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Canceled order

DADjim

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SO after waiting more than a year my advisor told me my car was ready. Vin number was to be forwarded. Time to think about my payment. That was April. Crickets...then mid May my advisor said there was a quality control issue. A month delay with almost no correspondence. I was sent a contract ...for a car that wasn't ready. Was apologized to. Advisor change.
Then finally they were almost ready to deliver. Car was now really (really?) in the Chicago area. Contract would be sent.
But I also now had seen Lucid Finance...powered by B of A. I asked what the rate was...oh and by the way...now that you are leasing the car...'what's the factor and residual value?"
They couldn't/ wouldn't tell me. It seems the residual value is considered an industry secret. If i signed, they would then tell me the facts. Had a call with a manager in finance who got angry and defensive that i wanted to know basic information before spending almost 150k on a car. HORRIBLE experience. Again, I was apologized to. But by then i knew it was too little too late.
It goes on and on. Simple fact for me is that I am concerned that Lucid, although very pretty, isn't well managed. Maybe it's the new Tesla? Maybe it's the next Fisker or Delorean. Maybe ill be remorseful i didn't get in on the ground floor first edition but I'm not a car collector and I was planning on driving the car. If they can't deliver it...can't or won't tell you what's going on and then are defensive when asking about price ....how is it going to be when the car breaks? Or what happens when im 300 miles away from a service center and i get into a fender bender?
Sorry, although it looks cool, and I'm sure drives great (no idea as i was never asked if i wanted a test drive) im going with either the new BMW or the Porsche.
I wish Lucid the best but they lost this customer.
 

EricM

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What config did you order? It will be interesting to see if someone on this forum gets your cancellation.
 

MoniputerLM

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I know where you can get a "slightly used" Dream Edition Performance!! 😄 :cool:
 

Tesla2.0

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DADjim

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Yep, and i wasnt a probable customer- i was an absolute buyer...i wanted this car from the start. Ive been a BMW, Mercedes with a few Porsches mixed in for fun guy and thought i would be a Lucid guy .....oh well
 

digiboxer

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SO after waiting more than a year my advisor told me my car was ready. Vin number was to be forwarded. Time to think about my payment. That was April. Crickets...then mid May my advisor said there was a quality control issue. A month delay with almost no correspondence. I was sent a contract ...for a car that wasn't ready. Was apologized to. Advisor change.
Then finally they were almost ready to deliver. Car was now really (really?) in the Chicago area. Contract would be sent.
But I also now had seen Lucid Finance...powered by B of A. I asked what the rate was...oh and by the way...now that you are leasing the car...'what's the factor and residual value?"
They couldn't/ wouldn't tell me. It seems the residual value is considered an industry secret. If i signed, they would then tell me the facts. Had a call with a manager in finance who got angry and defensive that i wanted to know basic information before spending almost 150k on a car. HORRIBLE experience. Again, I was apologized to. But by then i knew it was too little too late.
It goes on and on. Simple fact for me is that I am concerned that Lucid, although very pretty, isn't well managed. Maybe it's the new Tesla? Maybe it's the next Fisker or Delorean. Maybe ill be remorseful i didn't get in on the ground floor first edition but I'm not a car collector and I was planning on driving the car. If they can't deliver it...can't or won't tell you what's going on and then are defensive when asking about price ....how is it going to be when the car breaks? Or what happens when im 300 miles away from a service center and i get into a fender bender?
Sorry, although it looks cool, and I'm sure drives great (no idea as i was never asked if i wanted a test drive) im going with either the new BMW or the Porsche.
I wish Lucid the best but they lost this customer.
The leasing part is pretty troubling. There are state and federal consumer finance laws that I'm quite sure require disclosure of essential terms before you close the deal. Companies violate them at trier own risk as the "enforcers" are the class-action bar....
 

borski

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SO after waiting more than a year my advisor told me my car was ready. Vin number was to be forwarded. Time to think about my payment. That was April. Crickets...then mid May my advisor said there was a quality control issue. A month delay with almost no correspondence. I was sent a contract ...for a car that wasn't ready. Was apologized to. Advisor change.
Then finally they were almost ready to deliver. Car was now really (really?) in the Chicago area. Contract would be sent.
But I also now had seen Lucid Finance...powered by B of A. I asked what the rate was...oh and by the way...now that you are leasing the car...'what's the factor and residual value?"
They couldn't/ wouldn't tell me. It seems the residual value is considered an industry secret. If i signed, they would then tell me the facts. Had a call with a manager in finance who got angry and defensive that i wanted to know basic information before spending almost 150k on a car. HORRIBLE experience. Again, I was apologized to. But by then i knew it was too little too late.
It goes on and on. Simple fact for me is that I am concerned that Lucid, although very pretty, isn't well managed. Maybe it's the new Tesla? Maybe it's the next Fisker or Delorean. Maybe ill be remorseful i didn't get in on the ground floor first edition but I'm not a car collector and I was planning on driving the car. If they can't deliver it...can't or won't tell you what's going on and then are defensive when asking about price ....how is it going to be when the car breaks? Or what happens when im 300 miles away from a service center and i get into a fender bender?
Sorry, although it looks cool, and I'm sure drives great (no idea as i was never asked if i wanted a test drive) im going with either the new BMW or the Porsche.
I wish Lucid the best but they lost this customer.
Did you get a quote for the lease? Did it have a buyout option?

What, exactly, did they want you to sign before you got that? It couldn’t have been the lease, since you didn’t have the details of it.
 

DADjim

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agree. it was really amazing that they wouldn't tell me what the residual value was. not sure they really know (of course) and in the end they did but it was not in writing, and it was a not from finance.
 

DADjim

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Did you get a quote for the lease? Did it have a buyout option?

What, exactly, did they want you to sign before you got that? It couldn’t have been the lease, since you didn’t have the details of it.
they wouldnt give me general lease terms without a full blown review of an application. Unlike Mercedes which knows immediately.
 

Tesla2.0

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they wouldnt give me general lease terms without a full blown review of an application. Unlike Mercedes which knows immediately.
Mercedes Benz has historical market data point of used car price to estimate residual value. Lucid has no such data. Price is all driven by supply and demand, we are in bizarre year of used car actually cost more than new cars bc shortage.
 

Tesla2.0

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agree. it was really amazing that they wouldn't tell me what the residual value was. not sure they really know (of course) and in the end they did but it was not in writing, and it was a not from finance.
Are you thinking leasing by LLC to have business write off expense?
 

DADjim

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Mercedes Benz has historical market data point of used car price to estimate residual value. Lucid has no such data. Price is all driven by supply and demand, we are in bizarre year of used car actually cost more than new cars bc shortage.
Absolutely ...but if you are selling a product you need to be transparent. At least if you want me as a client
 

Tesla2.0

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Absolutely ...but if you are selling a product you need to be transparent. At least if you want me as a client
Are you concerned hypothetical value of giving back 3 years later the car worth $20k more than when you take it bc hyperinflation and supply shortage?
 

Tesla2.0

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its an option
That’s a complicated option can be answered by your tax consultant, not by bank financial adviser.
 

DADjim

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That’s a complicated option can be answered by your tax consultant, not by bank financial adviser.
didn't ask them to opine on the taxability. asked for the residual number.. a pretty simple question
 

DADjim

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Are you concerned hypothetical value of giving back 3 years later the car worth $20k more than when you take it bc hyperinflation and supply shortage?
no. worried that if they can't deliver on time,( even their schedule) can't tell you a straight answer about why and can't get their numbers in line that they will not be around in 3 years...
 
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