How are you financing your Lucid?

Victor Osaka

New Member
Joined
Nov 27, 2021
Messages
22
I'm curious how people are purchasing their cars. Someone mentioned that they could not shop for a loan because no VIN is issued on a reservation.
 
I'm curious how people are purchasing their cars. Someone mentioned that they could not shop for a loan because no VIN is issued on a reservation.
I’ll probably be paying “cash”. I’ve sold TSLA and LCID call options in my IRA account to pay for the car + State and Federal Taxes - about $240K total.
 
Yea I went with BofA since the rate is so low.
 
I'll probably go with BofA financing since our all of our business accounts are with them.
 
Anyone on this forum planning on using Pentagon Federal (PenFed) to finance their Lucid purchase? I thought I was going with BofA. But, PenFed is offering a better deal.
 
Just wanted to get a pulse but who are people using now ?
 
I used Carolina Cooperative FCU and back in August with a rate of 2.25%. It looks like they have jumped up to 3.75. That is the rate BoA quoted me back in August, so I'm curious what BoA is quoting now.

 
I have going back-and-forth on this a million times in my mind. I’m getting ready to sign the paperwork over the next couple of days and I still haven’t decided! Originally, I had decided to lease, but with increasing rates and the seemingly low residual value assigned to this car, It’s not really a great deal.

At this point, I am leaning toward paying for it in cash. I don’t like the idea of moderately high interest; even at credit unions the rate has gone up significantly. I wish some of the people who know much more about money and markets and finances would chime in on this thread, and just tell me what to do!
 
I have going back-and-forth on this a million times in my mind. I’m getting ready to sign the paperwork over the next couple of days and I still haven’t decided! Originally, I had decided to lease, but with increasing rates and the seemingly low residual value assigned to this car, It’s not really a great deal.

At this point, I am leaning toward paying for it in cash. I don’t like the idea of moderately high interest; even at credit unions the rate has gone up significantly. I wish some of the people who know much more about money and markets and finances would chime in on this thread, and just tell me what to do!
If you are getting below 4% finance and be done with it and sell your car later if you think a mistake of course after you take the tax credit :)
 
Just wanted to get a pulse but who are people using now ?
Apple Federal Credit Union (VA https://www.applefcu.org/Rates/Index ), currently 3.39% (but after the Fed hike this week likely to go up, but still likely to beat BoA & much nicer to work with). Just applied Wed as we told "our car is coming" (got a VIN). So, recommend "work with your/a local credit union".
 
I have going back-and-forth on this a million times in my mind. I’m getting ready to sign the paperwork over the next couple of days and I still haven’t decided! Originally, I had decided to lease, but with increasing rates and the seemingly low residual value assigned to this car, It’s not really a great deal.

At this point, I am leaning toward paying for it in cash. I don’t like the idea of moderately high interest; even at credit unions the rate has gone up significantly. I wish some of the people who know much more about money and markets and finances would chime in on this thread, and just tell me what to do!
Bobby,
You qualify for membership in USECU since you live in SD. No charge to apply for a loan without being a member (you do have to become a member if you want the loan to fund). I applied at 16:56 via phone since the online app didn't list Lucid as a make - like every online app I looked at - and was preapproved at 09:05 the next day. They "approved" the loan after I submitted all requested doc and joined the CU ($5 fee plus minimum $30 balance in account for free checking) the next day (Friday). Now waiting to hear about funding so it can be sent to Lucid.
Up to 24 months1.74%Up to 130% of Vehicle's Base Invoice or Retail Kelly Bluebook
Up to 36 months1.84%Up to 130% of Vehicle's Base Invoice or Retail Kelly Bluebook
Up to 48 months2.34%Up to 130% of Vehicle's Base Invoice or Retail Kelly Bluebook
Up to 60 months2.44%Up to 130% of Vehicle's Base Invoice or Retail Kelly Bluebook
Up to 72 months2.64%Up to 130% of Vehicle's Base Invoice or Retail Kelly Bluebook
 
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