Lease-End Costs: What We’re Doing to Improve Transparency

[merveille07]

Number one question to Mark during Q3 earnings call should be: what have you done or are doing to fix the lease return issues that have been popping up on social media sites and new outlets?
But watch people ask about when Lucid is going to turn profitable
Everyone complaining are well justified because there's no way to justify Lucid incapacity to fix this for 6 months. Yes Bofa handle lease but people lease because of Lucid not BofA. Lucid reputation is at stake not BofA's.

 

[borski]

What's ridiculous is that when I leased my Air back in June of this year, I asked the saleperson at the time of delivery if I can have a list of what Lucid considers normal wear and tear so that I can be prepared prior to returning the vehicle. The guy spent about 10 minutes looking for any sort of documentation on Lucid's website and his own internal resources for this. He came back empty handed and told me not to be too concerned about it, as they are standard with other car makers.

Clearly that's not the case and I'm fairly certain now that this was the plan all along. They get people into relatively well priced leases for a high quality EV and then recoup the losses with fraudulent charges at the end of the lease when the customer no longer has the ability to do anything about it. This model would work if you already had a large customer base and can deal with some % of customer loss. However, to screw over the customers who were willing to take a chance on a new brand is so short-sighted low class, and guarantees they will not be able to last long term as a brand since repeat customers and retention are vital in the high price point car industry.

Lucid is not making any money from these excess charges.

 

[borski]

My business was with Lucid.

Your business was with Lucid Financial Services. Lease and loan servicing is conducted by Bank of America or its subcontractors under the Lucid Financial Services name.

I don’t like this either, but it isn’t Lucid that is screwing you around.

 

[dingo]

I appreciate your specificity, but no one cares about that detail — it doesn’t change who is getting screwed by excessive / surprise charges.

 

[Blue Lectroid]

I appreciate your specificity, but no one cares about that detail — it doesn’t change who is getting screwed by excessive / surprise charges.

Respectfully, they should care. We all have the option of buying in cash, financing or leasing with financial institutions of our own choosing. While I really do NOT like the way B of A is conducting business, they are NOT Lucid and no one forced us to Lease through them. Yes, they are Lucid's "captive" Leasing option at this time (something I believe that Lucid is not happy with right now either), but we all could just as easily have chosen to lease through another entity. The fact that we didn't? That's on us. This whole "we've been screwed and Lucid is unethical" thing wears thin. We got incredible lease rates and B of A is an unethical lender and is trying to manufacture additional profit through aggressive lease return policies. None of us complained when we got near zero percent financing and by the likes of this thread, most folks never even read the entire lease document before signing it. That is not being screwed, it's having a decision that we made turn out differently than we thought. When I decided to lease my AGT in 12/2025, my effective finance rate was 0.06% (you read that right -- 6/10ths of 1%). I knew about B of A's aggressive behavior and did the deal anyway.

 

[tarator]

Your business was with Lucid Financial Services. Lease and loan servicing is conducted by Bank of America or its subcontractors under the Lucid Financial Services name.

I don’t like this either, but it isn’t Lucid that is screwing you around.

Then why are the excessive wear and tear guidelines on Lucid's website? Somebody hacked them and put the document there?

 

[borski]

I appreciate your specificity, but no one cares about that detail — it doesn’t change who is getting screwed by excessive / surprise charges.

Then that is their mistake. In order to fight the person or place that is wronging you, you need to know who they are and who you have to fight. Otherwise you’ll waste all your time yelling at someone who can’t help you.

 

[borski]

Then why are the excessive wear and tear guidelines on Lucid's website? Somebody hacked them and put the document there?

From the bottom of that page:

• The trademarks “LUCID FINANCIAL SERVICES”, LUCID stylized logo, and AIR stylized logo are owned by Lucid Group USA, Inc. and/or its affiliates (collectively, “Lucid Motors”) and are licensed to Bank of America, N.A. (“Bank of America”) in the United States of America. All trademarks are and shall remain the sole and exclusive property of their respective owner(s). Lucid Motors is not affiliated with Bank of America or its affiliates.
• Lucid Motors manufactures and sells electric vehicles and ancillary products and services. Bank of America provides financial products and services. In select states (AZ, CA, CO, FL, IL, MA, TX and VA), credit and associated credit accounts are originated by Lucid Group USA, Inc., and assigned to a financial institution which may be Bank of America and lease accounts are originated by Lucid Motors and assigned to Tryon Vehicle Titling Trust. Lease and loan servicing is conducted by Bank of America or its subcontractors under the Lucid Financial Services name.
• Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.

Bank of America does not own the Lucid trademarks. However, Bank of America are the ones servicing the lease.

They are on the Lucid website because that is the process Bank of America outlined for Lucid and Lucid posted it as per their licensing agreement.

That doesn’t mean Lucid can necessarily solve your problem.

For another example: GE Appliances? Not owned by GE, even a little bit. They are produced by Haier. It operates as an independent subsidiary of Chinese Haier Smart Home Company. GE Appliances was acquired in 2016. Under the terms of the sale, Haier has the right to use the GE brand name until 2056.

Good luck calling General Electric and asking them to fix your stove.

 

[tarator]

From the bottom of that page:

• The trademarks “LUCID FINANCIAL SERVICES”, LUCID stylized logo, and AIR stylized logo are owned by Lucid Group USA, Inc. and/or its affiliates (collectively, “Lucid Motors”) and are licensed to Bank of America, N.A. (“Bank of America”) in the United States of America. All trademarks are and shall remain the sole and exclusive property of their respective owner(s). Lucid Motors is not affiliated with Bank of America or its affiliates.
• Lucid Motors manufactures and sells electric vehicles and ancillary products and services. Bank of America provides financial products and services. In select states (AZ, CA, CO, FL, IL, MA, TX and VA), credit and associated credit accounts are originated by Lucid Group USA, Inc., and assigned to a financial institution which may be Bank of America and lease accounts are originated by Lucid Motors and assigned to Tryon Vehicle Titling Trust. Lease and loan servicing is conducted by Bank of America or its subcontractors under the Lucid Financial Services name.
• Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.

Bank of America does not own the Lucid trademarks. However, Bank of America are the ones servicing the lease.

They are on the Lucid website because that is the process Bank of America outlined for Lucid and Lucid posted it as per their licensing agreement.

That doesn’t mean Lucid can necessarily solve your problem.

For another example: GE Appliances? Not owned by GE, even a little bit. They are produced by Haier. It operates as an independent subsidiary of Chinese Haier Smart Home Company. GE Appliances was acquired in 2016. Under the terms of the sale, Haier has the right to use the GE brand name until 2056.

Good luck calling General Electric and asking them to fix your stove.

I am pretty good at reading, no need to copy&paste for me, thankyouverymuch.

I don't know what Lucid can or can't do, but I am pretty sure they are getting very, very, very close to bankruptcy by bad publicity and losing happy (before they try to return their car) customers.

You are not doing them any favors with your "yes, but...".

 

[tarator]

Then that is their mistake. In order to fight the person or place that is wronging you, you need to know who they are and who you have to fight. Otherwise you’ll waste all your time yelling at someone who can’t help you.

I personally don't want to fight anybody. That's why I won't repeat the same mistake again, and won't keep on being Lucid customer after my lease is over.

 

[socktucker]

but it isn’t Lucid that is screwing you around.

It’s Lucid that defines the absurd and petty windshield return requirements. 100% on Lucid.

 

[fisheral]

https://www.reddit.com/r/LUCID/s/XQmpASnP6q

Here's another one from today where they charged $900 for a wheel. I personally bought this very same wheel from Lucid less than a month ago for $550. This is absurd. Anyone with connections to an investigative reporter may want them to help find out why it takes BoA 2-3.5x (we've seen that before) as much money as it does Lucid to fix them.

This is one of the most clear cut cases of consumer fraud that I've ever seen (and I used to work in the field).

 

[Rogue]

https://www.reddit.com/r/LUCID/s/XQmpASnP6q

Here's another one from today where they charged $900 for a wheel. I personally bought this very same wheel from Lucid less than a month ago for $550. This is absurd. Anyone with connections to an investigative reporter may want them to help find out why it takes BoA 2-3.5x (we've seen that before) as much money as it does Lucid to fix them.

This is one of the most clear cut cases of consumer fraud that I've ever seen (and I used to work in the field).

View attachment 33415

If that is the rim (eg. wheel presumably) and 21", then that price is indeed correct or close enough. Each rim is about a grand. May also apply for the 20".

 

[fisheral]

If that is the rim (eg. wheel presumably) and 21", then that price is indeed correct or close enough. Each rim is about a grand. May also apply for the 20".

It looks like the 19".

 

[socktucker]

is this the pre-inspection though?

 

[L-Dude]

How can you tell anything from those crappy photos? This may be egregious overcharging but I can't tell a thing from those photos.

 

[Bunnylebowski]

Then why are the excessive wear and tear guidelines on Lucid's website? Somebody hacked them and put the document there?

I am pretty good at reading, no need to copy&paste for me, thankyouverymuch.

I don't know what Lucid can or can't do, but I am pretty sure they are getting very, very, very close to bankruptcy by bad publicity and losing happy (before they try to return their car) customers.

You are not doing them any favors with your "yes, but...".

Ok boss, what exactly is the correct response that would satisfy you? Screw Lucid cuz they’re evil money grubbing lying bastards who somehow control Bank of America and are getting kickbacks and are doing this cuz they’re going bankrupt and could also end their contract with BofA financial services at any second if they wanted with no penalties? I probably missed it but surely you must also be getting a lawyer on retainer to go after these evil disappointing bastards and are awaiting a personal apology from Mark Winteroff? That’s about as reasonable as you sound. Go ahead, repeat again the cost discrepancy between BofA charges and Lucid charges for the same wheel, THAT is a legitimate complaint and the only legitimate complaint you have (which isn’t even your own but a borrowed one from another owner on Reddit???), and the entire rest of the conjecture and attitude and unwillingness to accept any behind the scenes possibility other than that Lucid hates their customers and is approaching bankruptcy is not legitimate. It’s this sort of childish foot stomping that reminds me why I was a ghost on here for the longest time until I decided to trade my Air for Gravity.

 

[socktucker]

I want to know if this is the PRE inspection. My body guy can do that front bumper for $500, and the local wheel shop only charge me $150 for a wheel.

IF this is an example of the cost to have Lucid repair it, as in, just a quote but you can use your own guy-fine. But if this is AFTER turn in, and there's nothing the customer can do about it and it was not noted on the pre-inspection, then its pretty bad.

We need more information.

 

[gaskiller]

Obliterated? Wow, you are using quite strong words here. Have you noticed the comments about the price of that part? Was it $2400?

I am also talking about the two small chips in the paint that were charged $50 each. Is that according to the guidelines?

And why on earth should ANYBODY have to contact management to have wrong charges dismissed? They shouldn't happen in the first place. There are about 6 months since this issues started. How much longer does Lucid need to "educate" the inspectors? 2-3 years?

Frankly, I have no idea why are you defending this incompetent behavior. I hope you realize that ignoring it makes it much more likely for this company to go out of business.

Mmmm, you damage car, you pay for it. If I traded in a car with this damage, trade in value will be lower. Why should those who lease get away with it?

 

[tarator]

Mmmm, you damage car, you pay for it. If I traded in a car with this damage, trade in value will be lower. Why should those who lease get away with it?

Because, genius, the guidelines say that these damages are normal wear and tear. It is getting really annoying to reply to the same nonsense over and over.