Lease Turn in - Excessive Wear and Tear... ?

[fisheral]

I still have no idea what is wrong with the passenger visor - the images don't show anything that I can see. On the glass I guess it's a question as to what "glass that is damaged" means exactly.

I am 50/50 on anyone even calling me back at this point... and they can't send me to collections because they've already done that out of the gates.

It's absolutely wild that they sent it straight to collections. What are they even doing? Anyone with any type of connections really needs to bring this to the attention of Lucid upper management. @marqie

 

[borski]

FYI: https://lucidmotors.com/knowledge/ownership/financial-services/vehicle-lease-end

 

[L-Dude]

FYI: https://lucidmotors.com/knowledge/ownership/financial-services/vehicle-lease-end

Helpful and interesting. It doesn't say anything about wheel rash.

 

[wa_lucid]

If you lease another Lucid I don’t think you’d be issued a bill in the first place. A new sale is worth well more than quibbling over $2K

Well, if you thought the original post was excessive, I should not tell you then about the $3000 bill I got when I returned the car for road rash on three 19'' rims . Only one of them I new about, the other two where barely visible. No matter. $900 a pop + tax!

@HC_79 yes, I got another Lucid lease. It would have been nice to know these charges before signing the lease but they came about 3 weeks to a month later. It is "pay or we call collection" type of deal. It appeared like Lucid has contracted out lease return wear and tear inspections to some loan sharks. Pretty petty indeed.

The worst experience I had with Lucid (and that is saying something given that the car just died on me on the highway three days ago!)

 

[wa_lucid]

Helpful and interesting. It doesn't say anything about wheel rash.

Interesting indeed! Now I wish I actually saw these guidelines (they were not in the paper material sent). Rim road rash is indeed not mentioned at all, which a straightforward interpretation says they should not be considered excessive wear and tear!

I will give service a call based on this! Thank you @borski !

 

[dapellegrini]

Thanks @borski - that does seem to state that any pit or chip in the windshield will cost you $1,450 + tax. Even if they are .1" in size.

Here's another experience I stumbled on with curb rash - otherwise the same experience I've had. I think it's fair to say that anyone leasing a Lucid and turning it in soon is likely going to get a surprise bill

Lucid Owners Club | I just received the lease termination invoice with $1375 charge for excess wear & tear charge | Facebook

I just received the lease termination invoice with $1375 charge for excess wear & tear charge. They provide the link to look at the photos and inspection report but when login nothing is working....

www.facebook.com

I would not be surprised to see a bill if there was any noticeable curb rash on the tires, though IME BMW doesn't care unless it's pretty bad.

Sad state of things. There is no chance I will be leasing another Lucid or recommending that anyone else does unless they fix this.

 

[HC_79]

If Lucid is going to be this petty on lease returns then maybe people should consider taking the vehicle to CarMax, Carvana, etc. to see if they'll buy it. If the buyout convers the residual, etc. then this could be a way of getting around it.

With CarMax, Lucid isn't on the list of vehicles they won't buy under a lease

"Please note that CarMax cannot purchase a vehicle currently leased through the following companies: Nissan Motor Acceptance, Infiniti Financial Services, Honda Finance, Southeast Toyota Financial, GM Financial, Ford Credit, Mazda Credit, World Omni, Volvo Financial, Lincoln Credit, Acura Financial, BMW Financial Services, Volkswagen Credit, Audi Financial Services, Ally Financial, and Tesla."

 

[dapellegrini]

CarMax is a good idea. I'd love to see what they would offer on a Lucid.

In my case the residual was $107k on a $140k car. IME electric cars lose value as fast as the worst ICE cars (or faster), and I haven't done any shopping, but I suspect there is no way the car I turned in is worth $100k.

 

[marsarbu]

CarMax is a good idea. I'd love to see what they would offer on a Lucid.

In my case the residual was $107k on a $140k car. IME electric cars lose value as fast as the worst ICE cars (or faster), and I haven't done any shopping, but I suspect there is no way the car I turned in is worth $100k.

CarMax would have given you $80k ... Max

 

[Pragmatic]

CarMax would have given you $80k ... Max

Recent sales have been around $65k so Carmax has to be under that to make money.

 

[marsarbu]

Recent sales have been around $65k so Carmax has to be under that to make money.

Wow, sad. I guess Lucid is a buy-and-hold kind of deal, otherwise you'll looking at a $2k / month depreciation.

 

[dapellegrini]

From the other posts I am finding online, my experience does not seem unique. I am beginning to suspect this kind of lease turn in experience is corporate policy. I'll give them until next week to call me - then I will call back and complain again to the collections agency that handles this for Lucid

 

[HC_79]

CarMax is a good idea. I'd love to see what they would offer on a Lucid.

In my case the residual was $107k on a $140k car. IME electric cars lose value as fast as the worst ICE cars (or faster), and I haven't done any shopping, but I suspect there is no way the car I turned in is worth $100k.

This is one of the advantages to leasing especially for an EV at this point in time. Imagine if this was a loan instead and needed to offload the car sooner than expected. No way would you be getting $107K for the car. It would be more like $70K to $80K no doubt. So, look on the bright side, you got out of it for $2K but Lucid \ BoA is underwater on the deal.

People who financed the Air close to it total purchase price are probably finding they're extremely underwater right now. It might seem like a bitter pill to swallow but if I was you, I'd consider myself lucky.

 

[dapellegrini]

Ya, this is not my first rodeo with electric cars. My advice to everyone is to only ever lease them. And knowing (now) that this is how Lucid handles in the lease turn in - I cannot recommend that anyone lease one either. Let's see if corporate ever gets back with me.

EDIT: also, to be clear Lucid made up the MSRP in the first place, and have retained ownership of the car. Their only real loss would be if they have to now sell the used car for less than their manufacturing (and carrying) cost, after accounting for the money I put into it, right?

 

[marsarbu]

Ya, this is not my first rodeo with electric cars. My advice to everyone is to only ever lease them. And knowing (now) that this is how Lucid handles in the lease turn in - I cannot recommend that anyone lease one either. Let's see if corporate ever gets back with me.

EDIT: also, to be clear Lucid made up the MSRP in the first place, and have retained ownership of the car. Their only real loss would be if they have to now sell the used car for less than their manufacturing (and carrying) cost, after accounting for the money I put into it, right?

I'm wondering if the car is Lucid's now or BoA's. Whoever got it, they're underwater big time.

 

[HC_79]

EDIT: also, to be clear Lucid made up the MSRP in the first place, and have retained ownership of the car. Their only real loss would be if they have to now sell the used car for less than their manufacturing (and carrying) cost, after accounting for the money I put into it, right?

True to some extent but we live in the MSRP world and at the time that lease was drawn up they thought the car would be worth $107K and it's not so they're eating that cost. I also don't think Lucid owns the car anymore, it's BoA so they're not getting cost price either.

I'm wondering if the car is Lucid's now or BoA's. Whoever got it, they're underwater big time.

My understanding is BoA owns the car. Not like Lucid has dealer lots to put these leased vehicles on to try and sell themselves. My best guess is they're all going off to auction and no way will they be getting $100K for a used Air.

 

[Leftlane]

I would think BofA is on the hook for the lower value, not Lucid - they have basically sold it through the lease. I could be wrong.

 

[manitou202]

I turned in my 18 month lease last month. I was only charged a wear and tear fee for a missing key fob. I reached out to my sales advisor and they were able to find the second key and remove the charge.

I only had about 5k miles on the vehicle, and it was very clean. However I'm sure I had some small chips in the glass like the OP. I was not charged for any glass issues.

 

[manitou202]

When we leased our BMW, we were able to buy $5k in wear and tear protection which covers glass, curbed wheels etc.

If Lucid is going to be very strict on wear and tear, they should at least offer wear and tear protection as an option when leasing.

 

[Pragmatic]

I would think BofA is on the hook for the lower value, not Lucid - they have basically sold it through the lease. I could be wrong.

I would think in exchange for being the OEM leasing provider, BoA and Lucid are sharing the losses/gains on turn-ins in some manner. Just conjecture on my part.

Otherwise why would you provide leasing to a new player whose product has no history to use to estimate future values.