Financing options

[smartebiz]

Credit unions seem to be the best place for financing. Here were my options:
1. Lucid/BOA - go quoted at 4.54%
2. BOA alone - 4.04%
3. CapCom Credit Union - 60 mos. @ 3.24% and 72 mos. @ 3.49%
4. TCTFCU - 60 mos. @ 2.75% and 2.99% for 72 mos.

I obviously went with TC

I got a rate from local credit union excluding title and tax 3.99% for 72 months same as BOA direct rate not via lucid. Waiting for couple of more rate then finalize it.

 

[SDHacker]

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).

Don't bother applying at CCU/NICU. After over a week, they said they couldn't work with Lucid. Fortunately, I had applied with USECU during the delay and after applying at 16:55 on Wednesday, was pre-approved at 09:05 the next day. Spent yesterday and today emailing USECU documents, completed purchase agreement and becoming a member of the CU. Car is in Costa Mesa awaiting inspection. Hope to pick it up next week.

 

[Dkars1]

FWIW just locked with LucidBoA, 60 months, 4.04% with 50% down. They were not very responsive with Lease details or terms. Hoping to pick up the new GT next week!

 

[Bus Driver]

Don't bother applying at CCU/NICU. After over a week, they said they couldn't work with Lucid. Fortunately, I had applied with USECU during the delay and after applying at 16:55 on Wednesday, was pre-approved at 09:05 the next day. Spent yesterday and today emailing USECU documents, completed purchase agreement and becoming a member of the CU. Car is in Costa Mesa awaiting inspection. Hope to pick it up next week.

Good to know. Thank you. I live in San Diego also. I may give USE a try, especially if they can beat my work credit union’s loan rates. I also like that their turn around time was very short, even though they’d never heard of Lucid before.

 

[Bus Driver]

FWIW just locked with LucidBoA, 60 months, 4.04% with 50% down. They were not very responsive with Lease details or terms. Hoping to pick up the new GT next week!

I’m still waiting for Lucid Finance/BofA to finish processing my application. I submitted it for the secone time this past Tuesday, got a call to go over a few details yesterday (Thursday), and that was it. So far no approval or loan paperwork yet. I don’t remember my Tesla loan applications this long to get approved, but maybe I’m just getting antsy. Very antsy.

 

[smartebiz]

FWIW just locked with LucidBoA, 60 months, 4.04% with 50% down. They were not very responsive with Lease details or terms. Hoping to pick up the new GT next week!

You should take one more quote direct rate from BOA if you have some status with BOA then they can give you more discount in the rate which LUCID BOFA can not provide. I have experienced it taking two quote from BOFA and Lucid BOFA and asking the question to them.

 

[smartebiz]

I’m still waiting for Lucid Finance/BofA to finish processing my application. I submitted it for the secone time this past Tuesday, got a call to go over a few details yesterday (Thursday), and that was it. So far no approval or loan paperwork yet. I don’t remember my Tesla loan applications this long to get approved, but maybe I’m just getting antsy. Very antsy.

you can take direct quote from BOA they provide either immediate or less than 24 hours approval and rate would be cheaper than Lucid BOA

 

[blueice89]

Credit unions seem to be the best place for financing. Here were my options:
1. Lucid/BOA - go quoted at 4.54%
2. BOA alone - 4.04%
3. CapCom Credit Union - 60 mos. @ 3.24% and 72 mos. @ 3.49%
4. TCTFCU - 60 mos. @ 2.75% and 2.99% for 72 mos.

I obviously went with TCTFCU.

Strange BofA alone is cheaper

 

[atuljainmd]

For those that got rate from BofA website directly, how did you do it? When I went to website to apply there was no option for Lucid in drop down menu for vehicle brand?

 

[Bus Driver]

For those that got rate from BofA website directly, how did you do it? When I went to website to apply there was no option for Lucid in drop down menu for vehicle brand?

Go to Lucid’s website. Go into your Account. Then poke around in there, I think you have to go into one of your orders or designs, and you should stumble into a section about Financing or Leasing.

I don’t recall Lucid listed on B of A’s website either.

 

[Canyonero!]

For those that got rate from BofA website directly, how did you do it? When I went to website to apply there was no option for Lucid in drop down menu for vehicle brand?

Look under 2022.

 

[micaeljames]

Here's another option for University of CA or CSU alumni and residents of certain counties in CA: USECU

• Everyone who lives, works, or worships in the California counties of Alameda, Sacramento, San Diego, Santa Clara, or Yolo.
• Every employee of the State of California, including all its administrative offices.
• Every employee, retiree, student or alumnus of the University of California and California State University system.
• Every employee and member of a Select Employee Group (SEG).
• Immediate family of a USE Credit Union member or persons living in the same residence with a member and maintaining a single economic unit.

Up to 24 months	1.74%	Up to 130% of Vehicle's Base Invoice or Retail Kelly Bluebook
Up to 36 months	1.84%	Up to 130% of Vehicle's Base Invoice or Retail Kelly Bluebook
Up to 48 months	2.34%	Up to 130% of Vehicle's Base Invoice or Retail Kelly Bluebook
Up to 60 months	2.44%	Up to 130% of Vehicle's Base Invoice or Retail Kelly Bluebook
Up to 72 months	2.64%	Up to 130% of Vehicle's Base Invoice or Retail Kelly Bluebook
Up to 84 months	3.64%	Up to 130% of Vehicle's Base Invoice or Retail Kelly Bluebook

I applied at California CU/North Island CU and they said they have to check if they can work with Lucid since they are a new manufacturer. It's been 4 business days with no decision on their part. I also applied with River Valley Loans, and they were fantastic, quick, responsive, and clearly experienced with financing newer EV manufacturers like Lucid. Applied at USECU today and the guy that took my app over the phone said they just processed an app for a Lucid so at least this isn't the first for them.

Yes, Lucid has worked with multiple lending partners for its financing programs, so the lender can vary. As for proof of income, that depends on the lender and your credit profile. Some applicants with strong credit may not be asked for income verification, while others will need to provide it. It's handled on a case-by-case basis rather than being a standard policy.