Any suggestions who to email at Lucid to get a response from a higher up who can get things done?

[thecodingart]

What’s funny is I moved from chase to bofa for similar reasons, and have now been happy with them for a decade. I guess YMMV

I absolutely love BoA . I've always had extremely positive experiences with their processes.

 

[hmp10]

I had several rental properties, each owned by a separate LLC of which I was the sole proprietor, and routinely deposited the rent checks into my personal checking account at BofA. When I sold the first property, I deposited the check into my personal account via an ATM, and BofA processed the deposit. When I did the same thing on the next sale, BofA returned the check to me by mail, saying that I could not deposit the check into my account, as only my personal name was on the account. I told them about the earlier deposit, and they said it should not have been accepted. I showed them the incorporation documents indicating I was the sole proprietor and only officer of the LLCs, but they still refused the deposit. So I tried to open a new account for the LLC which I had just sold. They refused, saying IRS regulations prohibited opening a non-commercial account even for a sole-proprietorship LLC. I called my tax advisor, and he told me that was nonsense. So I went to a neighboring Chase to inquire, and they opened a personal account in the name of the LLC on the spot. They told me a personal account was prohibited only if there were multiple proprietors and officers of an LLC (which is also what my tax advisor said). I drove over to BofA and told them this. They said that even if that were true -- implying it wasn't -- that they would not change their procedures to accommodate me. So I closed all three of my accounts with them. I've stayed with Chase ever since and had nary a hiccough.

 

[Sid432]

@joec

As of right now, Lucid is absolutely still taking $7500 off the price of the car if you lease. They get the credit, so they are passing it to you.

No idea what they will do after January 1. My guess is they will discontinue that practice.

@joec - So, the lease amount would be $111k - $7.5k = $103.5k ?
Does it depend when we actually get the car or is it dependent on the day we sign the lease documents because, technically, the car is sold??

 

[joec]

@joec

@joec - So, the lease amount would be $111k - $7.5k = $103.5k ?
Does it depend when we actually get the car or is it dependent on the day we sign the lease documents because, technically, the car is sold??

My understanding is that once the financing is approved, it’s approved. You sign, they sign. So they are on the hook to either get you the car before EOY, or eat that $7500.

Of course, they are still making way more than $7500 off you when you factor in all the interest paid, fees, etc. So if they lose out on a few cars, I don’t suppose it’s that big a deal to them.

But I do wonder when they will start cutting off that $7,500. My guess is most who are being offered financing now will likely get still their car before EOY.

 

[Dr Chill]

Can someone explain how this thread I started asking for email addresses evolved into a financing thread? Regardless, my email to the CEO, COO, my DA and SA had immediate effect and resulted in me getting a Touring VIN and 2022 delivery (supposedly). Just had to change from red/tahoe to black/santa cruz.

 

[Bobby]

Can someone explain how this thread I started asking for email addresses evolved into a financing thread? Regardless, my email to the CEO, COO, my DA and SA had immediate effect and resulted in me getting a Touring VIN and 2022 delivery (supposedly). Just had to change from red/tahoe to black/santa cruz.

Yes, it did go off the rails.

 

[lnirenberg]

Honestly, if you do lease the car, you'll likely loose more money from leasing it due to the residual value. I imagine they're giving you a $60,000 residual or less after a 3 year lease where your payments will be greater than a loan. In that case, you're going to loose money and are betting on the fact that you may not be able to resell the car if anything happens to the company for under $60,000. Lucid has at least 2-3 years of runway in funding atm and it wouldn't be unreasonable to say (in all unlikelihood) that if they went under, it would be 4 years out (minimum) with services being able to stay online for at least 2 more years. You're already over your lease time at that point and you'll get more money resale wise after holding onto your car for 6 years total and then trying to sell it.

Personally, I only lease cars when I know they'll go up in value over time. Otherwise, it's just a way to burn money and you sort of loose no matter what. I made $15k in profit selling my Taycan because of a tactical leasing move. But I probably would have made more if I just out right owned/sold it.

The residual they are using comes to $68k+. I'm excited about getting the car but am also aware this is a start up that needs to get its s*** together. In 3 yrs whether the company still exists or not and whether as a 3 yr old the car it will have any value is the leasing companies problem. From a tax perspective, as a company car, leasing can be expensed whereas as a purchase require amortization over its useful life. In any case, I just got a call from my delivery specialist and the car is in Chicago and expected delivery is the week of the 18th. I believe Lucid will get their poop together and at the very least, with the exception of the BofA Lucid Financial people, everyone has been very pleasant to deal and I am tolerant of pleasant cluelessness.

In the meantime my Mercedes lease expires in 02/23 and my purchase option is for about $12k less than current retail value. Im negotiating with my dealer to pay me not to buy the car. Such 1st world problems, life is good.

 

[Steveinarizona]

I guess this falls under "general discussion." I realize there's little patience on the forum for naysayers. I believe that the Lucid Air (no matter which model) is an incredible car. Otherwise, I would not still be waiting to receive one after 16 months. However, I am concerned about the survival of Lucid as a company. All of its cars depend on software updates and revisions. Should Lucid fail, you're left with the "final" update, which may or may not have corrected issues with the vehicle.

Meanwhile, I keep thinking about Tucker, which as the Wikipedia article notes, was partially destroyed by bad press planted by the major auto companies: https://en.wikipedia.org/wiki/Tucker_48. I suggest you read that article as there are some definite similarities to Lucid.

Finally, on a different topic, my local dealer had a Cadillac Lyriq on the floor! I'm not fond of SUVs, but I must say the Lyriq is a fully finished car with nearly every feature of the Air Touring for $67K. GM went to Google for its infotainment software package and navigation. The main drawback of the Lyriq when compared with any Lucid model is range. The Caddy with AWD promises only about 290 miles per charge and charging, with its 400 volt architecture, takes twice as long (that is about 150 miles in 20 minutes).

One thing about a local dealer, you have a place a few miles away to take the car for service. Apparently, you'll also be able to stop and charge at any GM dealer, although GM has a deal with EvGo. I am not saying the Lyriq is a better car than the Air, it certainly won't handle or drive as wonderfully from what I've read in this forum, but it is an attractive alternative if you're willing to accelerate from 0-60 in 5.5 seconds vs. 3 seconds. The dealer admitted there is a 6-9 month wait for the 2024 Lyriq (the 2023 is sold out), but if nothing else, GM knows how to build cars (for better or for worse). Cadillac retains one of the highest resale values of cars currently on the road. (I am *not* a GM or Cadillac fanboy, let me make that clear, never owned a GM car.) Returning to my original topic, GM already had its existential crisis in 2008 when our tax dollars bailed it out. It got its act together and it will be around for a long time to come. I wish I could say that about Lucid. Don't misunderstand, I want Lucid to succeed.

I had a reservation on an AWD Lyriq as a backup to the Lucid. A few weeks ago I called my designated Cadillac dealer who said there is a long waiting list, they have never seen one and he can't tell me where on the list I am. Right after that a Genesis GV60 performance showed up at my local dealership. Not a Lucid but close (0-60 in 4 seconds, 3.7 with boost button pushed), nappa leather, ultrasuede headliner, etc. etc.

Grabbed it.