Lucid lease question

[momo3605]

Can anyone with an 18 or 36 month lucid air confirm their approximate drive offs? In the calculator, when I put 0 down, it shows for example $1200/month with $200 drive offs. Ok fine I understand, first month payment and registration would need to be paid, which in my state should be a total of $2000ish. But after putting down a deposit, they are saying the total drive off is $3700 AND I don’t get my $1000 deposit back so really it’s almost $5000 drive off. I’ve leased many cars and I’ve never had a 0 down lease be anywhere close to $5k due at signing. They won’t give me the breakdown unless I put in my credit application. I’d rather know what I’m getting into before hurting my credit

Thanks!

 

[xponents]

Can anyone with an 18 or 36 month lucid air confirm their approximate drive offs? In the calculator, when I put 0 down, it shows for example $1200/month with $200 drive offs. Ok fine I understand, first month payment and registration would need to be paid, which in my state should be a total of $2000ish. But after putting down a deposit, they are saying the total drive off is $3700 AND I don’t get my $1000 deposit back so really it’s almost $5000 drive off. I’ve leased many cars and I’ve never had a 0 down lease be anywhere close to $5k due at signing. They won’t give me the breakdown unless I put in my credit application. I’d rather know what I’m getting into before hurting my credit

Thanks!

The deposit is included in the price. Lucid's leasing processing is kind of pathetic, which is why the credit is needed.

 

[manitou202]

Check on your local taxes and registration to see how those are calculated.

For example, most dealerships in Colorado do not pay for registration. Registering our Air was $2200. Lucid included this cost in my lease because they actually take care of the registration. So it inflated my drive off amount by $2200, but I would have paid that regardless, and they saved me a trip to the DMV.

 

[momo3605]

Check on your local taxes and registration to see how those are calculated.

For example, most dealerships in Colorado do not pay for registration. Registering our Air was $2200. Lucid included this cost in my lease because they actually take care of the registration. So it inflated my drive off amount by $2200, but I would have paid that regardless, and they saved me a trip to the DMV.

Yea, registration should be around $900 or $1k here in california. But other than registration, first month payment and taxes, i assume your order deposit was taken too? Was there anything else they tossed in there?

 

[manitou202]

Nope. Our final numbers were very close to the calculator on their website, outside of the things I mentioned.

 

[DBV]

My final lease numbers I received on Monday were off about $3700 more in down payment, plus the $1000 deposit and my payment was about $60 a month higher than the calculator on the website. Fairly large difference. I can understand the more in down payment, but not the $60 more a month.

Would be nice if Lucid could include the taxes any other fees on the website calculator.

 

[Andretex]

You have to pay sales tax on any part of the deposit and on the $7,500 they are “contributing” to the price of the car. First month is also included plus tax. The Lucid calculator does not figure tax or fees at all. If you have a specific question, please let me know as I recalculated every penny of my lease.

Also the Lucid lease process is terrible. Since they are not dealerships they cant give you a price on the spot. So …. Order the car and pay downpayment. In about 5 days Bank of America calls you with the actual numbers and approval of lease based on your credit. They give no information. So then you take a few days getting more detail from Lucid so you can make sure the lease calc is right. Then you call back Bank of America to give them the ok to move forward. Then they send you a document to sign. A few days later Lucid calls you to say the car is ordered. Even thought the car was available immediately, it takes a week for it to leave Arizona. Then a week to arrive at your Lucid service unit. Then they take a week to clean the car and schedule your pickup. Haha that is pretty much my experience.

But, do it. The car is just awesome. I love it. My only regret was not getting the Dream Edition!!!

 

[DBV]

You have to pay sales tax on any part of the deposit and on the $7,500 they are “contributing” to the price of the car. First month is also included plus tax. The Lucid calculator does not figure tax or fees at all. If you have a specific question, please let me know as I recalculated every penny of my lease.

Also the Lucid lease process is terrible. Since they are not dealerships they cant give you a price on the spot. So …. Order the car and pay downpayment. In about 5 days Bank of America calls you with the actual numbers and approval of lease based on your credit. They give no information. So then you take a few days getting more detail from Lucid so you can make sure the lease calc is right. Then you call back Bank of America to give them the ok to move forward. Then they send you a document to sign. A few days later Lucid calls you to say the car is ordered. Even thought the car was available immediately, it takes a week for it to leave Arizona. Then a week to arrive at your Lucid service unit. Then they take a week to clean the car and schedule your pickup. Haha that is pretty much my experience.

But, do it. The car is just awesome. I love it. My only regret was not getting the Dream Edition!!!

You described the process perfectly.

Mine is a little different, as my car is actually ready, but BofA had some incorrect numbers on the first lease document I received on Monday and now Lucid is reviewing it and then will resubmit It. You are right, as I was not including tax on the $7500 or the $1000 down payment. Still not sure why payment is $60 more than calculator. See what Lucid says when I hear back.

 

[Andretex]

You described the process perfectly.

Mine is a little different, as my car is actually ready, but BofA had some incorrect numbers on the first lease document I received on Monday and now Lucid is reviewing it and then will resubmit It. You are right, as I was not including tax on the $7500 or the $1000 down payment. Still not sure why payment is $60 more than calculator. See what Lucid says when I hear back.

You also pay for the licensing and destination fee. I think that is like $1,500 or so.

 

[par11768]

BofA, at least in NY, loads evey expense into the lease, registration, sales tax, lease inception fee...... This ups the monthly payment. If there is interest on your lease, you are then paying interest on all of these items. Since my lease was 0% interest, I am paying these fees over the life of the lease at the same cost as if I paid them up front. In my case, a Pure, the online calculator was $749/momtn and with eveything into the lease, the monthly went up to $860. I only paid the down payment I had specified and the first month when I picked up the car.

 

[Sact Pure]

Can anyone with an 18 or 36 month lucid air confirm their approximate drive offs? In the calculator, when I put 0 down, it shows for example $1200/month with $200 drive offs. Ok fine I understand, first month payment and registration would need to be paid, which in my state should be a total of $2000ish. But after putting down a deposit, they are saying the total drive off is $3700 AND I don’t get my $1000 deposit back so really it’s almost $5000 drive off. I’ve leased many cars and I’ve never had a 0 down lease be anywhere close to $5k due at signing. They won’t give me the breakdown unless I put in my credit application. I’d rather know what I’m getting into before hurting my credit

Thanks!

I had same questions. It’s registration and there is a $1000 fee to BofA that isnt calculated in the calculator. Hazards of buying online…..

 

[momo3605]

Ok, I have an update. Turns out I was wrong (and the delivery advisor). The order deposit is not used as a "cap cost reduction" towards the lease payment. And their estimate of $3700 was overestimated too.

In california, the total due at signing is first month + registration + tax on rebate = $3k. The order deposit is used towards that upfront payment, so I will owe $2k when i pick up the car. The $1000 referral rebate will be sent as a gift card or check or something after delivery.

I think this is fairly reasonable. I thought, based on delivery advisor's estimate) that i was going to have to give them $5000 upfront to match the lease payment calculated with 0 down.