LUCID Financial - slight frustration

[Drakester]

How has everyone's experience been with Lucid Financial? It is pretty much BOA but it seems they are still getting things ironed out.

1. I applied after I put the deposit down on the car. I never received a "you're approved" message. The only way I knew is when my DA reached out to talk about delivery times. I said I was still waiting to hear from BOA but he said on his end I was approved.

2. They said I'd get some docs in 48 hours. never happened.

3. A week after ordering I got a call saying that the car would be delivered in two weeks but I still never heard from BOA so Lucid transferred me to someone and we went over all of my lease terms.

4. Here is the most frustrating part. I have received a total of three or four widely different due at signing amounts. Ranging from 11k up to 22k Yesterday I received two different amounts in a couple of hours span. Then I received DocuSign to complete the PA then got a call saying that was wrong and wait a couple of days for a new one. It's Wed and I take delivery in 3 days...

I know LUCID is new but math isn't or BOA... so it is just a little strange.

 

[joec]

How has everyone's experience been with Lucid Financial? It is pretty much BOA but it seems they are still getting things ironed out.

1. I applied after I put the deposit down on the car. I never received a "you're approved" message. The only way I knew is when my DA reached out to talk about delivery times. I said I was still waiting to hear from BOA but he said on his end I was approved.

2. They said I'd get some docs in 48 hours. never happened.

3. A week after ordering I got a call saying that the car would be delivered in two weeks but I still never heard from BOA so Lucid transferred me to someone and we went over all of my lease terms.

4. Here is the most frustrating part. I have received a total of three or four widely different due at signing amounts. Ranging from 11k up to 22k Yesterday I received two different amounts in a couple of hours span. Then I received DocuSign to complete the PA then got a call saying that was wrong and wait a couple of days for a new one. It's Wed and I take delivery in 3 days...

I know LUCID is new but math isn't or BOA... so it is just a little strange.

I didn’t have any of those specific issues. But they are a bit of a strange duck to deal with, for sure. At least they finally have a web site for making payments and the ability to set up auto pay without mailing them a blank check. That’s progress?

Hang in there. Once the paperwork part is over and you drive your car off the lot, this will all be a distant memory.

 

[Bus Driver]

Another little quirk you’ll discover - if you elect to do automatic payments, you’ll stop receiving paper statements in the post. Personally I find this very irksome. Yes, it’s just more paperwork that I don’t need cluttering up my mailbox, but it’s paperwork clutter I want. I want these banks to spend some of THEIR damn money sending me a paper statement every month. I also find it easier to review quickly outstanding balances, loan term remaining, etc, etc, using a paper statement, instead of poking around on a webiste.

Here’s another thing - when you elect to do automatic payments, you’ll have no website to track your loan payments or your loan progress. I wanted to include my Lucid auto loan in my personal finance software. To get the most up-to-date balnces, APR, etc, etc in order to set up my loan in the software programme, I had to call the Lucid Financial Customer Service and request all of this information be sent to me via USPS. It was a request that applied that one time only. In other words, just as I described above, there was no possibility of having a monthly loan statement mailed to me. However, along with that one time request, the representative also offered to mail me amortisation schedules, payment history, and other things I didn’t need, but thought it nice to have.

Quite cumbersome, and just ever so slightly annoying.

 

[joec]

Another little quirk you’ll discover - if you elect to do automatic payments, you’ll stop receiving paper statements in the post. Personally I find this very irksome. Yes, it’s just more paperwork that I don’t need cluttering up my mailbox, but it’s paperwork clutter I want. I want these banks to spend some of THEIR damn money sending me a paper statement every month. I also find it easier to review quickly outstanding balances, loan term remaining, etc, etc, using a paper statement, instead of poking around on a webiste.

Here’s another thing - when you elect to do automatic payments, you’ll have no website to track your loan payments or your loan progress. I wanted to include my Lucid auto loan in my personal finance software. To get the most up-to-date balnces, APR, etc, etc in order to set up my loan in the software programme, I had to call the Lucid Financial Customer Service and request all of this information be sent to me via USPS. It was a request that applied that one time only. In other words, just as I described above, there was no possibility of having a monthly loan statement mailed to me. However, along with that one time request, the representative also offered to mail me amortisation schedules, payment history, and other things I didn’t need, but thought it nice to have.

Quite cumbersome, and just ever so slightly annoying.

I'm happy not to get more paper. But I agree. Should be an option.

It's a work in progress. Lucid spent most of their energy designing and perfecting the driving characteristics of the car. You can tell many of these other bits of running a car company were not the highest of priorities until after they started shipping. I think we still have a few years of "catch up" work before a lot of these systems are humming.

 

[Amster]

My experience with BoA was really smooth, and I've done this twice. Someone from the bank called me and got the information they needed. They processed stuff at their end and the loan amount appeared in the Lucid payment portal fairly quickly. I still get paper statements from them every month because I haven't done the paperless thing yet.

 

[BerkeleyLeaser]

They're slow to credit payments, I mailed mine last Monday and the check just hit my account - 9 days.

 

[Tim-in-CA]

It was easier and cheaper for me to go directly through BofA. I was approved in less than 60 seconds and got .5% rate discount for my account tier level

 

[Drakester]

It was easier and cheaper for me to go directly through BofA. I was approved in less than 60 seconds and got .5% rate discount for my account tier level

I think for the 0% interest I had to go through Lucid FInancial.

 

[Tim-in-CA]

I think for the 0% interest I had to go through Lucid FInancial.

Yea ... I believe you are correct. Great deal!

 

[Daniel2022AT]

My experience with BOA was perfectly seamless in getting the loan set up. Same with auto payments. I have not received a paper statement from BMW Financial Services in 10 or 15 years. Don’t want paper statements now. If you feel the urge to check on your account you can always do so.

 

[Drakester]

I wrote an email to my delivery advisor listing my concerns. No reply yet so I call lucid financial and they say they still don’t have the docs needed from lucid to finalize everything. I have a Friday or sat scheduled delivery.

It’s turned in to real frustration and I am considering canceling my order and just keeping my Tesla and continue to wait for the Polestar 5.

Going to sleep on it and decide in the morning.

 

[Bus Driver]

If you feel the urge to check on your account you can always do so.

Yes, but Lucid Financial Services don’t make it easy. Not by any means.

 

[Bus Driver]

I wrote an email to my delivery advisor listing my concerns. No reply yet so I call lucid financial and they say they still don’t have the docs needed from lucid to finalize everything. I have a Friday or sat scheduled delivery.

It’s turned in to real frustration and I am considering canceling my order and just keeping my Tesla and continue to wait for the Polestar 5.

Going to sleep on it and decide in the morning.

Cancel. I’m loath to urge you to do this because it means you’ll be missing out on a really, really terrific car. The best I’ve ever owned.

Lucid really needs to get its act together. When they lose enough orders like yours, by customers who are just driven to frustration by their lack of communication, Lucid just may be motivated to do so.

By the way, I never got a “You’re Approved” message either. All that happened was a Lucid Financial Services rep called and left a message. When I called back, I answered a series of questions that I thought were related to my initial credit application. It took several minutes for me to realise that what was actually happening was that the rep was setting up my loan account over the phone. In fact at one point I blurted out, “so when will I know the status of my loan application?!”

Mark, the rep, replied “Oh, you’ve already been approved. I’m just getting your account set up”.

 

[Drakester]

Cancel. I’m loath to urge you to do this because it means you’ll be missing out on a really, really terrific car. The best I’ve ever owned.

Lucid really needs to get its act together. When they lose enough orders like yours, by customers who are just driven to frustration by their lack of communication, Lucid just may be motivated to do so.

By the way, I never got a “You’re Approved” message either. All that happened was a Lucid Financial Services rep called and left a message. When I called back, I answered a series of questions that I thought were related to my initial credit application. It took several minutes for me to realise that what was actually happening was that the rep was setting up my loan account over the phone. In fact at one point I blurted out, “so when will I know the status of my loan application?!”

Mark, the rep, replied “Oh, you’ve already been approved. I’m just getting your account set up”.

I am sure the car is great. My Mercedes, BMWs and Teslas have been great too. It isn’t only the lack of communication but also false information I have received. I sent an email to inquire about the cancellation process and getting the deposit back. My delivery center here in Houston has so many cars that were never picked up and I didn’t understand why when I placed my order but now I see why. Spending this kind of money you are accustomed to a certain level of service.

 

[mcr16]

I am sure the car is great. My Mercedes, BMWs and Teslas have been great too. It isn’t only the lack of communication but also false information I have received. I sent an email to inquire about the cancellation process and getting the deposit back. My delivery center here in Houston has so many cars that were never picked up and I didn’t understand why when I placed my order but now I see why. Spending this kind of money you are accustomed to a certain level of service.

Hi, @Drakester.

I am sorry to hear of any difficulties you are experiencing. Let me know if I can be of assistance.

 

[Bobby]

I wrote an email to my delivery advisor listing my concerns. No reply yet so I call lucid financial and they say they still don’t have the docs needed from lucid to finalize everything. I have a Friday or sat scheduled delivery.

It’s turned in to real frustration and I am considering canceling my order and just keeping my Tesla and continue to wait for the Polestar 5.

Going to sleep on it and decide in the morning.

Give them time to get their act together. It’s a fantastic car and worth these initial frustrations.

 

[mcr16]

@hydbob would you mind enabling the conversation feature for @Drakester? I will reach out to them directly.

 

[Drakester]

Hi, @Drakester.

I am sorry to hear of any difficulties you are experiencing. Let me know if I can be of assistance.

Hi, Once I called in to inquire about canceling that seemed to get things moving. My local Houston delivery person called me and gave me what I have been wanting. Communication.
So, long story short I didn't cancel. I actually just signed the lease agreement that was sent over about a hour ago so hopefully everything will be finalized tomorrow and I can still take delivery on Sat.

 

[SFSOUNDGUY]

I wrote an email to my delivery advisor listing my concerns. No reply yet so I call lucid financial and they say they still don’t have the docs needed from lucid to finalize everything. I have a Friday or sat scheduled delivery.

It’s turned in to real frustration and I am considering canceling my order and just keeping my Tesla and continue to wait for the Polestar 5.

Going to sleep on it and decide in the morning.

It not your normal process ie; its digital and the left hand "Bank" and right hand "Lucid" are not in sync. We are all programed to expect full push though but since they are a new Co. that's not the way it is. My recommendation is ride with it, its a great car and realy great financing. Take It!

 

[Drakester]

It not your normal process ie; its digital and the left hand "Bank" and right hand "Lucid" are not in sync. We are all programed to expect full push though but since they are a new Co. that's not the way it is. My recommendation is ride with it, its a great car and realy great financing. Take It!

Yeah. I just assumed since it was a part of BOA that it would go smoother. The 0% in really great in this climate so after speaking with them today and getting the docs today i went ahead and signed. Should be taking delivery on Sat