I’m looking at possibly buying my Lucid at the end of my lease next month. FWIW, it appears the buyout number may be negotiable below the stated residual, which makes keeping the car more interesting. The odd part is the financing.
Bank of America handles Lucid Financial Services, but they apparently no longer offer financing for lease buyouts. I’m also a Preferred Rewards/Merrill client with BofA, and they still won’t finance me buying my own leased car. Yet if I return the car and then go buy a used Lucid from a dealer, BofA will happily finance that purchase. Lucid will also finance used cars sold through its own resale program, but there doesn’t seem to be a comparable financing option for someone simply buying out their existing lease.
So, strangely enough, it can be harder to finance the Lucid I’ve driven for three years and know intimately than a used Lucid sitting on a dealer’s lot with an unknown history.Obviously there are other lenders and credit unions, so it’s not an insurmountable problem. It just seems like a very odd gap in the system.
Bank of America handles Lucid Financial Services, but they apparently no longer offer financing for lease buyouts. I’m also a Preferred Rewards/Merrill client with BofA, and they still won’t finance me buying my own leased car. Yet if I return the car and then go buy a used Lucid from a dealer, BofA will happily finance that purchase. Lucid will also finance used cars sold through its own resale program, but there doesn’t seem to be a comparable financing option for someone simply buying out their existing lease.
So, strangely enough, it can be harder to finance the Lucid I’ve driven for three years and know intimately than a used Lucid sitting on a dealer’s lot with an unknown history.Obviously there are other lenders and credit unions, so it’s not an insurmountable problem. It just seems like a very odd gap in the system.