In escrow, really?

[APTERA 2356]

Don't feel silly, we are all into somthing new here which requires a little faith.

Most of us have never bought a vehicle where we were not able to test drive it or at least go to the "dealer" and see the product and that is a bit un-settling.

We are going to be the vanguard of this new technology.

(plus if the charge is on a major credit card there should be some protection built in)

[JimmyDreams]

Originally Posted by Vaaaase

OK, well, now I just feel silly! Between this and forgetting the zero... sheesh. :$

You SHOULD feel silly! now, it's GO TO THE END OF THE LINE for you!!! (whoopee! we all move up a notch!!)



(the preceeding was complete sarcasm, people. Laugh once in a while...it makes people wonder what you're thinking!!!)

JimmyD

[impi]

I'm still hoping for a more detailed reply to the original post. Absolutely, I agree that the way everything is treated, the escrow is no scam and the $500 is refundable. But being a recent graduate, I need an escape clause if things start going badly on my end. How is the escrow done or through what companies etc? I'm a bit clueless in these regards and really want something detailed and concrete that I can present to the advisory voices outside my head that confirm I'm not insane or doing anything foolish. Thanks for the help. New on forums and figuring this out, I tried the search option first for info.

[speednut]

(Just because I'm paranoid doesn't mean they're not out to get me...)

After watching closely the rise and fall of Corbin Motors, I was extra cautious about the $500 deposit. The relatively small amount made me feel a bit more comfortable as I normally would have expected >$1000 deposit (like what was required for my Mini Cooper order).

Nonetheless, I did some due diligence because I could put $500 to better use if I was going to get scammed. First thing I did was contact Aptera and expressed my concerns.

Emily Mizutani in Aptera's Customer Relations was very helpful and forwarded to me this PDF file which describes the escrow account. I then looked up the phone number for the Pasadena Wells Fargo and asked for Ted Wu. He was not available, but a customer service rep was able to verify this letter's authenticity and confirm that Aptera does indeed have a proper escrow account as they have described. I made my reservation after the phone call. (April 24th)

So in a nutshell, if this is a scam, Wells Fargo Bank is in on it too.
Hope this helps!

Mods: if the referenced PDF file is useful, could you copy it to somewhere on this site in case it disappears from the linked location.

Edit: Uploaded the PDF to the ApteraForum

[Vaaaase]

Cool, thanks... This is the sort of answer I was hoping for when I asked originally.

[Apt3448]

He, thanks Speednut. I wasn't worried, but it is nice to have some extra reassurance. Or are you in on it, too? How much did they offer you??

[speednut]

Originally Posted by Apt3448

... Or are you in on it, too? How much did they offer you??

You'll see when they release the updated reservations numbers, I should be in the top 10 now. (a big j/k!!! I could only wish!)

[Matthijs]

I found some old info in this thread: Forumlink

Pre-orders: The best way for us to gage interest in the Aptera, and the ratio of all electric vs a range-extended electric was to allow customers to reserve their production slot and choose the configuration that best suited them. We're not raising money with pre-orders as some of our contemporaries have done, we're using the $500 deposit as a legitimate means of reserving your Aptera, but also as a vetting process to prevent an over-enthusiastic supporter from clicking the 'electric' or 'hybrid' button 1000 times and skewing the data. Having genuine pre-orders helps us better plan and gives us clearer focus with investors. The deposits are fully refundable at ANY time. They're held in escrow by 'authorize.net' ...we can't even touch them.

[Dolphyn]

For what it's worth, in 2006 I placed a $500 deposit on a Tango T100. My check was made out to Adept Escrow and I received a confirmation notice from them. I have very little faith that this vehicle will ever be manufactured, but I can contact the escrow company for a refund any time, so I have no doubt that I will get my money back if there is a failure of Commuter Cars Corporation.

With Aptera, I have more faith that the car will be produced ... but less faith that I would get my money back in the event of failure (although Speednut's information above is very reassuring).

It's strange that Steve once said funds are held in escrow by authorize.net, since they are a credit card processing company and not an escrow company. The word "escrow" does not even appear on their website.

[Aptera#1434]

I live in the SF Bay Area and saw one of these cars on Highway 101 two weeks ago. It was in the fast lane going 75+ mph.