Leasing

[Mweseley]

I contacted Lucid Financial about a lease. I was quickly and easily approved except that they wanted some type of income verification.

Since I am retired I don’t have a W2. They asked for a copy of my tax return. I asked them to send me what they want in writing to avoid any confusion. I don’t like sending things like this in general but I feel that requests like this should be clear and in writing. They refused to put anything in writing or send any email at all.

I sent the first page of my tax return. They said that the AGI was more than fine, however, they demanded that I send the entire return - which is hundreds of pages and (in my opinion) none of their business. I offered an accountant’s letter if they were in doubt but they don’t want that. I’ve done transactions 10 or 20 times the size and nobody has ever asked to see my entire tax return.

I’ve rarely seen such outrageous behavior. Has anyone else experienced anything like this with them?

 

[Lucken]

The entire return is beyond ridiculous and obviously very intrusive. It's hard to believe they asked for this. Maybe they should complete your 22 tax return while they're at it.

 

[hydbob]

Makes sense to me, there's a lot of other information contained in the full return besides just the 1st page...I'm sure some CPAs here can chime in on why a full return is needed to gather an accurate picture of someone's ability to payback a loan.

 

[Bobby]

I contacted Lucid Financial about a lease. I was quickly and easily approved except that they wanted some type of income verification.

Since I am retired I don’t have a W2. They asked for a copy of my tax return. I asked them to send me what they want in writing to avoid any confusion. I don’t like sending things like this in general but I feel that requests like this should be clear and in writing. They refused to put anything in writing or send any email at all.

I sent the first page of my tax return. They said that the AGI was more than fine, however, they demanded that I send the entire return - which is hundreds of pages and (in my opinion) none of their business. I offered an accountant’s letter if they were in doubt but they don’t want that. I’ve done transactions 10 or 20 times the size and nobody has ever asked to see my entire tax return.

I’ve rarely seen such outrageous behavior. Has anyone else experienced anything like this with them?

Well you are asking them for money so I guess they get to make the rules!

 

[abbas2099]

I dont understand why this is even a Lucid issue! All their loans/leases are handled by Bank of America. Ask BofA why they need all your financials! Anytime I have financed anything, they wanted to see all my taxes, business taxes and profit and loss statements even if the car was $50k

 

[MorganB]

I sent the first page of my tax return. They said that the AGI was more than fine, however, they demanded that I send the entire return - which is hundreds of pages and (in my opinion) none of their business. I offered an accountant’s letter if they were in doubt but they don’t want that. I’ve done transactions 10 or 20 times the size and nobody has ever asked to see my entire tax return.

I’ve rarely seen such outrageous behavior. Has anyone else experienced anything like this with them?

I am self employed and have been for years. This is EXACTLY what Bank of America asked of me when I was financing my Air Touring.. I was approved online instantly and also after I had spoken to Bank of America financing TWICE and they told me they needed no documents. In fact I had just completed two Bank of America auto loans in the year prior to my purchase and have had 4 loans from Bank of America for autos and have NEVER provided any documentation much less an entire tax return. I also find it exceedingly invasive and told them so and canceled the loan application. I paid cash for the car. There is no reason for them to need the entire return.

 

[MHDave]

I dont understand why this is even a Lucid issue! All their loans/leases are handled by Bank of America. Ask BofA why they need all your financials! Anytime I have financed anything, they wanted to see all my taxes, business taxes and profit and loss statements even if the car was $50k

I agree, I'm always miffed, to say the least, at the mounds of information the financial companies want. Tax returns, property information, business information, copy of numerous pay stubs, ... mind boggling and basically insulting. But as @Bobby says, when you ask someone to give you money and trust you to pay it back, they have the right to ask all the nosy questions. And even then it amounts to: if you don't need to borrow the money and can pay for it easily, then they're happy to loan it to you. But if you need it, then the loan is expensive or unavailable.

 

[abbas2099]

You want money, you have to play by their games otherwise pay cash but please dont make it a Lucid issue when its clearly not.

 

[digiboxer]

Makes sense to me, there's a lot of other information contained in the full return besides just the 1st page...I'm sure some CPAs here can chime in on why a full return is needed to gather an accurate picture of someone's ability to payback a loan.

I disagree---I've done lease and loan deals on $100k+ cars for years and have never once been asked for a tax return...nothing but a credit check. And the idea that they'll really fine-comb the 3 inches behind the first page is crazy...("hey Joe---take a look at this K-1 from the apartment deal---I think I smell something fishy...")

 

[MorganB]

You want money, you have to play by their games otherwise pay cash but please dont make it a Lucid issue when its clearly not.

While Lucid isn't doing the financing they have partnered with BOFA so it IS a reflection on Lucid as it is called "Lucid Financial Services". I don't think that Lucid is making the decision to require an excessive amount of documentation to provide a loan , I think BOFA is making that call. However in my experience, having financed an Audi, Alfa Romeo, Lexus and Infiniti with BOFA while self employed and having provided exactly zero docs for all of those makes, there is something specific about how BOFA is handling Lucid financing. Perhaps they are concerned that the residual value in the vehicle will collapse if Lucid doesn't make it and are being more cautious. Who knows. However in my single example Lucid was handled differently than any other brand. I was only financing 75% of the vehicle as I was putting down a 25% downpayment so it was even more absurd in my opinion. For me at the end of the day I was frustrated with BOFA as they kept pivoting on what they needed, had indicated that I was approved with zero docs initially and I was in London at the time so they kept calling at odd hours due to the time change and asking for more docs. I wasn't upset with Lucid particularly.

 

[digiboxer]

You want money, you have to play by their games otherwise pay cash but please dont make it a Lucid issue when its clearly not.

No one is blaming Lucid---chill. BofA doing the "lucid" financing---if L has any dog in the fight it's to make loans/leases as easy as possible

 

[abbas2099]

While Lucid isn't doing the financing they have partnered with BOFA so it IS a reflection on Lucid as it is called "Lucid Financial Services". I don't think that Lucid is making the decision to require an excessive amount of documentation to provide a loan , I think BOFA is making that call. However in my experience, having financed an Audi, Alfa Romeo, Lexus and Infiniti with BOFA while self employed and having provided exactly zero docs for all of those makes, there is something specific about how BOFA is handling Lucid financing. Perhaps they are concerned that the residual value in the vehicle will collapse if Lucid doesn't make it and are being more cautious. Who knows. However in my single example Lucid was handled differently than any other brand. I was only financing 75% of the vehicle as I was putting down a 25% downpayment so it was even more absurd in my opinion. For me at the end of the day I was frustrated with BOFA as they kept pivoting on what they needed, had indicated that I was approved with zero docs initially and I was in London at the time so they kept calling at odd hours due to the time change and asking for more docs. I wasn't upset with Lucid particularly.

I didnt mean you but the original poster . Lucid is dealing with who they can like EA.

 

[abbas2099]

No one is blaming Lucid---chill. BofA doing the "lucid" financing---if L has any dog in the fight it's to make loans/leases as easy as possible

I am guessing you didnt read my post on top when I already stated that

 

[Mweseley]

I am guessing you didnt read my post on top when I already stated that

As the initial poster in this thread, I thought that I would post an update to this process. One of the options that I was given was to provide my W2. While I am retired now I do have one from 2021 and it does support my tax return and the stated income that I previously submitted. I also haven’t gotten my W2 from 2022 yet. As requested, I submitted the W2 and true to form Lucid Financial Services decided to change the requirements again and ask for more.

Many people have commented above that we are asking for money and anyone can ask for anything before they give you money. That’s fair. However, they should put it in writing. They should not change their requirements on a whim when the documentation is consistent. Financial companies should not be capricious in requests especially considering that they are handling huge volumes of confidential information.

Finally, while this is BofA, this is also Lucid Financial Services. They go by that name. They are Lucid’s chosen partner. Lucid directs their customers here. In fact, they are Lucid’s representatives. Since Lucid is too small or too young to have its own leasing arm it is their responsibility to choose a good partner and their partner’s behavior is a reflection on Lucid.

 

[gsoho]

Like most have bought many cars, some financed some not. I'd never give anyone my entire return. I have credit cards with Chase, at least once a month they ask for my annual income, for what? To market!!! We're all supseptible to fraud and hacking...... the more you put out there the bigger the risk. Friend had folks file and steal his tax return a few years back...... incredible nightmare.