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Lease Buyout

westofboston said:
22 month lease (18 plus 4 extra) is ending in October for a 2025 Air Pure RWD ( base)

Anyone get any discount recently off of the residual cost when talking to Bank Of America about buying it?

Really seems like a no brainer to not just go ahead and buy it at 40K since any new car of the same quality is going to be much more, right?
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Big time reduction... Don't listen to the recorded message about residual.. Ask for an agent and request a discounted buyout. They will put you on hold to find a supervisor and will get you a price... I have done it a couple of times, and the rate I got today after making last payment was incredible.. More than 16k below the residual.. Priced a bit below current used car retail for my same car...
 
L-Dude said:
True, but they had been very stubborn about this in the past. It was so stupid that I wouldn't be surprise if Lucid didn't manage this change behind the scenes.
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Stubbornness was the last C-suite, new leadership seems to have a better handle on things.
 
gaskiller said:
Stubbornness was the last C-suite, new leadership seems to have a better handle on things.
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I also think they have a bunch of lease returns at this time and they are probably selling at lower prices in wholesale auctions, so offering deals to those with completed leases is probably preferable to BofA and Lucid in the long run...
 
donfenn said:
I just got an end-of-lease buyout from Lucid at a price which is hard to ignore. It is literally 16k below the stated residual, However, Lucid does not offer used car financing and my own bank (coincidentally Bank of America) will not finance cars being bought off lease. Has anybody found an easy resource for buying Lucid off of lease??
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PenFed Credit Union offers great rates. That’s who I used for a loan on a new Air. Did everything online and customer service was very helpful when I called with a few questions. Can’t say for sure they will do used loans on lease buyouts, but it’s worth a call if you are still looking.
 
donfenn said:
I just got an end-of-lease buyout from Lucid at a price which is hard to ignore. It is literally 16k below the stated residual, However, Lucid does not offer used car financing and my own bank (coincidentally Bank of America) will not finance cars being bought off lease. Has anybody found an easy resource for buying Lucid off of lease??
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Local credit union or USAA.
 
The residual is just a best guess (or manipulation tool to adjust lease payments at the time of sale) but you can't use that as any measure of winning or losing on a buy out today. Check out the Lucid used site and you'll see 2-3 model year newer for less than those early residuals.

Our lease is up next summer, but it's one and done for my wife. I guess we overestimated our early adopter tolerance of the failure of the most fundamental interactions with a vehicle. We're ready to free ourselves from lease limitations and buy outright, but not a brand that has had several years to fix basic problems and the solution they came up with is to charge us out of pocket for a properly kitted hardware retrofit. There is zero chance Lucid survives unless there is a comprehensive change from the top down that starts with fixing all the wrongs with existing customers. They wont.
 
jbawden said:
The residual is just a best guess (or manipulation tool to adjust lease payments at the time of sale) but you can't use that as any measure of winning or losing on a buy out today. Check out the Lucid used site and you'll see 2-3 model year newer for less than those early residuals.

Our lease is up next summer, but it's one and done for my wife. I guess we overestimated our early adopter tolerance of the failure of the most fundamental interactions with a vehicle. We're ready to free ourselves from lease limitations and buy outright, but not a brand that has had several years to fix basic problems and the solution they came up with is to charge us out of pocket for a properly kitted hardware retrofit. There is zero chance Lucid survives unless there is a comprehensive change from the top down that starts with fixing all the wrongs with existing customers. They wont.
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You are basically looking at a Camry if those are your parameters. Sometimes Lucid will as we say in our house ‘pull a Lucid’ but the frozen screen and other irritants of the first few months have actually gone away in the last year. Also, will your wife miss the ‘go’ with the future car. Good luck getting her back into a standard car that doesn’t have the same performance criteria especially for something cheaper than the final buy out price for your lease. Source: owns a Camry and a Mach-e and leases a Lucid
 
westofboston said:
You are basically looking at a Camry if those are your parameters. Sometimes Lucid will as we say in our house ‘pull a Lucid’ but the frozen screen and other irritants of the first few months have actually gone away in the last year. Also, will your wife miss the ‘go’ with the future car. Good luck getting her back into a standard car that doesn’t have the same performance criteria especially for something cheaper than the final buy out price for your lease. Source: owns a Camry and a Mach-e and leases a Lucid
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What criteria did I lay out that puts her in a beige Camry? Operating door handles and a UX that doesn't crash opens up a lot of options...all them, actually. I'm not putting anyone in anything, she is making these choices based on her personal experience. Shout out E-40, everyone has choices.
 
donfenn said:
I just got an end-of-lease buyout from Lucid at a price which is hard to ignore. It is literally 16k below the stated residual, However, Lucid does not offer used car financing and my own bank (coincidentally Bank of America) will not finance cars being bought off lease. Has anybody found an easy resource for buying Lucid off of lease??
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Follow Up:

I finally decided to buy out my Lucid at the deeply discounted payoff. What sealed it was finding an almost exact clone of my car in Lucid’s used inventory—same color, options and configuration, originally delivered one day after mine, and a VIN which is within about 40 of mine. It has almost 3,000 more miles, yet Lucid is asking $4,257 more for it than the negotiated buyout price on the car that I know. At this price, I should be able to drive it another couple of years and still have some value left in it.. Maybe trade for a Cosmos if the company is alive. I will pop for the processor upgrade too.

The other lesson learned in the process is that Lucid Financial remains a confused mess. They don't make things easy. Even after I had a confirmed reduced buyout, I called with a question and the representative insisted my payoff was still at the original high residual. I had to demand a supervisor to sort things and reconfirm the buyout deal. If you’re trying to negotiate a buyout, be prepared to persevere and ask for escalation to the lease buyout group-- but its worth the trouble.
 
donfenn said:
Follow Up:

I finally decided to buy out my Lucid at the deeply discounted payoff. What sealed it was finding an almost exact clone of my car in Lucid’s used inventory—same color, options and configuration, originally delivered one day after mine, and a VIN which is within about 40 of mine. It has almost 3,000 more miles, yet Lucid is asking $4,257 more for it than the negotiated buyout price on the car that I know. At this price, I should be able to drive it another couple of years and still have some value left in it.. Maybe trade for a Cosmos if the company is alive. I will pop for the processor upgrade too.

The other lesson learned in the process is that Lucid Financial remains a confused mess. They don't make things easy. Even after I had a confirmed reduced buyout, I called with a question and the representative insisted my payoff was still at the original high residual. I had to demand a supervisor to sort things and reconfirm the buyout deal. If you’re trying to negotiate a buyout, be prepared to persevere and ask for escalation to the lease buyout group-- but its worth the trouble.
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Thanks for sharing your experience! My Air lease is up next year and I'm planning to buy it too. I'm hoping by this time next year orders for the Cosmos will be open and maybe demand for used Airs won't be as high so I can get a good buyout 😅
 
New development on Lucid lease buyouts… I went onto the Lucid Financial website to confirm my buyout and inadvertently found a new link to a financing company called Tresl, which now appears to be a financing source for Lucid lease buyouts. I already have financing arranged, but I told Tresl they could try to beat my offer at the last minute. They’re working on it now.

The interesting part is that Tresl works with Bank of America—who previously stated they only work on auto finance with franchised auto dealers and do not finance any lease buyouts directly. Tresl told me that I would be their first Lucid buyout proposal, so this is definitely a new development. I’ll report back when I see what they come up with.
 

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