I had a loan with Carolina coop CU before. They require proof of income to process the loan app.
I was going to ask, don’t most banks and credit unions? And then I remembered, when I financed through Tesla Finance (US Bank at 1.74%), I never once sent in a pay stub for all three loans I took out with them.
dotmatrix_cloud
Member
Had a really annoying discussion with the 'load officer' at our local Chase bank (which we have banked at for years). The whole reason we went in was their web site won't allow you to complete an auto loan online for a Lucid. The LO told us with great certainty (sic) that we had to go to the lucid site and do the financing there. I explained to her that that financing was through BofA and that we had ZERO interest in banking with BofA. She insisted that , no, no -- you'll be able to select Chase as a source once you go through the process. Short story even longer, we now have a loan in process with BofA at a rate (at least initially) that is lower than Chase was offering. Well done, Chase -- a nominee for Employee of the Month!
I applied - hoping to hear Monday. I gave them my bank statement, investment statement, and proof of income. They use Equifax so make sure you unlock that if you've locked/frozen. Going into the branch, the application process was fast. Since their rates are lower than what most are offering and most expecting the Fed to increase their rate by 75 to 100 points this week, the guy that took my app said he expects a pretty big jump in their rates in October.
That’s been my experience with Tesla. BofA approved me for Lucid at a rate of 4.34% for 72 months loan. I think that's pretty high considering some folks here getting low 3%
I wish they offered the option to make a donation to a cause the CU cares about in exchange for membership approval. Do you know if they do that?
This credit union has some interesting options to become member and they don’t all involve being an employee of an organization. One can also be a member of an organization. Anyone see one that’s pretty easy to join from the exhaustive list they show on their website?
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They are VERY flexible too! My wife is a 1099 (not w2) paid coach for one of the schools on their list. That qualifies....and as her spouse, I can get their auto loan. In the process now...will update going forward.
Awesome. Good luck
Thanks for your comment. Did you apply directly with BofA, or through Lucid, and how long did you have to wait? I applied through Lucid Financing almost a week ago, and I haven’t heard anything.
Could be wrong, but I don’t think there was ever an instance where an EV maker applied the $7500 tax credit. It is a credit after all, and not a tax deduction or discount.
In the three instances that I was able to take advantage of the credit, I had to wait until early the following year to apply it to my tax return.
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It's a tax credit, not a discount code. Lucid would not be including that in their purchase price or purchase contract.
Credits & Deductions for Individuals | Internal Revenue Service
Learn how tax credits and deductions for individuals can affect your tax return and how to claim them if you qualify.
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That's interesting to know. As far as I know, you're not supposed to be able to get the discount directly from the dealer until 2024:
https://www.edmunds.com/fuel-economy/the-ins-and-outs-of-electric-vehicle-tax-credits.html:
Do you have any links to someone who did get the credit directly on their purchase contract? I'm curious, because I'm about to wrap up my purchase contract and wouldn't mind having less work.
Oh this is only referring to the previous tax credit law, which still applies to Lucid delivers through the end of 2022. Unsure about the new law.
I dont have a link but there are quite a few posts on the forum showing the $7500 as a capital-cost reduction. (aka, dealer claiming the credit for the customer and applying to purchase order)
I dont have a link but there are quite a few posts on the forum showing the $7500 as a capital-cost reduction. (aka, dealer claiming the credit for the customer and applying to purchase order)
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I think that might be the way it works for a lease, but not for a purchase... They do show a cost reduction on the website, but that's theoretical, not actual.
dotmatrix_cloud
Member
Wow. I applied on Friday night and got a call at 10AM this morning (Monday) saying that I was approved -- and at a rate that was lower than what they advertised through the signup process... Hang in there!
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