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Lucid Gravity Lease Buyout

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krislucid

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Is it possible to lease a lucid gravity and buy it out immediately after first/second month or does lucid not allow early buyout? If they do allow will $7500 credit be clawed back?
 
In accordance with your Lease Contract, the $7,500 EV Credit for lease customers applied as capital cost reduction on your contract may have to be repaid if the lease is terminated within the first eighteen (18) months from the lease contract date, or any other period designed by the Internal Revenue Service as the period for which vehicle sale may trigger recapture (the requirement to repay) of the EV Credit.
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From: https://lucidmotors.com/knowledge/o.../vehicle-lease-end#frequently-asked-questions

You'll find this under the FAQ > Financial > "How can I purchase my vehicle?"
 
krislucid said:
Is it possible to lease a lucid gravity and buy it out immediately after first/second month or does lucid not allow early buyout? If they do allow will $7500 credit be clawed back?
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Did anyone do the early buyout and had to repay the 7500?
 
Yeah, I was curious about this, too. However, this isn't very solid information: "may" have to??? Okay. I "may" have to make my car payment this month. LOL. Looks like to be safe from potential clawback, you have to wait 18 months from what I'm reading.

fr FAQ
"In accordance with your Lease Contract, the $7,500 EV Credit for lease customers applied as capital cost reduction on your contract may have to be repaid if the lease is terminated within the first eighteen (18) months from the lease contract date"
 
The whole Federal rebate on leases is a work around on the maximum vehicle price limits congress placed on the program. The way I understand it (and I may be wrong), the capital cost of the lease (selling price minus residual) must be less that the maximum allowable price. By paying off the vehicle early the capital cost may exceed the limit and the purchase will no longer meet the federal rebate requirements. In that case you would need to reimburse Lucid Financial for the loss of the government rebate.
 
What's unclear to me is the language "terminate your lease early." So if you make all your lease payments and purchase your car by paying the residual amount, that is considered early termination? You've fulfilled all your financial obligations under the lease.
 
The bigger question here is what happens after Sept. 31? Leases from Oct. thru Dec. will have a rebate not subject to any Federal rules but rather what ever rules Lucid (or their lease financier) establish. In this case, either Lucid, the financier or a combo of both is eating the rebate cost. At that point, any penalties for early payoff of lease would be totally up to Lucid/financier.
 
Yes but why would they publicize lenient rules ahead of September 30, maybe not even after the 30th. Well publicized lenient rules for keeping a Lucid supplied rebate will just cause confusion (and possibly resentment) among buyers operating under Federal rebate rules.
 
Bdr100 said:
The bigger question here is what happens after Sept. 31? Leases from Oct. thru Dec. will have a rebate not subject to any Federal rules but rather what ever rules Lucid (or their lease financier) establish. In this case, either Lucid, the financier or a combo of both is eating the rebate cost. At that point, any penalties for early payoff of lease would be totally up to Lucid/financier.
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As I understand it, the wiggle room of "may" is because the IRS may require early lease buyouts to repay the incentive, but they haven't actually published such a rule. Ironically, the chaos of the Trump administration seems to have derailed the rule making on this topic. The full lease contract has a clause about IRS rules.
 
L-Dude said:
What's unclear to me is the language "terminate your lease early." So if you make all your lease payments and purchase your car by paying the residual amount, that is considered early termination? You've fulfilled all your financial obligations under the lease.
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Yes re: “early termination”. Anything prior to lease end is early termination.
 
Wanted to bump this thread now that the $7500 is coming from Lucid and not the government. Has anyone done this yet - leased to get the $7500 then immediately pay off and buy the car outright? Sales advisor saying this is doable but would like to be sure...
 
Darkstar19 said:
Wanted to bump this thread now that the $7500 is coming from Lucid and not the government. Has anyone done this yet - leased to get the $7500 then immediately pay off and buy the car outright? Sales advisor saying this is doable but would like to be sure...
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My lease contract, which was completed after Sept. 31st, has the “may” claw-back $7,500 language mentioned above if the lease is terminated within 18 months. I think to be safe you’d have to wait until the 19 month, unless you can get something in writing from BoA/Lucid.

I leased to capture the $7,500 and also to have the optionality to return the car if Lucid meets some financial demise or if the battery technology significantly changes. I figured that optionality cost me about 5% and was worth it given the circumstances. Normally, I pay cash for my cars and keep them a long time. I hate leasing. However, I don’t want to pay cash for a car and be stuck with an unserviceable $140K brick if Lucid disappears like some of the other EV makers. Even now I’m not sure I would buy the car out in the 19th month, as I might want to keep that optionality until the 36th month.
 
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ClearlyLucid said:
My lease contract, which was completed after Sept. 31st, has the “may” claw-back $7,500 language mentioned above if the lease is terminated within 18 months. I think to be safe you’d have to wait until the 19 month, unless you can get something in writing from BoA/Lucid.

I leased to capture the $7,500 and also to have the optionality to return the car if Lucid meets some financial demise or if the battery technology significantly changes. I figured that optionality cost me about 5% and was worth it given the circumstances. Normally, I pay cash for my cars and keep them a long time. I hate leasing. However, I don’t want to pay cash for a car and be stuck with an unserviceable $140K brick if Lucid disappears like some of the other EV makers. Even now I’m not sure I would buy the car out in the 19th month, as I might want to keep that optionality until the 36th month.
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100%. There is no way Lucid is letting you get out of the lease AND get take the benefit of the “credit” even if it’s not the government credit. Lease language post 9/30 still has the 18 month language noted above.

Don’t listen to your SA. They have no idea 90% of the time. Seriously. If there’s one thing I’ve learned from the forum, it’s don’t rely on your SA for finance questions. It’s Lucid Finance (BofA) who makes the decision and they’re not going to “eat” the $7,500. They’re quite difficult to deal with. Ask any person who leased an Air. It was such an issue Lucid sent an email to all Air and Gravity folks who are leasing saying they knew it was an issue with Lucid Finance and it will get better.
 
Ron_Burgundy said:
100%. There is no way Lucid is letting you get out of the lease AND get take the benefit of the “credit” even if it’s not the government credit. Lease language post 9/30 still has the 18 month language noted above.

Don’t listen to your SA. They have no idea 90% of the time. Seriously. If there’s one thing I’ve learned from the forum, it’s don’t rely on your SA for finance questions. It’s Lucid Finance (BofA) who makes the decision and they’re not going to “eat” the $7,500. They’re quite difficult to deal with. Ask any person who leased an Air. It was such an issue Lucid sent an email to all Air and Gravity folks who are leasing saying they knew it was an issue with Lucid Finance and it will get better.
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Yeah, confirming my instinct. I’m one of those people who am currently leasing an Air so know it well
 
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