Where Is Reservation Money Held?

[Peter Chastain]

This is actually a three-part question:

1. If I make a refundable reservation, is the money stored in an escrow account (so that it is available if I ask for a refund), or is it used for operating expenses? That is, if Elio goes bust, will people get their refundable deposits back?

2. If I make a non-refundable ("all in") reservation and the company is unable to deliver a vehicle to me, will my money be returned?

3. Is Elio Motors financial information publicly available?

 

[Gas-Powered Awesome]

Hi Peter and welcome to the Elio Owners forum!

1. Answered by Elio at the link below in my signature. Many other questions you probably have are answered there too. search for "escrow".
2. Non-refundable means non-refundable. So no.
3. They are not a public company. They have not made their financials public that I know of.

 

[JEBar]

This is actually a three-part question:

1. If I make a refundable reservation, is the money stored in an escrow account (so that it is available if I ask for a refund), or is it used for operating expenses? That is, if Elio goes bust, will people get their refundable deposits back?

2. If I make a non-refundable ("all in") reservation and the company is unable to deliver a vehicle to me, will my money be returned?

3. Is Elio Motors financial information publicly available?

1. Want In (refundable) deposits are held in a separate account so that they are available for refunding

2. All In (non refundable) deposits may or may not (most likely not) be available if the company goes under

3. not to my knowledge

for folks who want to show support but are concerned about losing their deposits, Want In makes a great deal of sense .... that deposit can be upgraded as time goes by

 

[NSTG8R]

Yep, what JEBar said. And welcome to the forum, Peter!

 

[Jim H]

This is actually a three-part question:

1. If I make a refundable reservation, is the money stored in an escrow account (so that it is available if I ask for a refund), or is it used for operating expenses? That is, if Elio goes bust, will people get their refundable deposits back?

2. If I make a non-refundable ("all in") reservation and the company is unable to deliver a vehicle to me, will my money be returned?

3. Is Elio Motors financial information publicly available?

Peter, welcome to the forum and those are great questions many of us asked as well. I see our helpful friendly members have beaten me to the punch on answering them. We are usually a helpful friendly bunch (most of us) and will try to answer any question you may have. The forum has tons of information and provides hours of entertainment. Enjoy the experience and the journey with us.

 

[Jeff Porter]

Welcome to the forum Peter!

 

[Ty]

This is actually a three-part question:

1. If I make a refundable reservation, is the money stored in an escrow account (so that it is available if I ask for a refund), or is it used for operating expenses? That is, if Elio goes bust, will people get their refundable deposits back?

2. If I make a non-refundable ("all in") reservation and the company is unable to deliver a vehicle to me, will my money be returned?

3. Is Elio Motors financial information publicly available?

I saw a bunch of answers for #1. The answer is that it IS stored in an escrow account and Elio is NOT allowed access to those funds. No matter what happens to Elio, people with money in the "I Want In" category of refundable deposits will get their money back.

 

[msmith5150]

I'm holding the money in my personal bank account. I PROMISE not to spend it all.

 

[WilliamH]

This is actually a three-part question:

1. If I make a refundable reservation, is the money stored in an escrow account (so that it is available if I ask for a refund), or is it used for operating expenses? That is, if Elio goes bust, will people get their refundable deposits back?

2. If I make a non-refundable ("all in") reservation and the company is unable to deliver a vehicle to me, will my money be returned?

3. Is Elio Motors financial information publicly available?

Had a little time today so I looked this up. ( https://support.eliomotors.com/hc/en-us )

1. From the "REFUNDABLE RESERVATION AGREEMENT"
............."11. Acknowledgments
YOU UNDERSTAND THAT ELIO MOTORS, INC., MAY NOT HAVE COMPLETED THE DEVELOPMENT OF THE VEHICLE OR BEGUN MANUFACTURING THE VEHICLE AT THE TIME OF YOUR RESERVATION. WE WILL HOLD YOUR RESERVATION PAYMENT SEPARATELY IN AN ESCROW OR TRUST FUND BUT WILL NOT PAY ANY INTEREST ON RESERVATION PAYMENTS, EXCEPT TO THE EXTENT REQUIRED BY LAW."...............

2. What is unclear about "non-refundable"?
Full agreement can be found at -----> https://support.eliomotors.com/hc/en-us <------.

3. It's a privately held company.
You don't have a right to that information......... unless you want to make your tax records available to the public

Hope this information is helpful.
Note: The all caps is copied directly from the agreement. I'm not yelling.

 

[Ekh]

Hi Peter and welcome to the Elio Owners forum!

1. Answered by Elio at the link below in my signature. Many other questions you probably have are answered there too. search for "escrow".
2. Non-refundable means non-refundable. So no.
3. They are not a public company. They have not made their financials public that I know of.

Financials will be available if / when they move the startengine campaign from "test" to "real." Legal requirement for investors to have full access to company financials.