Leasing in 2023 will get full 7500?

[AirHead]

Correct. If I wanted to buy the car out after couple of months, I would have to make the full 34 or 46 months of payments and the residual all together. They gave me the residual numbers but I didn't write it all down unfortunately.

They gave me all the numbers and information about a week before delivery.

I didn't ask for a 1 pay lease. That would have been a smart thing to do. :/

 

[vraj83]

I was very close to taking delivery and was going to do this but BOA has terrible lease terms. They don't give you a new buyout price if you want to immediately buy out the lease. They told me I would have to prepay all the monthly payments and then the Buyout price.

I had to cancel my order because of this.

I'm not sure this is right. The buyout price should be the adjusted lease balance (remaining depreciation) plus the residual, plus any related transaction fees.

Can anyone who has leased confirm? @joec?

 

[AirHead]

I'm not sure this is right. The buyout price should be the adjusted lease balance (remaining depreciation) plus the residual, plus any related transaction fees.

Can anyone who has leased confirm? @joec?

I confirmed with them multiple times. I told the LFS/ BOA rep that this doesn't sound right to me. He went back and confirmed with his supervisors and their guidance and said that is the policy. You are responsible for all the remaining lease payments and the residual amount if you want to buy out early.

I will be very upset if the rep was wrong and the information was wrong, since I had to cancel my order due to this.

 

[Lucid23]

I confirmed with them multiple times. I told the LFS/ BOA rep that this doesn't sound right to me. He went back and confirmed with his supervisors and their guidance and said that is the policy. You are responsible for all the remaining lease payments and the residual amount if you want to buy out early.

I will be very upset if the rep was wrong and the information was wrong, since I had to cancel my order due to this.

I actually don't think this is impossible, I recall a buddy telling me once that is how his BMW lease is. At least I think it was a bmw. Seems like a loophole companies may/should think about using.
Did you talk directly to b of a before the car was done!

 

[Lucid23]

Sorry saw you answered above.
Thank you!

 

[Lucid23]

I actually don't think this is impossible, I recall a buddy telling me once that is how his BMW lease is. At least I think it was a bmw. Seems like a loophole companies may/should think about using.
Did you talk directly to b of a before the car was done!

I called and confirmed no one pay and the only way to buy out the lease is to make all the payments in advance.

Good news is you get the 7500 as a capital reduction.
Interest rate is 7% which would high but not sure is that's becoming more normal with rates up.

Also confined residual on the legacy pricing will be higher since starting price is lower
53% on a 3 year 10k and 64% on a 2 year 10k miles.

 

[vraj83]

I called and confirmed no one pay and the only way to buy out the lease is to make all the payments in advance.

Good news is you get the 7500 as a capital reduction.
Interest rate is 7% which would high but not sure is that's becoming more normal with rates up.

Also confined residual on the legacy pricing will be higher since starting price is lower
53% on a 3 year 10k and 64% on a 2 year 10k miles.

Did they specify you must make the depreciation AND financing portions of the monthly payment (eg 100% of the monthly payment)? Or just the depreciation component?

 

[Lucid23]

My impression was they just add up the payments to the residual and call it a day.
Virtually positive as I talked to the guy for 10 minutes or so and he understood that I was asking.

 

[Lucid23]

I've seen it in other leases.

 

[joec]

For all those who still think: “Surely, our representatives’ intentions could not possibly be to take away EV tax credits from so many Americans: I give you Joe Manchin.

Manchin writes bill to stop temporary electric vehicle tax credits

The senator wants his domestic minerals requirement implemented immediately.

arstechnica.com

 

[billvb]

For all those who still think: “Surely, our representatives’ intentions could not possibly be to take away EV tax credits from so many Americans: I give you Joe Manchin.

Manchin writes bill to stop temporary electric vehicle tax credits

The senator wants his domestic minerals requirement implemented immediately.

arstechnica.com

I am mindful of the forum rules to not make political statements, but I think it's okay to say this:

I really think the country would be much better served if we instituted a "NASCAR" policy where all of our representatives have to wear patches from all of the organizations and interests who fund their campaigns!

 

[off]

These are some rough numbers for a AT (everything minus the glass canopy) using the Texas tax rate. That monthly finance charge from the 7% money factor, ouch...

 

[Ptr8n]

These are some rough numbers for a AT (everything minus the glass canopy) using the Texas tax rate. That monthly finance charge from the 7% money factor, ouch...

View attachment 9018

Is sales tax included in the lease?

 

[DBV]

These are some rough numbers for a AT (everything minus the glass canopy) using the Texas tax rate. That monthly finance charge from the 7% money factor, ouch...

Wow - the APR is terrible. Lucid should work on that part to make leases more attractive, at least make the APR similar to a finance APR.

Thanks for posting that.

 

[off]

Is sales tax included in the lease?

Yes, it’s capped into the monthly payment

 

[Bobby]

Electric car-makers have found a legal loophole to get their customers an extra $7,500 tax credit

Requirements for the new EV tax credits mean a lot of EVs won't qualify. Automakers may look to get their customers a commercial EV credit instead.

www.businessinsider.com

 

[off]

Thanks @Bobby for posting the article! Makes complete sense doesn't it? 😵‍💫 Creating a loophole with a commercial fleet exemption, regardless of manufacturing origin or income. Of course it won't work for eligible cars like a Bolt or M3, have to purchase them! Perhaps a good thing for people looking to lease a PHEV/EV Audi,BMW, Mercedes or Porsche etc

 

[RyanATX]

I was very close to taking delivery and was going to do this but BOA has terrible lease terms. They don't give you a new buyout price if you want to immediately buy out the lease. They told me I would have to prepay all the monthly payments and then the Buyout price.

I had to cancel my order because of this.

How did you cancel your order? I just spoke to my DA and he said its not very common (which I expected) as I'm sure they dont want to get stuck with inventory. He did confirm the tax credit can be applied to only leases. I did request prelim leasing numbers but since I dont have a VIN that wouldnt be possible as my car wont go into production until March/April.

 

[SkmWA]

Please keep posting lease numbers and if they have the credit, I am going to call lucid financial services number today.

HI, does anyone have more lease numbers to share? I am trying to make sense of the money factor & calculated APR #s that B0A just shared with me. Seem really high relative to the market.