Lucid Motors launches Lucid Financial Services

[joec]

Lucid Motors launches Lucid Financial Services with Bank of America for lease and loan financing — Electrek

Today Lucid Motors announced a new digital financing platform called Lucid Financial Services to provide lease and loan purchase options to Air EV customers in the United States. The financing options are provided through a strategic relationship between Lucid Group and Bank of America.

apple.news

Among other things, we now have leasing options, if that’s your thing.

 

[rbbarry]

Hmmm, I was planning on paying cash but maybe I should lease...

 

[joec]

Hmmm, I was planning on paying cash but maybe I should lease...

As long as they don’t pull a Tesla and give me the option to buy at the end of the lease, I may think about it.

 

[digiboxer]

Hmmm, I was planning on paying cash but maybe I should lease...

If you else, who gets the tax credit---you or the leasing company (eg the "owner")?

 

[rbbarry]

If you else, who gets the tax credit---you or the leasing company (eg the "owner")?

Sometimes the leasing company transfers the credit to your lease but it is up to the leasing company if they want to do that...

 

[joec]

Sometimes the leasing company transfers the credit to your lease but it is up to the leasing company if they want to do that...

Colorado has tax incentives for leases as well as purchasing, I believe. Your state may vary.

 

[victoryroad]

I do not want to finance, but would appreciate a trade option.

 

[joec]

Here’s the official press release, in case you want to hear it direct from the source.

https://www.lucidmotors.com/media-room/lucid-unveils-financial-services-bank-america

 

[joec]

Note, they are still claiming Touring and Pure “later this year.”

 

[joec]

Just caught this footnote. No leases in CO? Weird, but okay.

“Leasing is available for consumers in AL, AK, AZ, AR, CA, CT, DE, DC, FL, GA, HI, ID, IL, KY, ME, MD, MI, MO, MT, NE, NV, NM, NY, NC, ND, OR, PA, SD, TN, TX, VT, VA, WA, WV. Leasing is not available for customers registering their vehicle to their business. Loans for business customers with a co-applicant are available via Bank of America.”

 

[digiboxer]

Colorado has tax incentives for leases as well as purchasing, I believe. Your state may vary.

For me it would be 7500 Fed and 4000 IL...I wouldn't give that up to lease. Cash or loan...

 

[TCGT]

Just caught this footnote. No leases in CO? Weird, but okay.

“Leasing is available for consumers in AL, AK, AZ, AR, CA, CT, DE, DC, FL, GA, HI, ID, IL, KY, ME, MD, MI, MO, MT, NE, NV, NM, NY, NC, ND, OR, PA, SD, TN, TX, VT, VA, WA, WV. Leasing is not available for customers registering their vehicle to their business. Loans for business customers with a co-applicant are available via Bank of America.”

So the question is what do the 16 states left out of this option have in common?

 

[Steveinarizona]

Normally I would not lease and at my age simply pay. BUT the technology is moving so quickly, a lease might be worth considering.

 

[joec]

Normally I would not lease and at my age simply pay. BUT the technology is moving so quickly, a lease might be worth considering.

I am the type who likes upgrading early and often. I know there's no way in three or four years I won't be jonesing for whatever Lucid (or someone else) releases. So I get tempted by leases, too. But looks like this is not available in CO, so that makes the decision easier for me. And losing the federal tax credit is a big deal. With Tesla, that was already taken away, so it wasn't a concern.

 

[borski]

Any info on rates?

 

[limtless]

If you haven't seen it...Luicd now offers financing.

https://www.lucidmotors.com/faq?utm_source=marketingcloud&utm_medium=email&utm_campaign=lfs_reservations_06072022&utm_content=hero_content_block&utm_term=us_reservationholders

Lucid customers in the US can apply directly for loans and leases through Lucid Financial Services.¹ ² ³ Financing options for customers in other international markets will be announced at a later date.

 

[Sam6062]

Colorado has tax incentives for leases as well as purchasing, I believe. Your state may vary.

But the main credit the 7500 is Federal. I am told the credit in Texas does not apply to Lucid.

 

[DBV]

Nice - curious to see what their financing rates are. Interesting - no leases in Ohio. That does not make sense.

Also - will be interesting how Lucid resale value will hold.

 

[hitmanray]

But the main credit the 7500 is Federal. I am told the credit in Texas does not apply to Lucid.

The 7500 is federal. I received it on my Chrysler Pacifica Hybrid a couple of years ago (I live in Texas). But Texas has no incremental state level incentives like Colorado does. I can't see any reason why a car being shipped to Texas would not get the federal rebate.

 

[hitmanray]

I'm really intrigued by this lease option. Will be interesting to see if they go aggressive on residuals to reduce payments and get more people the opportunity to own a vehicle. I think if you look at Tesla depreciation rates, you could make an argument that residuals of electric vehicles are higher at year 3 than their ICE counterparts. Higher residual mean less to finance, means lower payment, means more takers. I guess it depends on what they have been able to figure out with BofA as regards future value risk. Will be interesting to see this play out.