Lucid’s $7500 tax rebate on leases

[nautchilous]

Good morning. I wanted ask you guys and gals a question….I got an email from Lucid asking me if I wanted to take advantage of the $7500 rebate on a lease. I am not really a big fan of leases
This question is really for anyone on this forum that did a lease with them. Anybody know what is the residual value ( Touring model) on a 36 month lease if I did 10k miles a year …..Also what is their money factor if you have A1 credit? Another question will the residual value be based on the Msrp before or after the price increase? I locked in my price on the touring when it was $95k and I am not getting DDPRO and SSPRO. Another member sent me a copy of his Msrp sticker and it reflected The price hike even though he paid the lower price. I am hoping Lucid will base the residual value off the old pricing…It might make sense to do a short term lease and get the $7500 tax break and purchase the car after 3 years..Providing I decide to keep the car …..Anyone would like to chime on my concerns. This is the email they sent me…According to my DA , my car is in general assembly as of last Friday…Not sure when the car will be ready…I am thinking sometime next month…I already have my financing secured, I am open to a lease if it makes Sense In terms of bottom line pricing if I decide to buy at the end.

 

[EVNubee_no more]

Good morning. I wanted ask you guys and gals a question….I got an email from Lucid asking me if I wanted to take advantage of the $7500 rebate on a lease. I am not really a big fan of leases
This question is really for anyone on this forum that did a lease with them. Anybody know what is the residual value ( Touring model) on a 36 month lease if I did 10k miles a year …..Also what is their money factor if you have A1 credit? Another question will the residual value be based on the Msrp before or after the price increase? I locked in my price on the touring when it was $95k and I am not getting DDPRO and SSPRO. Another member sent me a copy of his Msrp sticker and it reflected The price hike even though he paid the lower price. I am hoping Lucid will base the residual value off the old pricing…It might make sense to do a short term lease and get the $7500 tax break and purchase the car after 3 years..Providing I decide to keep the car …..Anyone would like to chime on my concerns. This is the email they sent me…According to my DA , my car is in general assembly as of last Friday…Not sure when the car will be ready…I am thinking sometime next month…I already have my financing secured, I am open to a lease if it makes Sense In terms of bottom line pricing if I decide to buy at the end.

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Very interested in responses from this forum on this topic as I want to evaluate this alternative to see if it makes financial sense.

 

[nautchilous]

after searching the forum on this topic….It seems the residual at 36 months @10k miles is around 50%+…And is based off the new Msrp pricing which is $12k higher and sure they have a lease acquisition fee and the money factor is probably higher than the 3.99% I am getting from my bank on a purchase…Financially, a Lucid lease even with the $7500 credit will end up costing me more if I decide to keep the car at the end of the lease.

 

[DBV]

Not sure if you noticed, but the Lucid lease calculator lets you select before reservations price before June 1, if you select the drop down Vehicle Price. Wish you could add in any options too.

Also - don’t think the $7500 is included in the calculator yet. I think the $7500 does make the lease much better than before.

 

[Constitution1st]

Very interested in responses from this forum on this topic as I want to evaluate this alternative to see if it makes financial sense.

Not much to evaluate as Lucid Financial will not provide the money factor or residual until you apply and run credit. You know that's a scam as residual values have zero correlation to credit scores. Also, they should learn their demographic. People purchasing a 100K vehicle coming out mulitple MBenz leases have the credit worthiness to lease a start-up Lucid vehicle. The lease emails are clearly a gimmick to save as many cancellations as possible after Feds eliminated their tax credit eligibility.
Likely taking delivery late next week (VIN 50EA1TEA0PA005767 ) paying cash and determining which to sell; Telsa S Performance or the Lucid AT. Black/Mojave/21"/Glass Roof/Premium Sound (when available)

 

[HC_79]

Not much to evaluate as Lucid Financial will not provide the money factor or residual until you apply and run credit. You know that's a scam as residual values have zero correlation to credit scores. Also, they should learn their demographic. People purchasing a 100K vehicle coming out mulitple MBenz leases have the credit worthiness to lease a start-up Lucid vehicle. The lease emails are clearly a gimmick to save as many cancellations as possible after Feds eliminated their tax credit eligibility.
Likely taking delivery late next week (VIN 50EA1TEA0PA005767 ) paying cash and determining which to sell; Telsa S Performance or the Lucid AT. Black/Mojave/21"/Glass Roof/Premium Sound (when available)

I don't know if it's a scam. My experience with Audi has been similar when leasing a vehicle. You don't see anything until they've run your credit as the money factor changes depending on your score. I got penalized from VW Financial Services based on the length of my credit history (only arrived in US 10 years ago) so my money factor \ residual was higher compared to what the deal was they were offering. This was even after have 2 leases with VW Financial Services, never missing a payment and they still penalized me. So not necessarily a scam but they're just doing what other car dealers do. Well, based on my experience anyway.

 

[Constitution1st]

I don't know if it's a scam. My experience with Audi has been similar when leasing a vehicle. You don't see anything until they've run your credit as the money factor changes depending on your score. I got penalized from VW Financial Services based on the length of my credit history (only arrived in US 10 years ago) so my money factor \ residual was higher compared to what the deal was they were offering. This was even after have 2 leases with VW Financial Services, never missing a payment and they still penalized me. So not necessarily a scam but they're just doing what other car dealers do. Well, based on my experience anyway.

Residuals are based on historical used vehicle valuations/mileage. They have actuaries from Tesla S they could rely on. Credit has zero correlation to Residuals. If a Dealer tells you otherwise, they are FOS!

Money factor is interest rate. Thus, dependent on credit worthiness.

The SCAM portion is Lucid seeking to procure more applicants information and their credit worthiness to sell to other related entities once they decline to outrageous lease rates/terms/residual.

 

[Bobby]

Residuals are based on historical used vehicle valuations/mileage. They have actuaries from Tesla S they could rely on. Credit has zero correlation to Residuals. If a Dealer tells you otherwise, they are FOS!

Money factor is interest rate. Thus, dependent on credit worthiness.

The SCAM portion is Lucid seeking to procure more applicants information and their credit worthiness to sell to other related entities once they decline to outrageous lease rates/terms/residual.

Your accusations have no basis and are therefore not acceptable on this forum. Please refrain from such. Thank you.

 

[abbas2099]

Not much to evaluate as Lucid Financial will not provide the money factor or residual until you apply and run credit. You know that's a scam as residual values have zero correlation to credit scores. Also, they should learn their demographic. People purchasing a 100K vehicle coming out mulitple MBenz leases have the credit worthiness to lease a start-up Lucid vehicle. The lease emails are clearly a gimmick to save as many cancellations as possible after Feds eliminated their tax credit eligibility.
Likely taking delivery late next week (VIN 50EA1TEA0PA005767 ) paying cash and determining which to sell; Telsa S Performance or the Lucid AT. Black/Mojave/21"/Glass Roof/Premium Sound (when available)

Are you saying you are taking delivery next week and already thinking of either selling your new Lucid or a your Tesla? Why even bother picking up the Lucid, lose your $1k deposit because you will lose alot more selling it.

 

[Constitution1st]

What are the used AT's trading for now? I haven't looked in a couple months. I suspect there are several forum readers on the list that may want to acquire sooner vs. later. Afterall, there is no tax incentive remaining used or new.

 

[Constitution1st]

Are you saying you are taking delivery next week and already thinking of either selling your new Lucid or a your Tesla? Why even bother picking up the Lucid, lose your $1k deposit because you will lose alot more selling it.

I located 55 used Lucids currently being marketed on cargurus. There may be more on other portals, i.e; autolist, etc.

Used Lucid for Sale (with Photos) - CarGurus

Browse the best April 2024 deals on Lucid vehicles for sale. Save $12,391 this April on a Lucid on CarGurus.

www.cargurus.com

Interesting that more people from the Lucid waiting list are not acquiring a low mileage used unit now in lieu of continuing to wait. There is not tax incentive to wait for new any longer.

 

[Lucken]

I located 55 used Lucids currently being marketed on cargurus. There may be more on other portals, i.e; autolist, etc.

Used Lucid for Sale (with Photos) - CarGurus

Browse the best April 2024 deals on Lucid vehicles for sale. Save $12,391 this April on a Lucid on CarGurus.

www.cargurus.com

Interesting that more people from the Lucid waiting list are not acquiring a low mileage used unit now in lieu of continuing to wait. There is not tax incentive to wait for new any longer.

I don’t know the answer to this question, but instinctively this seems like a large number of used Lucids relative to the relatively small number of Lucids produced thus far. Is it? As you indicated, this is just one portal, so who knows what the total number actually is.

 

[borski]

I don’t know the answer to this question, but instinctively this seems like a large number of used Lucids relative to the relatively small number of Lucids produced thus far. Is it? As you indicated, this is just one portal, so who knows what the total number actually is.

55 of multiple thousands? Doesn’t seem large to me.

 

[Lucken]

55 of multiple thousands? Doesn’t seem large to me.

Well remember this is just one site, so we really don’t know what the total number actually is. But as I said, this may be totally normal, I really don’t know without seeing stats for other new cars.

 

[borski]

Well remember this is just one site, so we really don’t know what the total number actually is. But as I said, this may be totally normal, I really don’t know without seeing stats for other new cars.

Sure. People usually cross post, but yeah.