End of Lease Experience

[borski]

@borski whatsup , I believe I read that you have a dream edition lucid, if so, do u know if they were doing leases for them? I really want a gold dream edition and was wondering if current owners were able to lease them and possibly I’m thinking that some are coming back to lease return

Nope. Financing or cash only.

 

[PureAir]

Will they allow extension of 18 month lease to say 24 or 36 months if someone wants to extend their lease?

 

[joec]

Will they allow extension of 18 month lease to say 24 or 36 months if someone wants to extend their lease?

No one knows at this point. I imagine sometime this summer we'll be seeing the first GT leases expire. Or perhaps some of the earliest 18-month leases will come first?

We may get more answers then.

 

[marsarbu]

It would be interesting to see if they are considering a used lease option. I might lease mine again at the end of the 18 months, if I have that option. I saw a couple manufacturers starting doing this, giving how crazy expensive new cars are for most people.

 

[joec]

It would be interesting to see if they are considering a used lease option. I might lease mine again at the end of the 18 months, if I have that option. I saw a couple manufacturers starting doing this, giving how crazy expensive new cars are for most people.

If there's a benefit to Lucid to doing this, I imagine they would. I'm not an expert at crunching such numbers. But Lucid is about to have a much larger market of "preowned" Airs out there regardless in a matter of months. I can't imagine they aren't planning to do something lucrative with that.

 

[coma24]

It will likely come down to a numbers game. Yes, they (the note holder) gets less $/car by selling them at auction, but the time spent selling each vehicle and number of interactions with the buyer is also much less, presumably. Whoever the note holder is would need to spin up a retail sales capability, or have Lucid sell it on their behalf (in much the same way as they currently sell the demo models). Unless there's significantly more $ to be made, per vehicle (all things considered), I suspect they'll just get rid of them at auction instead.

 

[kort6776]

It will likely come down to a numbers game. Yes, they (the note holder) gets less $/car by selling them at auction, but the time spent selling each vehicle and number of interactions with the buyer is also much less, presumably. Whoever the note holder is would need to spin up a retail sales capability, or have Lucid sell it on their behalf (in much the same way as they currently sell the demo models). Unless there's significantly more $ to be made, per vehicle (all things considered), I suspect they'll just get rid of them at auction instead.

FWIW: the "noteholder" of lucid leases is Bank of America, not Lucid.

 

[Daniel2022AT]

With traditional vehicle brands that operate through a dealer retail channel there is some flexibility engineered in regarding the wholesale price for a dealer to purchase a vehicle off lease to remarket it and the market clearing retail price. Captive finance companies can also offer incentives if there is a mismatch of valuations and the brand wants to manage and smooth market pricing. Lucid does not have either of those or any historical experience so any incentives will be trial and error. There is it appears a huge mismatch between residuals and market pricing so it will be a mess.

 

[coma24]

FWIW: the "noteholder" of lucid leases is Bank of America, not Lucid.

Yes, that's why I said 'noteholder' rather than "Lucid", and also why I said, "...have Lucid sell it on their behalf..."

 

[Daniel2022AT]

Yes. Agreed.

 

[LALucid]

Yes, that's why I said 'noteholder' rather than "Lucid", and also why I said, "...have Lucid sell it on their behalf..."

Noticed that lucid has personal lease returns under the pre owned tab on their website.

 

[manitou202]

I'll be oficially turning in my lease next month. Lucid didn't budge on letting me buy my Air Touring for less than the lease residual (about $92k). They offered to extend my current lease for 5 months at the current lease rate (roughly $1300 a month), but I could lease a new Touring for much less. I also asked about Gravity order priority, and they said I would only be given priority if I remained a Lucid Air owner during the ordering process. Seeing as I want to wait for the Gravity Touring which will likely be 12 months away, I really don't have a lot of options. So I'll be turing in the Air, driving my weekend car as needed over the summer, and likely lease something else in the fall as I doubt the Gravity Touring will be available then.

I may simply try to live without a daily driver until the Gravity Touring is available, but it could be tough. I have two other cars (beside my weekend summer car) that are daily drivers for my son and my wife. I work remotely so it is possible to swing it. Really bummed the Gravity launch hasn't been faster.

 

[HC_79]

I'll be oficially turning in my lease next month. Lucid didn't budge on letting me buy my Air Touring for less than the lease residual (about $92k). They offered to extend my current lease for 5 months at the current lease rate (roughly $1300 a month), but I could lease a new Touring for much less. I also asked about Gravity order priority, and they said I would only be given priority if I remained a Lucid Air owner during the ordering process. Seeing as I want to wait for the Gravity Touring which will likely be 12 months away, I really don't have a lot of options. So I'll be turing in the Air, driving my weekend car as needed over the summer, and likely lease something else in the fall as I doubt the Gravity Touring will be available then.

I may simply try to live without a daily driver until the Gravity Touring is available, but it could be tough. I have two other cars (beside my weekend summer car) that are daily drivers for my son and my wife. I work remotely so it is possible to swing it. Really bummed the Gravity launch hasn't been faster.

They still offering 18 month leases? Could be the perfect timing to jump into a cheaper Air lease and then switch to Gravity. Given the delays with Gravity production I don’t see Lucid delivering the Touring until Q1 or even Q2 next year which would tie in nicely to an 18 month lease. Who knows, they may pull a rabbit out of a hat and have a quicker Touring ramp up but based on Lucid’s production history I don’t see it.

 

[manitou202]

They still offering 18 month leases? Could be the perfect timing to jump into a cheaper Air lease and then switch to Gravity. Given the delays with Gravity production I don’t see Lucid delivering the Touring until Q1 or even Q2 next year which would tie in nicely to an 18 month lease. Who knows, they may pull a rabbit out of a hat and have a quicker Touring ramp up but based on Lucid’s production history I don’t see it.

They are offering 18 month leases, but they are about $300 more per month that a 36 month lease. I may consider that as an option.

 

[RMSko]

They are offering 18 month leases, but they are about $300 more per month that a 36 month lease. I may consider that as an option.

The 18 month is much cheaper than that. I just leased last month (in February) for 18 months and the 18 month price was only $138/month more than the 36 month lease so for me that was a no-brainer. The other advantage of the lease is I was able to get the $7,500 tax credit. My total financing cost over the full 18 months of the lease is about $4k and so I end up with a net profit of $3,500 by leasing and that excludes my earnings on the $100k that I won’t have to outlay. Plus, I’ll now being able to get the 2027 iteration of the Air when the lease is up.

As long as the tax credit is available, the 18 month lease option is just free money (if I bought I would not get that tax credit).

 

[FooFighter]

The 18 month is much cheaper than that. I just leased last month (in February) for 18 months and the 18 month price was only $138/month more than the 36 month lease so for me that was a no-brainer. The other advantage of the lease is I was able to get the $7,500 tax credit. My total financing cost over the full 18 months of the lease is about $4k and so I end up with a net profit of $3,500 by leasing and that excludes my earnings on the $100k that I won’t have to outlay. Plus, I’ll now being able to get the 2027 iteration of the Air when the lease is up.

As long as the tax credit is available, the 18 month lease option is just free money (if I bought I would not get that tax credit).

I just leased a Touring last week. I wanted the February incentive but my situation did not allow me to pull the trigger until last week.

The March incentives look the same but now the monthly payment of the 18-month lease is higher than the 36-month lease comparing to February. My Lucid sales rep told me the interest rates are different.

 

[RMSko]

Strange because if anything rates have come down since then

 

[L-Dude]

I would think there would be a disincentive to keep lessees in their current Lucid. Many (most?) Lucid owners coming off lease would buy/lease new Lucid models. The cars coming off lease could be sold at discounted prices to non-Lucid" customers, thereby increasing their market share while not cannibalizing their new car sales.

 

[justjim95]

My lease is up on on May 4th. I have called customer service 3 times to inquire about getting the inspection done and told someone will call me back within 24-48 hours from the appropriate department. I have yet to receive that call. I'm not panicking yet since I have about 5 weeks but guess I'll keep trying.

 

[marsarbu]

My lease is up on on May 4th. I have called customer service 3 times to inquire about getting the inspection done and told someone will call me back within 24-48 hours from the appropriate department. I have yet to receive that call. I'm not panicking yet since I have about 5 weeks but guess I'll keep trying.

I guess you'll be the guinee pig for the lease return, keep us in the loop please.