LUCID Gravity Lease vs Finance

[borski]

Are you finalizing your paper work already?

No, but our DE is supposedly coming off the line on the 8th, according to our SA.

Since loan approvals last 30 days, and this 5.34 is only until 5/12, I wanted to lock in the rate.

 

[dhruv]

BofA approved the full amount for 4.84%. If you know anyone looking, the BoA rate is currently 5.34%, but if you have the relationship discount it's 4.84%.

What's funny is Lucid Financial Services is BofA underneath, but their rate is >7%.

The only other one I found that was lower was:
1) Clearpath FCU (4.49%)
2) Polish & Slavic FCU (3.95%) lmao, I wish I were making that one up, but unfortunately they don't service CA.

If you know anyone in NY/NJ though, the Slavs and poles have great rates

If I can get a similar rate (once I’m at this stage) I think financing makes much more sense than lease which is quite expensive as I’ve described before

 

[borski]

If I can get a similar rate (once I’m at this stage) I think financing makes much more sense than lease which is quite expensive as I’ve described before

Yeah, agreed. I don’t think we’ll see many people leasing the DE at these rates. There are plenty of other FCUs that have rates of 4.99%, btw - just look around a bunch. Carolina Coop FCU is one, for example.

All of the rates I’ve listed are only for excellent credit, etc.

 

[californiaboy935]

Yeah, agreed. I don’t think we’ll see many people leasing the DE at these rates. There are plenty of other FCUs that have rates of 4.99%, btw - just look around a bunch. Carolina Coop FCU is one, for example.

All of the rates I’ve listed are only for excellent credit, etc.

BofA with relationship, or NFCU…

Some people lease for business expenses purposes, my prior business partner leased his air because his business paid for it. At that point the lease cost doesn’t really matter. 4-8% c’est la vie.

 

[illopp00]

BofA approved the full amount for 4.84%. If you know anyone looking, the BoA rate is currently 5.34%, but if you have the relationship discount it's 4.84%.

What's funny is Lucid Financial Services is BofA underneath, but their rate is >7%.

The only other one I found that was lower was:
1) Clearpath FCU (4.49%)
2) Polish & Slavic FCU (3.95%) lmao, I wish I were making that one up, but unfortunately they don't service CA.

If you know anyone in NY/NJ though, the Slavs and poles have great rates

So is your suggestion we shop 3rd party for financing?

 

[californiaboy935]

So is your suggestion we shop 3rd party for financing?

Navy FCU... (how many months is the BofA financing for @borski )

I'd search 3rd parties if you are looking for a deal. Lucid doesn't care how you purchase the car, cash, financing, or lease, it is all the same. So, look for what works best for you and what you can get approved for.

 

[borski]

So is your suggestion we shop 3rd party for financing?

Yes, at least until Lucid’s rates come down.

 

[borski]

View attachment 28671
Navy FCU... (how many months is the BofA financing for @borski )

I'd search 3rd parties if you are looking for a deal. Lucid doesn't care how you purchase the car, cash, financing, or lease, it is all the same. So, look for what works best for you and what you can get approved for.

60. Navy Federal is fantastic if you have access. I don’t.

I do have access to Pentagon FCU, though… hm, I should apply.

 

[Impatient7536]

60. Navy Federal is fantastic if you have access. I don’t.

I do have access to Pentagon FCU, though… hm, I should apply.

View attachment 28681

are auto rates like mortgages where you can have the lenders match and give incentives? or is it more static and has less wiggle room?

 

[californiaboy935]

are auto rates like mortgages where you can have the lenders match and give incentives? or is it more static and has less wiggle room?

My personal experience has been that they are pretty static and decided at a management level not a relationship level.

 

[borski]

are auto rates like mortgages where you can have the lenders match and give incentives? or is it more static and has less wiggle room?

Yes, but it depends on the bank. For example, BofA no longer matches competition rates as of a few years ago, because they tend to be among the lowest of the big banks anyway.

It never hurts to ask, and you may have better luck at smaller institutions.

 

[tgsz]

Lucid historically sets residuals around the mid‑50 % range on a 36 / 10 k lease. Plugging 55 % in:

Residual value ≈ $77,350
Money factor ≈ 0.00406
Equivalent APR ≈ 9.7 %

That combination reproduces a $2,474 payment almost exactly.

If it's a lower residual, the interest rate is lower. Since neither are published in the calculator, is likely at or near this. 50% residual would be around 7.8% APR.