actually doesn't even exist yet. The final product still is evolving. " All In" is one thing, Sales Contract is something FAR different.
 

Coss

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Unless I'm mistaken, something ULTRA important is being overlooked in this entire thread. I've been an "all in" for years, but I always knew 2 things: 1) I wasn't a "depositor", and 2) I could ALWAYS back out when the time came because of any reason, say hypothetically I test drove a production version and didn't like it. The email this morning appears to be something VERY different, an actual Purchase and Sale Agreement which has a whole new meaning. Once I agree and sign I've essentially transacted to buy a vehicle I've never test driven, and as long as they present any vehicle to me, whether I like it or not, I'm legally obligated to complete the sale, or risk being sued for breach of contract. If I don't care for say the roughness of the ride, the fit and finish, the rear visibility, the road noise, it doesn't matter. If they want to exercise their rights, I'm stuck. I personally will NOT enter into a binding contract on a product that not only I've never seen but that technically and actually doesn't even exist yet. The final product still is evolving. " All In" is one thing, Sales Contract is something FAR different.
If you are All In, that is a NON-refundable deposit
If you were Want In, that IS a refundable deposit

If you are All In, if you back out you lose the money you put down.
That is in the contract you signed when you went All In.
 

Gas-Powered Awesome

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Unless I'm mistaken, something ULTRA important is being overlooked in this entire thread. [...]
The email this morning appears to be something VERY different, an actual Purchase and Sale Agreement which has a whole new meaning.
Welcome to the forum, Rachel.

Nothing is being overlooked. The purchase commitment is 100% optional for current reservation holders.

Not making the commitment doesn't change your place in line or your "All-In" reservation.
 

Rachelalana

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Thank you for your reply. I was aware of exactly what you're pointing out. What I'm clarifying is that IF you sign, be aware what you're committing yourself to, a legally binding contract. I so want them to succeed, I've been "all in" for years, but when the rubber meets the road (pun intended), I won't sign a blind legal document, I'll just remain an "all in" as I've been.
 

Gas-Powered Awesome

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I understand what you're saying. Given the number of people who don't read contracts before agreeing to them (demonstrated in this topic just this morning), I can agree it's a good idea to point that out.

To me the only difference between the "All-In" and purchase commitment is the amount of money at risk. I think one could even say the purchase commitment is "refundable". If Elio goes bust, we get "refunded" the other $6000+ we committed. Whereas we would likely lose 100% of the All-In amount.

I have not decided to make the bigger commitment yet, but I'm leaning toward "yes." My reservation is low enough that if I get it and don't like it, I'll have time to resell it at break-even or maybe even a profit.
But if I like it, ain't nobody getting their paws on it! :D
 

Maurtis

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I think the timing for the OP is what confused her. If she put in a $100 "All-in" deposit yesterday and then a few hours later got the email about locking in at a higher price, she may have misunderstood that email and thought it was sent to her alone.

Like typical scam fashion, you give a little money, they ask for more, then more, then more... So this may have just been a misunderstanding on her part. Her reaction was pretty severe, though.
 
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