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Financing Qs ...

magesh

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Sep 11, 2020
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107
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Q8, Model S
Asking current & soon to be owners, what are the interest rates & which banks specifically, that you got/planning to get your car financed? (I'm assuming a Very Good/Exceptional (750+?) credit score,)

I see online rates from 2.74% (Columbia CU) to double digits!!!. Some offer 25 basis point discount if you put 25%+ down. Others do not. Etc ...

BofA is the preferred lender for Lucid; but I don't see their rates. And as per another conv', Lucid will reveal rates only upon VIN assignment!!!. Chase told me they are too; but don't see their online rates.

From my side, as of 06/30:
FTCU:
3.25 / 48 to 60
3.54 / 72
3.75 / 84
** Long time (25+ years) member here & no discounts. Nada. Zilch.

Kinecta: (With 25%+ down and you need to open an account):
3% / 48 to 60
3.14 / 72
3.59 / 84
** I have used them in the past & their service is exceptional.

Columbia:
66 months or less = 2.99%
75 months = 3.49%
84 months = 3.74%
** Addl 1/4% discount if you open a checking account

Chase:
Can't get rates without an app.
Private Clients get 1/4% discount, I'm told.

TIA.
From Washington (State)

@Admin:
1) If this is the incorrect area/forum for this post, kindly move it.
2) Might help if we get a sticky for this conversation, like we do for the VIN tracker.
 

Sandvinsd

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BOFA rates are here:

No discount for Lucid customers, but are preferred reward discouns if you are a BofA customer
 

BradSholl

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AGT, M3, A8(sold!), Yukon
Carolina Coop is showing a 2.25% rate with a 780 or better credit score. When my car drops a vin, I'll likely use them.
 

Pwmac

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Chandler, AZ
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GT Blk/SC/21
Carolina Coop is showing a 2.25% rate with a 780 or better credit score. When my car drops a vin, I'll likely use them.
I also saw someone recommend https://www.carolinacoopcu.com/ and opened an account so I can apply for a loan when I receive a vin. They don't have an online process for creating an account so they send you the forms to mail in which takes some time. It looks like they do have to ability to apply for a loan online after your account is created.
 

magesh

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Messages
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Q8, Model S
I also saw someone recommend https://www.carolinacoopcu.com/ and opened an account so I can apply for a loan when I receive a vin. They don't have an online process for creating an account so they send you the forms to mail in which takes some time. It looks like they do have to ability to apply for a loan online after your account is created.
Thx BradSholl & Pwmac.
I called CSR & they told me out of state can apply for membership thru' the council.

However, the bank webpage states this: "If you are looking to refinance your current auto loan or lease buyout, please note that we are only able to refinance auto loans for those who reside in North Carolina or its connecting states, and private vehicle sales are only obtainable within the state of North Carolina."

And yes, once you get a council #, you can create on online bank account. Snail mail though. :-(
 

thecodingart

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Mercedes 580 EQS
2.49% with 0% down for BoA. It was fairly consistent around this area for all length terms they offered.

If you’re a good member, they also have a few discounts there.
 

thecodingart

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Carolina Coop is showing a 2.25% rate with a 780 or better credit score. When my car drops a vin, I'll likely use them.
That’s a pretty awesome rate. Do they have down payment requirements for that?
 

magesh

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Messages
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Q8, Model S
2.49% with 0% down for BoA. It was fairly consistent around this area for all length terms they offered.

If you’re a good member, they also have a few discounts there.
BoA = Bank Of America? If so, their rates, as of 1st July, is at 3.79% for 60 months.
Are you getting the 2.49% thru' the Lucid Financial Services portal,? If so, can you please share screenshots?
 

thecodingart

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Mercedes 580 EQS
BoA = Bank Of America? If so, their rates, as of 1st July, is at 3.79% for 60 months.
Are you getting the 2.49% thru' the Lucid Financial Services portal,? If so, can you please share screenshots?
This was me directly applying through them last month. Any banks can change their rates at any time unfortunately. Some rates might also reflect off of your income and debt to income.

This is my current rate when I closed my financing a week ago though.
 

nolimit

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Joined
May 6, 2022
Messages
161
Asking current & soon to be owners, what are the interest rates & which banks specifically, that you got/planning to get your car financed? (I'm assuming a Very Good/Exceptional (750+?) credit score,)

I see online rates from 2.74% (Columbia CU) to double digits!!!. Some offer 25 basis point discount if you put 25%+ down. Others do not. Etc ...

BofA is the preferred lender for Lucid; but I don't see their rates. And as per another conv', Lucid will reveal rates only upon VIN assignment!!!. Chase told me they are too; but don't see their online rates.

From my side, as of 06/30:
FTCU:
3.25 / 48 to 60
3.54 / 72
3.75 / 84
** Long time (25+ years) member here & no discounts. Nada. Zilch.

Kinecta: (With 25%+ down and you need to open an account):
3% / 48 to 60
3.14 / 72
3.59 / 84
** I have used them in the past & their service is exceptional.

Columbia:
66 months or less = 2.99%
75 months = 3.49%
84 months = 3.74%
** Addl 1/4% discount if you open a checking account

Chase:
Can't get rates without an app.
Private Clients get 1/4% discount, I'm told.

TIA.
From Washington (State)

@Admin:
1) If this is the incorrect area/forum for this post, kindly move it.
2) Might help if we get a sticky for this conversation, like we do for the VIN tracker.
I saw myautoloan.com had rate under 3%
 

BradSholl

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Feb 19, 2022
Messages
107
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AGT, M3, A8(sold!), Yukon
That’s a pretty awesome rate. Do they have down payment requirements for that?
Don’t know. My application to join the CU is being processed as we speak, then I was going to get into the details. Looks like they’ll finance out to as far as 84 mo. without a huge rate increase.
 

Pwmac

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Jan 4, 2022
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121
Location
Chandler, AZ
Cars
GT Blk/SC/21
I emailed Carolina Cooperative about how long a rate could be locked in for and here's their response.
"Our current auto loan rates are as low as 2.25% with a qualifying credit score. There is no rate lock period, as our rates are subject to change at any moment/day. If you have not submitted your loan application, I would recommend you do so on our website at www.carolinacoopcu.com"

I explained that my car is on order and isn't expected to be delivered for 3-4 months and here's their reply.
"I would go ahead and have your application on file. At this time, there is not an expiration date on the application once approved that I am aware of."

With this information from them I think I'm going apply to get the process started.
 

mnewber1

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I am from Chicago - does anyone have a CU recommendation to finance through outside of BoA?
 

magesh

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107
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Q8, Model S
I am from Chicago - does anyone have a CU recommendation to finance through outside of BoA?
Based on the earlier responses & other threads, folks are focusing on Carolina Coop. They have the best rates so far.
For me personally, I'm looking @ local (PNW) CUs as well ... however some of them have geographic restrictions.
You can reach out to Kinecta CU & ask for Hassan Cook @ 714 259 1354. They loan out nationally I believe.
 

mnewber1

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Based on the earlier responses & other threads, folks are focusing on Carolina Coop. They have the best rates so far.

Based on Carolina Coop's membership requirements, it doesn't look like I qualify.
https://www.carolinacoopcu.com/membership

I will look into Kinecta CU, I have a Touring on reservation so I probably have at least 6 months before I even need to worry about this.
 

magesh

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Messages
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Q8, Model S
Based on Carolina Coop's membership requirements, it doesn't look like I qualify.
https://www.carolinacoopcu.com/membership

I will look into Kinecta CU, I have a Touring on reservation so I probably have at least 6 months before I even need to worry about this.
You can apply to become a member if "Members of the North Carolina Consumers Council are also eligible to join our credit union." I called & the bank & council and asked them if I'm out of state, can I join the CU? And purely for the purpose of a loan? They (CU) told me it was fine; but then again, all requests are subject to review I would think.

I have applied to the CU, via the council number and waiting to hear back if my CU membership will be approved.
 

Pwmac

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121
Location
Chandler, AZ
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GT Blk/SC/21
You can apply to become a member if "Members of the North Carolina Consumers Council are also eligible to join our credit union." I called & the bank & council and asked them if I'm out of state, can I join the CU? And purely for the purpose of a loan? They (CU) told me it was fine; but then again, all requests are subject to review I would think.

I have applied to the CU, via the council number and waiting to hear back if my CU membership will be approved.
I also took the Carolina Consumer Council route to apply for out of state membership and didn't have any issues. Although the membership application was through snail mail I have emailed the bank a few times and they seem to respond within minutes with very friendly customer service.
 

Pwmac

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121
Location
Chandler, AZ
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GT Blk/SC/21
I emailed Carolina Cooperative about how long a rate could be locked in for and here's their response.
"Our current auto loan rates are as low as 2.25% with a qualifying credit score. There is no rate lock period, as our rates are subject to change at any moment/day. If you have not submitted your loan application, I would recommend you do so on our website at www.carolinacoopcu.com"

I explained that my car is on order and isn't expected to be delivered for 3-4 months and here's their reply.
"I would go ahead and have your application on file. At this time, there is not an expiration date on the application once approved that I am aware of."

With this information from them I think I'm going apply to get the process started.
I spoke to someone else today and the initial information I received was wrong. Their loan approvals are good for 30 days and credit pulls for up to 6 months.
 

Paladin732

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Nov 21, 2021
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Taycan
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295
Interesting thread,

Our construction loan is through Kinecta (Their construction loan rates are fantastic)
Our car loan is through Carolina Coop, I did it before they went up, so was 1.99 for 84 months. Yes, they feel like 1950 when you are dealing with them, paper forms and applications, a website that can barely do anything, BUT its a cheap rate. And cheap is cheap.

I will say they were fantastic to go through, with my DE my application was approved like 2 months before I got the car because it kept getting delayed. The rep I worked with would just occasionally email me asking if I had an update (I also was apparently the first Lucid they had ever done, and she ended up watching the reveal video as a result of it, hah)
 

Pwmac

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Jan 4, 2022
Messages
121
Location
Chandler, AZ
Cars
GT Blk/SC/21
I applied to BoA and rate is 3.74% for 72 months. Also applied at Carolina Coop but haven't heard back yet.
 
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