issues with buying process

[Haggy]

That's weird. My sales associate or whatever they're called gave me all the numbers - MF, residual on different month, mile options, and touring vs pure. Wouldn't have started the process otherwise. The MF on the pure and touring is 0% so free money. If you like it buy it after the lease. If you don't or lucid goes under, return it to them.

I was told the money factor on the pure and touring and would have taken it. For the GT, I was told that that deal wasn't there, and it's different for each car, so apply. The money factor was 0.00138. I have no idea what it will be for people who apply after September 30. It didn't affect the 4.99% rate. The process from when I first applied until the paperwork was virtually signed took from September 19 to October 6. Or perhaps longer, depending on their competency.

With the money factor, the $7500 vs $11,900, the interest, and financing the cost at the time of buyout, it would have been a very bad deal. It also would have been a bad deal paying cash, selling securities to get the money and paying capital gains. So the loan made far more sense for the GT, but wouldn't make sense for the Pure and touring.

 

[Haggy]

Yeah, this is bullsh. Give me the numbers before I subject my recent credit history to a hard pull. Do you want my business or not?

My experience so far with BofA has been pretty good, but if I'd had to put up with what you have I probably would have walked away.

Having the process take from September 19 to October 6 wasn't a great experience. The previous time I got a car loan from BofA it took a few minutes at a dealership. But it was in 1983 and 21.33% interest. It didn't make me anxious to get another loan with BofA anytime soon.

 

[PompousAss]

Having the process take from September 19 to October 6 wasn't a great experience. The previous time I got a car loan from BofA it took a few minutes at a dealership. But it was in 1983 and 21.33% interest. It didn't make me anxious to get another loan with BofA anytime soon.

Well. to be fair, dealing with the F&I office at a dealership is worlds apart from buying a car over the web. In fact, during the call with BofA to go over the final numbers, they read off a canned blurb for the record that said they don't offer GAP insurance or any of the other things the F&I folks try to sell.

Dealers also get a spiff from whichever lender makes the loan, and right up until you sign on the dotted line they're worried you'll walk out of the dealership and not buy the car, so the dynamic is totally different.

The last time I bought a car (my soon to be dearly departed S6), I came to the dealership with a competitive loan from my existing credit union. They matched the 1.99% rate and got me a 66-month term vs. the 60 I had from the CU, so I took the dealer's offer (from a different local CU) and everybody was happy.

 

[vices]

Having the process take from September 19 to October 6 wasn't a great experience. The previous time I got a car loan from BofA it took a few minutes at a dealership. But it was in 1983 and 21.33% interest. It didn't make me anxious to get another loan with BofA anytime soon.

They only use BofA for paperwork / financial check. Lucid is the one who supports it. At least for leases. Not sure if loans are straight up BoA. I'm gu

 

[vices]

My sales advisor insinuated that BoA just does their processing but lucid is the one that gives the loan. If that's true lucid is really on the hook for how bad the process is for you. The only time I talked to BoA was to answer their verification questions (you lived in which county, payment amount on mortgage, etc multiple choice questions )

 

[PompousAss]

My sales advisor insinuated that BoA just does their processing but lucid is the one that gives the loan.

BofA is definitely the lender for my loan. They license "Lucid Financial Services" and a couple of other service marks from Lucid, and I have the impression (but no proof) that the 800 number routes to a kind of concierge service within BofA since I've never been on hold for more than a few seconds when I've called.

Can't speak to how leases are handled.

 

[Haggy]

Well. to be fair, dealing with the F&I office at a dealership is worlds apart from buying a car over the web. In fact, during the call with BofA to go over the final numbers, they read off a canned blurb for the record that said they don't offer GAP insurance or any of the other things the F&I folks try to sell.

Dealers also get a spiff from whichever lender makes the loan, and right up until you sign on the dotted line they're worried you'll walk out of the dealership and not buy the car, so the dynamic is totally different.

The last time I bought a car (my soon to be dearly departed S6), I came to the dealership with a competitive loan from my existing credit union. They matched the 1.99% rate and got me a 66-month term vs. the 60 I had from the CU, so I took the dealer's offer (from a different local CU) and everybody was happy.

I'm not at all saying that I'd prefer to go though a dealership. The previous two cars I got were direct sales and in both cases I got loans from DCU, which was easy. If I had gone with them this time, my payments would have been $15/month higher and the total interest over the life of the loan would have been $1065 higher. I would have had the car a couple of weeks earlier. I don't know how DCU or any credit union would feel about negotiating the interest rate, but my credit score, according to BofA, is higher than 100% of borrowers. So it would be worth the risk. In retrospect, it might have been less hassle. I didn't do the math ahead of time and it never occurred to me that it would be much more than them checking a credit report, credit score and having me sign something.

I assume that the rest of the process from Lucid's end will be a lot smoother.

 

[DOBrien]

Procedures might vary from state to state... here in Colorado the D/A had no problem with not receiving a check before I laid eyes on the car.

 

[Mimi]

I have a vehicle on order and ready for delivery. After waiting three days, I received a call from B of A with actual figures based on the numbers I punched into the form when I placed my order (for an available, already-built vehicle).

My car went straight to delivery mode and I never got the opportunity to run numbers or look at different lease scenarios. When I call Lucid Financial [800-817-9582] the folks there are only able to provide scripted answers. They actually work for B of A and answer as Lucid reps. They can change parameters (e.g., mileage, down payment, duration, etc.) on the lease but can't see what the effects on the monthly would be. I'm told it takes 2-3 days to get those projections after changes are made. For basic calculations that you can get in minutes at a traditional car dealer.

Are you kidding me? That can't be right, can it? If I want to look at 3 or 4 different options, I'm setting this process back weeks for simple calculations to be run?

Help. I want to make the deal but I shouldn't have to jump through all of these hoops on a $

Can I ask what numbers were not simple enough to run through Lucid calculator or Leasehackr calculator? I usually ask for residuals and money factor and plug that in, and it is straight forward from there.

My issue has been the application itself on Lucid website. It would not go through after many attempts, and would throw an error. After a few days and checks with internal finance team, I had to submit an entirely new request.

Anybody ran into this issue?

Yes, to both I had the same issue with the application which they said there was an error, and it got kicked out but they still hit my credit inquiries and sent me a letter saying I had a verified credit score of 871 but no income stated on my application, so denied.
Had to reapply because of their mistake after millions of phone calls

 

[Mimi]

I have a vehicle on order and ready for delivery. After waiting three days, I received a call from B of A with actual figures based on the numbers I punched into the form when I placed my order (for an available, already-built vehicle).

My car went straight to delivery mode and I never got the opportunity to run numbers or look at different lease scenarios. When I call Lucid Financial [800-817-9582] the folks there are only able to provide scripted answers. They actually work for B of A and answer as Lucid reps. They can change parameters (e.g., mileage, down payment, duration, etc.) on the lease but can't see what the effects on the monthly would be. I'm told it takes 2-3 days to get those projections after changes are made. For basic calculations that you can get in minutes at a traditional car dealer.

Are you kidding me? That can't be right, can it? If I want to look at 3 or 4 different options, I'm setting this process back weeks for simple calculations to be run?

Help. I want to make the deal but I shouldn't have to jump through all of these hoops on a $138k vehicle.

I’m in the exact same spot right now. I could really use some help. All the numbers are way off. And now I’m getting jerked around a bit.

 

[momo3605]

I’m in the exact same spot right now. I could really use some help. All the numbers are way off. And now I’m getting jerked around a bit.

What help do you need? I’ve double checked with the leasehackr calculator and it all seems to check out.