How are you financing your Lucid?

[Fischman]

Bobby,
By the car cash and then in 4 years donate the car to Cars for Kids and start all over again.

 

[Bobby]

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

Thanks. I’ll call them tomorrow.

 

[Carowner12]

So I now have the option to loan/lease the Lucid Air GT but don't have a VIN number. Does that mean I will be getting my VIN soon or is it just standard after a few months after confirming my order.

 

[Fischman]

So I now have the option to loan/lease the Lucid Air GT but don't have a VIN number. Does that mean I will be getting my VIN soon or is it just standard after a few months after confirming my order.

You’ll get a standard financing email post confirming. You’ll be asked to Finance usually immediately prior to VIN issuance.

 

[Cosmo Cruz]

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 followed the same path, was thinking of a lease but decided this will be my last car so keeping it. Applied for loan at credit union and was told ~3.8% 72 mo. Checked with financial advisor and was quickly told, "just buy it outright". So that's what you should do, unless you are getting Bernie Madoff returns on your investments.

I had been planning to buy an EV since the model s proved-out. I took a leap and started buying into pipeline partnerships (huge dividends), rode out the big dip (was underwater for years, but still getting huge dividends), then got really lucky and doubled my position when it bottomed (I guessed it could not go lower). I cleared enough to buy the car. Dumb luck.

So I recommend you finance the car using dumb luck.

Alternatively, if your risk tolerance is good....buy all the Lucid you can at the current price (~14) and wait three years.

 

[Steveinarizona]

I am planning on paying cash unless it makes sense to lease because of the rapidly changing technology (not to mention my rapidly changing age).

 

[emoylv]

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

I'm in the process of signing up with USECU, waiting for approval. Lucid is not listed on their list of car manufacturers. Did you have to call to tell them that you are buying a Lucid?

 

[Bobby]

I'm in the process of signing up with USECU, waiting for approval. Lucid is not listed on their list of car manufacturers. Did you have to call to tell them that you are buying a Lucid?

Yes.

 

[smartebiz]

I have ultimately took loan from BOFA for 72 months 3.99 APR to speed up the buying process. I'll shop for refinance later.

 

[Driveabout]

Good luck on using USECU. I received an initial approval and then began a flurry of requests from their underwriter. After two weeks of responding to requests, even having my CPA talk with them, it was apparent that their underwriter was (1) out of their depth and the wrong person for the job, (2) lacked adequate training in anything other than W-2 tax returns, or (3) had been so intimidated by upper management that he/she couldn't make a decision. My CPAs comment, "They just don't understand. You need to look elsewhere."

I finally received approval, but told them I wasn't interested. If their underwriting is this incompetent, what might I expect on their service end.

Counterpoint, Lucid Financial took less than an hour. Done.