How are you financing your Lucid?

[Victor Osaka]

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.

 

[manitou202]

Bank of America is apparently partnered with Lucid to offer reasonable loan rates. I believe 2.19% for 72 months.

https://promotions.bankofamerica.com/autoloans/lucid?sourceCode=Lucid&mktgCode=Lucid

 

[Alex]

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.

 

[hydbob]

Yea I went with BofA since the rate is so low.

 

[Victor Osaka]

I'll probably go with BofA financing since our all of our business accounts are with them.

 

[Victor Osaka]

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.

 

[experiment458]

Using a local credit union. They will finance up to 85% of it at 1.99% for 72 months.

 

[blueice89]

Just wanted to get a pulse but who are people using now ?

 

[Pwmac]

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.

Loan Rates — Carolina Cooperative FCU

www.carolinacoopcu.com

 

[blueice89]

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.

Loan Rates — Carolina Cooperative FCU

www.carolinacoopcu.com

Do you need to be in Carolina for that one ?

 

[magesh]

Do you need to be in Carolina for that one ?

Short Answer: No.

You can register/enroll in the NC council & thereby become a 'member' of CCFCU.

I also went with CCFCU several months ago, when they had one of the lowest interest rates.

 

[emoylv]

SkyOne is offering 3.49% up to 60 months.

 

[Pwmac]

Yeah @blueice89 I live in AZ and just became a member ahead of time so when it was time to apply there was no delay. You just have join https://www.ncconsumer.org to become a member of credit union and it's $20 for a year.

Here's more info and I didn't have any issues.

Membership — Carolina Cooperative FCU

www.carolinacoopcu.com

 

[Bobby]

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!

 

[blueice89]

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

 

[emoylv]

3.49% is pretty cheap money.

 

[Bob Lahblaw]

The Bank of My Children’s Inheritance

Zero approval time/hassle and 0% financing.

 

[Bobby]

The Bank of My Children’s Inheritance

Zero approval time/hassle and 0% financing.

Hahaha agree

 

[njg-agt]

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".

 

[SDHacker]

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 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