Financing options

[Sappy02]

The two I mentioned plus Carolina Metro FCU all have good rates. Check them out if you're still looking.

I had a loan with Carolina coop CU before. They require proof of income to process the loan app.

 

[Bus Driver]

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]

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!

 

[SDHacker]

Did you make any progress with CCU? I’m thinking about applying. Thanks.

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.

 

[Thinjake]

I contacted them (CC) but was told there was a requirement o be a member....I forget what it was...living there? Resident?

 

[Sappy02]

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.

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%

 

[Sappy02]

36 months @ 1.99%
72 months @ 2.99%

To become a member, you must:

• Live in California and be a current or retired educator, school employee, alumni association member or PTA member
  OR
• Live or work in San Diego, Riverside or Orange County, CA (strange LA isn't included since they have branches all over LA)
  OR
• Have an immediate family or household member who is a California Credit Union member (for San Diegans, you would know it as North Island CU)

Cannot apply for loan online because the drop down list of makes does not include Lucid (required field). I'll do a chat session tomorrow morning to see if I have to go into a branch. I had a chat session with them earlier in the week and there are no fees associated with applying. CSR said it's faster if you apply in a branch (in terms of getting a decision on the loan - 2 days).

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?

 

[Thinjake]

Anyone in NY...TCT Credit Union is offering 2.75% for 5 years and 2.99% for 6.

 

[Sappy02]

Anyone in NY...TCT Credit Union is offering 2.75% for 5 years and 2.99% for 6.

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?

 

[Thinjake]

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?

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.

 

[Sappy02]

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

 

[Bus Driver]

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%

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.

 

[Ksa23]

Is Lucid still applying the $7500 tax credit to the purchase price of the vehicle for 2022 deliveries? Or have they scrapped claiming it for us and it's on us to claim the credit?

 

[Bus Driver]

Is Lucid still applying the $7500 tax credit to the purchase price of the vehicle for 2022 deliveries? Or have they scrapped claiming it for us and it's on us to claim the credit?

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.

 

[LucidDropkick]

Is Lucid still applying the $7500 tax credit to the purchase price of the vehicle for 2022 deliveries? Or have they scrapped claiming it for us and it's on us to claim the credit?

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.

www.irs.gov

 

[Ksa23]

Lucid has most definitely applied the $7500 tax credit to the purchase price of their vehicles in the past.

 

[LucidDropkick]

Lucid has most definitely applied the $7500 tax credit to the purchase price of their vehicles in the past.

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:

Starting in 2024, a new mechanism will allow buyers to take the EV tax credit directly from the dealer at the point of sale rather than having to wait for the next tax season.

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.

 

[Ksa23]

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)

 

[BradSholl]

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 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]

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.

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!