How long does financing decision with BOA usually take?

[nikp]

I received an email from Lucid inviting me to apply for financing and my cars current status is "preparing for production". I co-applied with my wife a few days ago. I'm wondering how long does it take to hear back? What is the overall process like? What should I expect from this point forward?

 

[nevadagame]

I received an email from Lucid inviting me to apply for financing and my cars current status is "preparing for production". I co-applied with my wife a few days ago. I'm wondering how long does it take to hear back? What is the overall process like? What should I expect from this point forward?

It took about 5 days for me

 

[Adnillien]

I received an email from Lucid inviting me to apply for financing and my cars current status is "preparing for production". I co-applied with my wife a few days ago. I'm wondering how long does it take to hear back? What is the overall process like? What should I expect from this point forward?

I heard back in less than an hour. It should be fast.

 

[vraj83]

I applied on a Friday and was approved by Tuesday morning.

 

[Coho]

I heard later the same day. My biggest issue is that I still havent been fed a mechanism for payback. I got the data for the first date due, the amount, and the address after 2 phone calls. Thats it. Was hoping for a website but apparently Lucid Financial doesnt use the usual BA site.

 

[saabfan]

It took days for me to hear back (over 5) with multiple emails from my delivery advisor. This despite a credit score over 800, being a longterm BoA client in good standing, and sending in my full 2021 tax return! Never before have I experienced such a prolonged and drawn out process for getting a finance decision on a car lease.

 

[thecodingart]

It was pretty instantaneous for me, although I didn’t apply during Christmas month/week..

 

[MorganB]

It took days for me to hear back (over 5) with multiple emails from my delivery advisor. This despite a credit score over 800, being a longterm BoA client in good standing, and sending in my full 2021 tax return! Never before have I experienced such a prolonged and drawn out process for getting a finance decision on a car lease.

This was my experience exactly. Also a high credit score and established client. I was asked for more and more paperwork over a few days and when they asked for my full tax return I told them to forget it. Too invasive for a car that I was making a large down payment on. No chance of being upside down.

 

[saabfan]

Which begs the question… is this part of the reason why Lucid seems to be struggling with delivering vehicles? They actually wanted corporate tax returns from my company. I told them that was simply not going to happen.

 

[hydbob]

This is all through BofA? Mine was a 2 hr process but that was a while ago.

 

[Jr0102]

I applied online about 2 weeks ago. Ten minute phone call with them a couple days later to confirm details. Three to four days later received loan documents for signature.

 

[MorganB]

I’m self employed so they wanted proof. I’ve had 3 auto loans with them and this is the first time they have asked for anything. I was also instantly approved online and it was only on the 3rd call that they asked for income info. The first two calls they said all they needed was purchase agreement, down payment amount and photo of odometer.

 

[Tim-in-CA]

I applied directly through BofA and was approved in about 30 seconds. I do have a very long term relationship with them and sizable assets with them and Merrill Lynch. What took the longest was to get a correct purchase agreement sent to them so it can be funded. I also didn’t want to execute the documents until I knew the vehicle was enroute to the delivery center which only happened late yesterday. Unfortunately with the holiday coming up, my funding now won’t happen until Tuesday, and my delivery is set for Wednesday. Hopefully everything will lineup.