The Future of Fisker Ownership Explained

[@rmorales1029]

Hey, Rivian offered me $2500 trade in value about 6 weeks ago for my Fisker. Since Fisker took 8 months to get my title this means I couldn’t even trade my car in to anyone until early this summer. By then as we all know our Fisker’s values plummeted. At this point, $50/month is a great option to keep what I think is still one of the best EV’s out there running into the future. Bottom line we Fisker owners who do not have the luxury of trading in their vehicles at a “decent” price are breathing a sigh of relief that we can enjoy the cars for a few years (as far as anyone’s knows as of today). Thank you FOA and Adam for all you are doing.

[@Aslash304]

100% agree, this is great news for those who are stuck

[@BotevVratza1983]

“One of the best EV out there” lmao .. bro is really out there

[@rmorales1029]

@@BotevVratza1983 ok boy genius don’t criticize, offer your opinion.

[@ugaladigala]

you shouldve taken that $2500 offer

[@rmorales1029]

Why and please explain your thinking.

[@mschruntek]

Thanks for this explanation. I haven’t been able to follow the FOA emails since there seems to be a lot of info coming out that’s not necessarily easily organized. $50/mo is $50 more /mo than I’d like to pay BUT thanks to your video I now see the value and am considering it. Well done.

[@Aslash304]

I appreciate this feedback! I’m glad you found some value

[@DaveDarin]

I liked your comparison of the FOA dues to Onstar. I will add one additional. Many communities, including ours, have home owners associations. I'm not a fan of HOAs and our next home will not have an HOA but we pay the exact amount $150 quarterly. Also equating keeping the Ocean alive to keeping our TV viewing alive. We have Hulu, Netflix, Amazon Prime and my wife has a Japanese streaming service. Add them all together and it's $50/month to keep our TV viewing alive. So, $50 to keep the Ocean alive seems reasonable to me.

[@Aslash304]

It could definitely be worse.

[@joceppi85]

Always look forward to your videos for any type of information! Great information - clear, concise and to the point. It is what is. Thank you very much for all your work in providing all the Fisker and EV information - much appreciated!

[@Aslash304]

Thanks a lot for the feedback!

[@harry3471]

The Fisker Ocean is a Greek tragedy. Thanks Adam, your channel helped me dodge that bullet. You obviously liked the Ocean but you didn’t become a fan boy & feed the hype. That helped me to not click the order now button and wait & see. Really wish Fisker could have turned it around. Great looking car w/ potentially great features

[@Aslash304]

I’m glad you dodged the bullet. Thanks so much for watching!

[@louishendriks8054]

A bit negative view as usual. But it’s great news. There are give or take 12.000 Fisker Oceans that now have a support system, at a merely 50$ a month. When did you last fill gas for your ice car 😂😂😂. The FOA is likely to become an Ocean enthousiast club. It’s a unique design that will retain its charm. Values will bottom out, and go up again. Due to enthousiasts. Oceans will go on for decades. Thanks for summarizing the great progress made by the FOA👏👏

[@Aslash304]

Thanks for watching

[@wizzyno1566]

When does optimism become insanity? 🤔

[@JamesMensah]

Not everyone wants a collectors car, some people just want peace of mind. Plus as more cars are totalled, bricked etc monthly fee will go up

[@Turbomgzt]

"A bit negative"! You obviously can't see the bigger picture and issues the FOA face! What if people cannot afford these payments. What about people trying to sell the car and having to explain to perspective buyer that they will have to pay a fee for support to keep the car on the road? Good luck to the FOA trying to collect the funds they need to exist now. Another railroad crash in the making.

[@rotart12arx3]

I filled up last week and gas was $2.69 a gallon. Depreciation of a vehicle from a company that is dead is way more than gas spent on a ICE vehicle. Values will not be coming back, they will not be around for decades. If they are in accidents, they will be totaled out. Parts will go away, you can pay your dues but no parts are no parts. You are doomed.

[@mahdielectrified]

Thanks for all the info, loving this saga. The gift that keeps on giving...

[@Aslash304]

Indeed

[@TervTrainRus]

Thanks for your help throughout this whole process.

[@Aslash304]

Thanks for watching!

[@johnleclaire2795]

I keep hearing owners mention a benefit of maintaining cloud connectivity is so we can ‘keep getting updates to our cars’. Who exactly would be writing these software updates in the future? Also, interestingly, AL is paying $12.90 per car per month for the cloud. I got out of my FOO a few weeks ago for $20k. Sad, but I still believe it’s for the best. Appreciate your informative videos.

[@Aslash304]

@@johnleclaire2795 without the cloud, there’s no FAST tool to scan and diagnose vehicles. They all become timebombs. AL is paying nothing per car. They earned a free license when they agreed to buy the Oceans.

[@johnleclaire2795]

Similarly, I hear ‘we own the company now’. How is that? I just read the AL licensing terms - THEY got control - for operational, maintenance & BILLING of cloud services to the cars. It looks like, as of 1/1/25, owners will be at the mercy of AL in terms of whatever they want to charge for keeping you connected. And, again, I thought AL was a fleet OPERATING company, not a vehicle developer (re: updates).

[@Aslash304]

@@johnleclaire2795 This was the only way the cloud would continue for Ocean Owners. The cloud’s website can’t be changed, but it can be split. So, because American lease has a license to operate the IP from the fleet sale, they had to be responsible for managing the cloud for Owners. They are going to pay the trusts for the license, and bill owners through the FOA for the cloud.

[@effingsix3825]

Thanks for the discussion on Fisker ownership, Adam! I suppose anyone with an EV is going to be looking at the same kind of up front membership, including the insurance, the tires, the auto detailing, etc. Chap. 11 bankruptcy may wind up the company as we know it, as in Chap. 07, or there will be a change of ownership. The shares are extinguished, and new shares issued. That would depend on capital. We’re still months away from an auction event, everybody has to be signed on to “the plan” before any form of foreclosure or change of ownership can be effected.

[@Aslash304]

Agree. The plan has to be approved.

[@cristianfleming8313]

@@Aslash304 if we’re talking about the settlement plan that was approved by the judge Friday and will enter enforcement today.

[@effingsix3825]

⁠@@cristianfleming8313 Yes, what the meaning of all that is - a legal context is now approved, where everyone agrees to the facts.

[@Aslash304]

@@cristianfleming8313 I appreciate the information. I am aware.

[@davidmerwin7763]

Thanks Adam. Well done as always. I know I took a chance when I bought FOU. Now paying $50 a month is not great, it at least gives me some peace of mind around my FOU. I appreciate your work keeping us up to date.

[@Aslash304]

@@davidmerwin7763 I hope this can help owners settle in to what the future looks like

[@JoeSchoonover-qz5lt]

I enjoy your videos, they are edited well and you speak clearly. The FAST runs a VIN check prior to connecting to the car. If the cloud does not recognize the VIN the tool will not connect. I think it would be possible to disable a VIN from the system so a non-paying member would not have access to FAST. Even if a service provider were willing to provide service.

[@Aslash304]

I don’t know enough to confirm this, but these are the kind of things that can be done

[@davedempster7658]

Thanks for the breakdown as always Adam. Expertly put together and announced. I appreciate all that the FOA are trying to do, but seriously, they are biting off way more than they can chew with what they are proposing. $50 a month from members, to try and run a car, that could at any point down the road (no pun intended), become a brick? Or worse, become a death trap? Software takes years to develop and test. So they go and make changes, push the update OTA and causes cars to do unthinkable things. Because they don't have the time or money to soak test correctly. This whole idea of the FOA taking money for keeping the Oceans on the road is a minefield of problems waiting to happen sadly. It sounds very scary. But what choice to the owners have 😞

[@Aslash304]

All these are legitimate concerns. There are going to be more questions than answers for a while.

[@giancarlobrugnolo7460]

Oh how I wish I could have sold my Ocean a long time ago, but I just couldn't take the financial hit then and I certainly can't take the hit now. Thankfully I have minimal problems with my Ocean, so my plan is to pay the $150. It really hurts financially to have to pay this, but the alternative is worse, and I am not taking any chances. With that being said, if there is any chance that Chase buys the car back, or reduces the overall cost owed that allows me to sell it, I AM OUT!!! There is no way I would hold on to the car for any longer period of time than I have.

[@Aslash304]

I’m 100% with you

[@gerhardk98]

I don’t understand why Chase could be held responsible for poor decisions made by the borrowers/Fisker buyers.

[@Aslash304]

Because there’s a law. Same reason 18 year olds can vote, but not drink at a bar. Google “holder in due course.”

[@reviewaccount8377]

That’s because you don’t understand the law and no one holds that against you.

[@gerhardk98]

@@reviewaccount8377 Please help me understand. It kind of seems to me if I chose to purchase shares in Fisker can I shift responsibility to the broker even though I made the decision without their recommendation.

[@schaeferbd10]

Same reason banks are held responsible for predatory loan practices all over the economy. Chase knew of Fiskers issues before selling the loans and making profit off then, but they sold them anyway. Like selling a mortgage for a house you know isn't worth the loan value.

[@wizzyno1566]

​@@Aslash304that's a good analogy. I will steal that and use it in other situations.

[@EM.1.]

Will Nissan circle back and attempt to buy the IP from HTS? They wanted to build an Alaska variant. The PEAR will do well too.

[@Aslash304]

I can’t think of any reason to do this. But, anything is possible

[@EM.1.]

@@Aslash304 - They did approach them before but most likely the two goof balls wanted more money.

[@AngelicaPerez-Johnston]

Thanks Adam. Appreciate all info.

[@Aslash304]

Happy to do it!

[@spikebbc]

I'm seeing new Fisker's going for the mid $20K. I think it's a great bargain and if there is not a support network for only $50/month, I think that is seriously worth considering. Where can I get more details on FOA and anything else I need to know before I buy one these cars.

[@Aslash304]

Contact the Fisker Owner’s Association. Fiskeroa.com

[@Ryctor07]

You can email the FOA on their website. Just Google Fisker Owner's Association. I'm also considering buying one if they get down to where I think the price is worth the risk, but to paraphrase what Adam has told me many times, make sure it's a risk you can afford to be wrong about.

[@typxxilps]

hard coded USA for obvious reason cause in EU the privacy regulations would be king, no chance of selling any data. 50 $ x 12 = 600 $ x 4000 = 2.400.000 to run a FOA ? Will become interesting to read their report in1 year whom they had hired or gave orders and contracts. I am happy to have gotten rid of VW s cloud and it took me 4 weeks of developing the code. But now they never get the 250€ for 2 years.

[@Aslash304]

Thanks for the insights. The cloud will be $2.5 million US for 5 years. This is a fixed cost. The rest is for the other things it will take money for to run a car company.

[@antonk1893]

Hah I bought my FISTER from a Honda dealership in NC 😂. Now that it's bricked itself I think it's time for it to go . I'm thinking about parting it out to get my money back 😂

[@Aslash304]

Start with the windshield

[@KellyORourke-qs3lp]

Thank you. Appreciate your videos.

[@Aslash304]

Thanks for watching! I’m glad you found some value

[@MrMentalpuppy]

Wow, pretty cool!

[@Aslash304]

Thanks for the feedback!

[@mzmz9355]

Thanks Adam for the info as always. Do you have some info regarding EU users? Do you know how to join the 50bucks/month club in case my fisker is coming to me in November?

[@Aslash304]

Fiskeroa.com

[@BryanA3115]

So I still have 4k shares. Is there any reason to still hold these? I'm terms of a dot of hope for any type of legal action or is it totally over and it doesn't matter if I'm holding shares or not, nothing will come of it?

[@Aslash304]

Did you opt out?

[@BryanA3115]

@@Aslash304 I did not. I guess I assumed opting out would mean I would be on my own to figure things out legally.

[@BryanA3115]

@@Aslash304 I'm assuming I'm out of luck then?

[@Aslash304]

@@BryanA3115 as of now, based on what has been published, yes.

[@Derpy1969]

Fisker owners may have their maps and data for a year or so, but this cannot and will not likely last. Unless the software goes open source, they’re all doomed to being garage trophies. Best of luck to owners. They have to become advocates and experts in everything.

[@Aslash304]

Yes they do.

[@cristianfleming8313]

FOA and AL have full code access and will likely embark on a joint project to reengineer the UI, with owner input.

[@michelhorvers]

@@cristianfleming8313 They don't have full code access. Probably only on what Fisker has build.

[@wizzyno1566]

​@@cristianfleming8313there speaks a person who knows nothing about embedded software.

[@BryanA3115]

Hey Adam, so now that the ticker has been delisted and I can't sell my shares, do you those show up as losses when I file taxes?

[@Aslash304]

@@BryanA3115 you would want to contact your broker, they should be able to remove them. At that point, they can obviously be reported as a loss.

[@lvguntv3331]

So American lease would have to pay $50 per car they own

[@Aslash304]

@@lvguntv3331 no, American lease through the purchase of the oceans in their agreement acquired a license to the cloud at that time. The $50 a month is going to be paid by the individual owners of ocean vehicles. This allows the cloud to continue to exist, American lease to have its license that they were promised, and ocean owners to continue to have access to the cloud as well.

[@bernssss0820]

wtf... roaming charges must be crazy high 😂😂😂😂

[@Aslash304]

It’s definitely not the most affordable option.

[@bernssss0820]

@@Aslash304 the incompetence and disarray is apparent in every single minor decision that was made it seems.

[@chealay7251]

I think the money saved from gas should be more than enough to cover $50 per month.

[@Aslash304]

It is good that it doesn’t use Gas

[@kevinbarry71]

I wonder what total disaster Heinrich Fisker will put his hands on next

[@Aslash304]

Let’s hope nothing

[@jeffdowdell]

❤

[@Aslash304]

Thanks for watching

[@TheFunVeggie]

FOA has decided that owners should not be allowed to have access to diagnostic software in order to work on their own vehicles stating its for our own "protection". This is major issue in my opinion and leaves owners in a situation where they have to travel long distances and pay high labor costs anytime their car needs service. Self serviceability is imperative to the future of these cars. Hopefully they change their mind on this.

[@cristianfleming8313]

FOA doesn’t own the diagnostic tool to offer it in that fashion. There is a company named DSA who developed the tool with Fisker and owns the right to license it. They have requirements that govern who can use it. If owners want to get certifications and insurance in line with what they require then they can perhaps purchase the tool and the license, which are not cheap.

[@TheFunVeggie]

@@cristianfleming8313 I'm talking about the Chevalier key fob tool. Chevalier states that you can only purchase through the FOA and a member in the FOA says we can not have it for our own protection as we would not be able to use it and brick our cars. Even if I understand the risk I am not allowed to have it. Self serviceability is the best future these cars can have.

[@TheFunVeggie]

@@cristianfleming8313 not sure if my last reply posted but I was talking about the Chevalier Key Fob software. It can only be purchased through foa who stated for our own protection we can't buy it. Even if I understand the risk of bricking my car I'm not allowed to purchase it. Also, what does DSA stand for? I will definitely be interested in getting those certifications to purchase the tool once the opportunity comes. Thanks!

[@Aslash304]

There are people outside of the FOA that will allow you to get the fob tool and program your own fob. You have to send it back when you’re done. I could be wrong, but that’s my current understanding.

[@cristianfleming8313]

@@TheFunVeggie the Chevalier tool isn’t diagnostic software. It just programs fobs but it’s also reportedly (by Chad and others) very unstable and people will run into problems using it. This leads to some liability concerns. I do think there is a carve-out for particularly technically adept owners, so if that’s you then I would push the issue. Separately,I have no idea what DSA stands for. That’s just how we’ve always known them.

[@ScrappyDoodad]

Most people who hate EVs are are not aware of the fact that the internal combustion engine's design is full of inherent design flaws that simply cannot be re-engineered out They are not aware that the ICE design is at the end of it's end of it's t stage and that it didn't have much room for continued development from its beginning Most people are not aware that when you look under the hood the majority of the things that you see and the majority of the claimed advances over the decades were actually 'Fixes', 'Patches', 'Bypasses', etc for those many inherent design flaws of the internal combustion engine, The electric motor's design on the other hand has open skies for developmental advancements, the same is true for electrical energy storage Do not let the Petroleum Industry and it's ally the GOP lawmakers pit us against each other in tribal conflicts in an effort to to kill the threat to 'Their' trillions of dollars in profits EVs and Renewable Energy are much better for people in many ways, don't support their greedy efforts

[@Aslash304]

This feels a lot like a copy paste. It has nothing to do with the concept of this video. 1st warning