LUCID Gravity Lease vs Finance

[jace]

So it seems PenFed 4.79% APR on 36 month loan is one of the best for purchase options (outside of paying cash).

I'm leaning towards leasing on 18 month lease and taking delivery at my home in Michigan. Leasing in the City of Chicago is not a viable option due to extreme tax.

 

[pjdcorp]

I just went through membership there to check, cost me $5.

NFCU Rate is 5.29%

I think it's in the low 4s on a 36 month term.

 

[yadaBaga]

Now back to topic …

Anyone seeing better rates than the Penfwd rates I got above ?

I used Consumer Credit Union. Was slightly better rate than Penfed and way less paperwork required. 4.49% for financing full amount of car after trade-in. 5 year loan term. This data point from late July.

 

[Ron_Burgundy]

I used Consumer Credit Union. Was slightly better rate than Penfed and way less paperwork required. 4.49% for financing full amount of car after trade-in. 5 year loan term. This data point from late July.

I think @Bunnylebowski had and issue with PenFed as they only send checks and won’t wire, so it almost delayed buying but he switched to BofA. Could be wrong…

PenFed has good pricing but others have said, like @yadaBaga, their documentation is a lot and it’s a slower/old school process.

I also know others on here used PenFed with zero issues, so…

YMMV

 

[SpaceGhost]

If you have relationship status at BofA and excellent credit (800+), you can get as low as 4.94%.

and oddly enough, Lucid lease finance is through BofA - based in Western NY. #GoBills

 

[EVCar]

For those who leased, how long did it take Lucid to approve?
I suppose they'd want the same documentations like a loan application?
Haven't done any leasing before.
Thanks.

 

[BobFM]

For those who leased, how long did it take Lucid to approve?
I suppose they'd want the same documentations like a loan application?
Haven't done any leasing before.
Thanks.

Mine was approved within minutes. Simple application with stated income. Credit check mostly.

 

[EVCar]

Mine was approved within minutes. Simple application with stated income. Credit check mostly.

Thanks.

 

[jace]

For those who leased, how long did it take Lucid to approve?
I suppose they'd want the same documentations like a loan application?
Haven't done any leasing before.
Thanks.

Yes, application was easy through the order dashboard, approval was within 60 seconds. I did this 2 weeks before delivery and just accepted the offer as delivery is now scheduled for Friday.

 

[jace]

Navy Federal Credit Union usually has great rates - if you qualify - you must have some military connection

NFCU to finance $91k at 36 months offered me 4.09% APR

 

[BobFM]

Lucid site now showing as low as 2.99%

 

[jace]

It also looks like they reduced lease rates, I have an 18 month lease locked in prior to this and just emailed Financial Services team asking for a re-price on my lease. My delivery is tentatively scheduled for Friday.

 

[EVCar]

Lucid site now showing as low as 2.99%

This looks very good.
I'm tempted, but of course would have to forego the 7.5K incentive leasing.
My order is still "in production," though.
Wondering if the rate can be locked if I apply for the loan.

 

[Bdr100]

It also looks like they reduced lease rates, I have an 18 month lease locked in prior to this and just emailed Financial Services team asking for a re-price on my lease. My delivery is tentatively scheduled for Friday.

Can anyone tell me what the new reduced money factor/effective interest rate is for a 36 month lease?

 

[jace]

I emailed them yesterday and going to call today , my delivery is Friday so I'm going to persistent to find out.

 

[EVCar]

I emailed them yesterday and going to call today , my delivery is Friday so I'm going to persistent to find out.

I was told by the local Lucid Studio that the money factor didn't change, despite the new offer of 2.99% for financing.

 

[Neurio]

I was told by the local Lucid Studio that the money factor didn't change, despite the new offer of 2.99% for financing.

Something definitely changed because leases are about $200/month cheaper now than they were a couple weeks ago.

 

[plastex]

Something definitely changed because leases are about $200/month cheaper now than they were a couple weeks ago.

Based on the calculator or the real numbers after lease approval? In my case calculator shows about the same numbers I was seeing back in May.

 

[Neurio]

Based on the calculator or the real numbers after lease approval? In my case calculator shows about the same numbers I was seeing back in May.

The calculator. I don't have any real numbers yet. I've used the calculator from the 'design your own' part of the website and the same build and deposit came in significantly cheaper this month.

 

[plastex]

I'm actually wondering how accurate the lease calculator is as the loan calculator clearly doesn't take into account the current 2.99% reduced rates.