First time Leasing a car

[nikp]

This is my first time getting a new car for myself. I recently bought my wife a Genesis GV80 so I decided to lease my Air Touring. My monthly lease payment is ~$1500 and about ~$4700 is supposed to be due at signing. I have been invited to make a payment, but it keeps showing a total of $105k due. It gives me the option to make full payment or partial payment but doesn't necessarily state the exact amount due for the lease signing. Has anyone else one through the final process of leasing a Lucid? I'm confused why it's asking for the full amount of the car. It says to contact my DA with questions, but it's damn near impossible to get a hold of him or anyone else in that office.

My car is fully assembled and awaiting shipment to Houston for inspection, but still don't have a date yet. It was supposed to ship last week, but now I'm told "we're not sure when".

 

[mcr16]

This is my first time getting a new car for myself. I recently bought my wife a Genesis GV80 so I decided to lease my Air Touring. My monthly lease payment is ~$1500 and about ~$4700 is supposed to be due at signing. I have been invited to make a payment, but it keeps showing a total of $105k due. It gives me the option to make full payment or partial payment but doesn't necessarily state the exact amount due for the lease signing. Has anyone else one through the final process of leasing a Lucid? I'm confused why it's asking for the full amount of the car. It says to contact my DA with questions, but it's damn near impossible to get a hold of him or anyone else in that office.

My car is fully assembled and awaiting shipment to Houston for inspection, but still don't have a date yet. It was supposed to ship last week, but now I'm told "we're not sure when".

Hi, @nikp. If you DM me your DA's name along with your contact info, I can request that they follow up with you.

 

[Babyrocko1908]

This is my first time getting a new car for myself. I recently bought my wife a Genesis GV80 so I decided to lease my Air Touring. My monthly lease payment is ~$1500 and about ~$4700 is supposed to be due at signing. I have been invited to make a payment, but it keeps showing a total of $105k due. It gives me the option to make full payment or partial payment but doesn't necessarily state the exact amount due for the lease signing. Has anyone else one through the final process of leasing a Lucid? I'm confused why it's asking for the full amount of the car. It says to contact my DA with questions, but it's damn near impossible to get a hold of him or anyone else in that office.

My car is fully assembled and awaiting shipment to Houston for inspection, but still don't have a date yet. It was supposed to ship last week, but now I'm told "we're not sure when".

@joec Can you help out with this lease questions?

 

[joec]

@joec Can you help out with this lease questions?

Yeah, it's confusing for sure. Just make a partial payment for the amount due at signing. They will receive that, and eventually, sometime after delivery, the car will show as "fully paid" since Lucid technically will have been paid by Lucid Financial Services by then. And then from that point, you are dealing with Lucid Financial services. They will mail you info about payments and such. Everything will happen later than you want it to, but well before you actually have anything due. You can pay by phone monthly, or get them to send you another form to authorize ACH payments.

 

[nikp]

Yeah, it's confusing for sure. Just make a partial payment for the amount due at signing. They will receive that, and eventually, sometime after delivery, the car will show as "fully paid" since Lucid technically will have been paid by Lucid Financial Services by then. And then from that point, you are dealing with Lucid Financial services. They will mail you info about payments and such. Everything will happen later than you want it to, but well before you actually have anything due. You can pay by phone monthly, or get them to send you another form to authorize ACH payments.

Thanks! I finally got my DA to get back to me. Apparently, he was traveling for a bit and his colleague was supposed to stand in for him. But you're absolutely correct. The timeline just threw me off. I never had anyone actually talk me through the steps between confirming order and delivery. I was simply notified my car was ready for assembly and that was it, so I was quite lost.

Appreciate you taking the time to explain all of that.

 

[nikp]

Hi, @nikp. If you DM me your DA's name along with your contact info, I can request that they follow up with you.

My DA finally got back to me yesterday. I appreciate it though!

 

[Sheena]

Did anybody recently lease?
I was wondering about recent figures (money factor, residual)
and when and how the 7500 off factors in. Thanks
Got my VIN, doing the lease vs buy calculus

 

[ViperSSD]

Did anybody recently lease?
I was wondering about recent figures (money factor, residual)
and when and how the 7500 off factors in. Thanks
Got my VIN, doing the lease vs buy calculus

Interested in this as well

 

[AirHead]

I really don't like the lease terms with Lucid. If you have to buy the car out early, you will pre pay every lease payment and then buyout. Pay all the interest upfront. Ideally you don't have to buy out early, but if you needed to get out of the car, this would be a very expensive thing to do.

I am hoping BOA changes this lease terms and let you buy out the car early without the penalty of prepaying every months lease payment.

 

[apollo1403]

Thats pretty standard on all leases as far as I know. Would be a pretty sweet deal if you could have an early buyout and not have to pay the remaining lease payments. Sweet for us, but would probably put the leasing company out of business.

 

[AirHead]

Thats pretty standard on all leases as far as I know. Would be a pretty sweet deal if you could have an early buyout and not have to pay the remaining lease payments. Sweet for us, but would probably put the leasing company out of business.

I mean obviously you wouldn't just pay the buy out price only. But why would you pay the interest in advance? It shouldn't be any different than when you finance a car.

I have early bought from Subaru and BMW before and I have been given a buyout between the original Buyout price and the buy price of the car at the beginning.

The monthly payments - the money factor should be applied towards the original purchase price, to give you a new buyout price.

Let's assume you lease a Touring for $95k. assume your payments are $1500. 3 year lease I am assuming buyout to be around $60k. Let's say you pay for 6 months and decide you want to buy the car out for whatever reason. The car would cost you $110k+, the same car that you lease for $95k 6 months ago.

($1500 * 6) Payments made ($9000)
(30 * $1500) Prepay Lease ($45000)
$60k Original Buyout

These are assumption numbers, but I am sure they aren't very far off. I can't remember the numbers exactly that BOA gave me for the Pure.