LUCID Gravity Lease vs Finance

[WeighingGravity]

Now that I have just signed all my paperwork with official values now set in stone, here is my final update on leasing numbers. Perhaps they will help someone else.

My GDE had a residual of $66,655.90 on a 36 month/15K mile lease. That doesn't work out to a round %age on any of the numbers I tried ($139900, or that plus delivery, etc) but you can take it for what it's worth. It's in the neighborhood of 47-48%.

I had a final MF of .00227, or 5.448% equivalent interest rate.

I got $7500 as a credit. I ordered and paid my deposit back in March, so I was "under contract" (sort of) before the Sept 30 deadline. I assume that the feds are covering that, and not Lucid. There is an 18-month recapture period on the credit in the event of early lease termination, and that language strongly implies that it has to do with the IRS clawing it back. If in fact Lucid is footing the bill, it could make for an interesting legal case if someone wanted to buy out the lease inside of 18 months. Could they fight Lucid to keep the full credit value? Not a question for me to answer....

 

[socktucker]

There is no such email. I didn’t even get a call. It’s possible some SAs give a call, but I’m definitely not alone in not getting one. It’s frustrating to say the least. I think they need to do a much better job communicating.

Their process is so broken. I initially contacted them via website to buy a car over 2 months ago. Got ignored. Sent an email-got ignored. Finally I just called and got a (great) sales guy. He got the job done despite Lucid Seattle's best attempts to ruin the delivery. Then the car has had multiple issues, nobody from service can even get to it, right? I'm in some weird limbo now with a broken 2026 luxury car car with service worse than Honda.

....I get a call on a Sunday night from Lucid-i think awesome! This must be that call I was waiting for to confirm service!!!
NOPE-it was a guy following up on a "sales lead" from when I first contacted the website 2 months ago, asking if I was still intersted in buying a Lucid!!!

 

[Smorgasbord]

....I get a call on a Sunday night from Lucid-i think awesome! This must be that call I was waiting for to confirm service!!!
NOPE-it was a guy following up on a "sales lead" from when I first contacted the website 2 months ago, asking if I was still intersted in buying a Lucid!!!

Well, every few months I get a text from Tesla asking me if I want to trade my Tesla in for a newer/better version.

This despite me reminding them each time that the car is leased from them, but if they want to waive the early termination fee I'd be interested.

They don't follow up, lol.

 

[socktucker]

Well, every few months I get a text from Tesla asking me if I want to trade my Tesla in for a newer/better version.

This despite me reminding them each time that the car is leased from them, but if they want to waive the early termination fee I'd be interested.

They don't follow up, lol.

I did tell Lucid customer service that fortunately I haven’t returned my Tesla yet cuz it’s wiper washers actually spray so it’s safe to drive in the rain.

 

[Ughwhy]

Their process is so broken. I initially contacted them via website to buy a car over 2 months ago. Got ignored. Sent an email-got ignored. Finally I just called and got a (great) sales guy. He got the job done despite Lucid Seattle's best attempts to ruin the delivery. Then the car has had multiple issues, nobody from service can even get to it, right? I'm in some weird limbo now with a broken 2026 luxury car car with service worse than Honda.

....I get a call on a Sunday night from Lucid-i think awesome! This must be that call I was waiting for to confirm service!!!
NOPE-it was a guy following up on a "sales lead" from when I first contacted the website 2 months ago, asking if I was still intersted in buying a Lucid!!!

How many threads are you going to spread your bitching across? Personally, readding your story once in the thread you started was enough for me.

 

[BobFM]

Now that I have just signed all my paperwork with official values now set in stone, here is my final update on leasing numbers. Perhaps they will help someone else.

My GDE had a residual of $66,655.90 on a 36 month/15K mile lease. That doesn't work out to a round %age on any of the numbers I tried ($139900, or that plus delivery, etc) but you can take it for what it's worth. It's in the neighborhood of 47-48%.

I had a final MF of .00227, or 5.448% equivalent interest rate.

I got $7500 as a credit. I ordered and paid my deposit back in March, so I was "under contract" (sort of) before the Sept 30 deadline. I assume that the feds are covering that, and not Lucid. There is an 18-month recapture period on the credit in the event of early lease termination, and that language strongly implies that it has to do with the IRS clawing it back. If in fact Lucid is footing the bill, it could make for an interesting legal case if someone wanted to buy out the lease inside of 18 months. Could they fight Lucid to keep the full credit value? Not a question for me to answer....

Got same money factor. My view is that's basically in-line with current auto loan rates, so that's definitely a beneficial move. I'm also getting the $7500 credit, having ordered pre-9/30. Delivery tentatively scheduled for next week, but want to make sure the latest update is completed at the Houston SC.

 

[WeighingGravity]

aaaaaand away we go!

 

[jace]

here are the rates I got from Penfed today asking for 115k on the 140k for a GDE. credit score 833.

just a data point for those as of today that are looking at buy vs. lease options.

 

[socktucker]

aaaaaand away we go!

You got it?!?

 

[Ron_Burgundy]

here are the rates I got from Penfed today asking for 115k on the 140k for a GDE. credit score 833.

just a data point for those as of today that are looking at buy vs. lease options.


View attachment 33679

Super helpful info. Nice rates, but make me long for 2022 when I got a 72 month loan for 2.99% for our X from Alliant.

 

[borski]

How many threads are you going to spread your bitching across? Personally, readding your story once in the thread you started was enough for me.

Please don't attack others in this forum; this could have been written without the attack, and still gotten the point across. I'm not deleting it only because your *point* is totally valid, heh.

@socktucker has mentioned on a different thread that they will keep it to a single thread moving forward, as per the guidelines, so I'm happy to let this go unless it starts happening again.

 

[socktucker]

Please don't attack others in this forum; this could have been written without the attack, and still gotten the point across. I'm not deleting it only because your *point* is totally valid, heh.

@socktucker has mentioned on a different thread that they will keep it to a single thread moving forward, as per the guidelines, so I'm happy to let this go unless it starts happening again.

Oh I just Ignore List people like that

 

[Ron_Burgundy]

 

[jace]

Now back to topic …

Anyone seeing better rates than the Penfwd rates I got above ?

 

[Ron_Burgundy]

Now back to topic …

Anyone seeing better rates than the Penfwd rates I got above ?

I have not. It’s been a bit since I looked, but PenFed was equally to Alliant at the time.

 

[prgarg]

here are the rates I got from Penfed today asking for 115k on the 140k for a GDE. credit score 833.

just a data point for those as of today that are looking at buy vs. lease options.


View attachment 33679

I think 48 months is the sweet spot with those good rates

 

[pjdcorp]

I think 48 months is the sweet spot with those good rates

Navy Federal Credit Union usually has great rates - if you qualify - you must have some military connection

 

[jace]

Navy Federal Credit Union usually has great rates - if you qualify - you must have some military connection

I just went through membership there to check, cost me $5.

NFCU Rate is 5.29%

 

[socktucker]

View attachment 33681

I’m not even gonna dispute it fair call.

The effective APR on mine was like 2% with all the credits.

 

[BobFM]

If you have relationship status at BofA and excellent credit (800+), you can get as low as 4.94%.