Lucid Motors launches Lucid Financial Services

[HC_79]

The lease option is interesting, especially for a startup. We all took a $140K+ risk on Lucid and praying they will survive and we're not all left with a car from a company that didn't make it. At least with a lease, they go under you can just give the car back and stop paying. Less risk.

Between announcing a new plant in Saudi Arabia, launching in Europe and now financing and leasing deals I don't get what this companies priorities are. You actually have to be able to make cars and Lucid is failing big time in this at the moment. No point having orders being taken in Europe or offering financing and leasing options if you can't actually get cars out of the plant that is supposedly able to make 32,000 cars a year already.

 

[rbbarry]

They just emailed me about this and I decided to call the 800# in the FAQs and they said they don't know, I should call Lucid. Lucid told me that the financing team should know these details. So my DA called and he said they are going to get back to me on how this process works, etc.

 

[HC_79]

They just emailed me about this and I decided to call the 800# in the FAQs and they said they don't know, I should call Lucid. Lucid told me that the financing team should know these details. So my DA called and he said they are going to get back to me on how this process works, etc.

View attachment 2568

So once again this just stems back to what a majority of people in this forum complain about, COMMUNICATION. It seems the left hand isn't talking to the right hand at Lucid and no matter how many times you tell them they've got communication issues it just seems they're not learning. If an email campaign and press release are going out then maybe the staff internally should be informed and know how to handle questions.

 

[LCIDdreams]

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

I would have guessed it would be states that don’t allow direct sales. TX is on there though, and I know they do not allow a manufacturer to operate their own dealership locations, so I guess that can’t be the reason.

 

[Volund]

The lease option is interesting, especially for a startup. We all took a $140K+ risk on Lucid and praying they will survive and we're not all left with a car from a company that didn't make it. At least with a lease, they go under you can just give the car back and stop paying. Less risk.

Between announcing a new plant in Saudi Arabia, launching in Europe and now financing and leasing deals I don't get what this companies priorities are. You actually have to be able to make cars and Lucid is failing big time in this at the moment. No point having orders being taken in Europe or offering financing and leasing options if you can't actually get cars out of the plant that is supposedly able to make 32,000 cars a year already.

Saudi is backing the project, there's no way they'd let their pride fall with Lucid, even if Lucid is failing, they'll pump money until it's successful LOL

 

[Sam6062]

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.

Oh the Federal Rebate is there, however we discussed it on another thread here that there are also Incentives IN Texas for EV’s like Solar Panel but it has something to do with Lucid not being eligible. I will try and dig it up again.

 

[hitmanray]

Oh the Federal Rebate is there, however we discussed it on another thread here that there are also Incentives IN Texas for EV’s like Solar Panel but it has something to do with Lucid not being eligible. I will try and dig it up again.

Interesting. Please share what you find. Texas is not super renewable friendly (at least at the consumer level) but every little helps. I have tried to look at solar a couple of times because, you know, Texas. Sun shines literally all the time. But still can't get to a compelling case because our power is so cheap. Hopefully it will keep getting better.

 

[rbbarry]

So once again this just stems back to what a majority of people in this forum complain about, COMMUNICATION. It seems the left hand isn't talking to the right hand at Lucid and no matter how many times you tell them they've got communication issues it just seems they're not learning. If an email campaign and press release are going out then maybe the staff internally should be informed and know how to handle questions.

To be fair, they directed me eventually to my DA who said he is in a meeting about it now and will get back to me later today with more details. Just dumb they list an 800# that is not helpful.

 

[rbbarry]

Maybe not, my DA, as promised, got back to me very quickly but said I should call that 800#, that same 800# that had no information to give me.

The issue is that I don't have a VIN yet, I think. But super curious if I should consider leasing or paying cash but I guess I can find out later...

 

[LCIDdreams]

Oh the Federal Rebate is there, however we discussed it on another thread here that there are also Incentives IN Texas for EV’s like Solar Panel but it has something to do with Lucid not being eligible. I will try and dig it up again.

Texas has a state EV incentive credit but only applies to EVs sold through independent (not owned by a car manufacturer) dealers.

 

[hitmanray]

The thought that's is running around my head (because this is just how I love to overthink things) is does this create a justifiable path for me to upgrade to GT from T? If so, do I need to do something before the end of June as I understand after that we won't be able to get the pre-raise pricing. I know, I know, all the usual things about affordability, and kicking the can down the road with a lease, and paying more in financing fees, all still apply, but, you know, I love me some massaging seats!

I'm sure it will all become clear soon enough.

 

[Volund]

The thought that's is running around my head (because this is just how I love to overthink things) is does this create a justifiable path for me to upgrade to GT from T? If so, do I need to do something before the end of June as I understand after that we won't be able to get the pre-raise pricing. I know, I know, all the usual things about affordability, and kicking the can down the road with a lease, and paying more in financing fees, all still apply, but, you know, I love me some massaging seats!

I'm sure it will all become clear soon enough.

I'm in the same boat, but I haven't seen any EV Incentives for Utah, which is what drives me away from it, I don't mind not having massage seats, I don't think I'll be driving THAT much, I work from home.
But I'm curious how many people 'drive more' since they got their Lucid's? I wonder if I'll be in that category as well.

This is my first Luxury car and first EV, so I'm super excited and impatient.
Gas is at $5 here, peaked at $7 here in Utah

 

[hellolucid]

I wonder what the rates are. I doubt they can beat my local credit union rates.

 

[Sam6062]

I wonder what the rates are. I doubt they can beat my local credit union rates.

Seriously doubt it. I inquired when I was doing my financing and it wasn’t even close.

 

[Impatient7536]

pretty sure we all know this already, but i was told today that

1) a leasing calculator will be coming out soon for us to play around to get an estimate
2) we still qualify for the 7.5k federal tax credit
3) you'll choose your option with your DA when the car is almost time for delivery (cash, finance, or lease)
4) as of now, from what they know so far, we will be able to buy the car at the end of the lease (unlike tesla). only a couple states don't allow this (not sure if that's true or not)

 

[rbbarry]

pretty sure we all know this already, but i was told today that

1) a leasing calculator will be coming out soon for us to play around to get an estimate
2) we still qualify for the 7.5k federal tax credit
3) you'll choose your option with your DA when the car is almost time for delivery (cash, finance, or lease)
4) as of now, from what they know so far, we will be able to buy the car at the end of the lease (unlike tesla). only a couple states don't allow this (not sure if that's true or not)

Thank you!

 

[rbbarry]

Meanwhile this no longer works https://promotions.bankofamerica.com/autoloans/lucid?sourceCode=Lucid&;mktgCode=Lucid

Via https://www.lucidmotors.com/media-room/lucid-selects-bank-america-preferred-lender

 

[Bus Driver]

pretty sure we all know this already, but i was told today that

1) a leasing calculator will be coming out soon for us to play around to get an estimate
2) we still qualify for the 7.5k federal tax credit
3) you'll choose your option with your DA when the car is almost time for delivery (cash, finance, or lease)
4) as of now, from what they know so far, we will be able to buy the car at the end of the lease (unlike tesla). only a couple states don't allow this (not sure if that's true or not)

2) is a huge, pleasant surprise to me. With our Tesla purchases we couldn’t/didn’t qualify for the federal tax credit so I ended up financing instead of leasing.

 

[Slam08]

The used car market is so hot right now, I don’t think leases make sense in the current environment.

Case in point. You buy a new 2019 I pace back in 2019 for about 55-60k

Guess how much they are selling for on the used car market now? 50-55k.

Anyone who leased ended up losing money. You were better off owning it and then selling. (I simplified the argument. I know there are other costs.). And of course you don’t trade it in for that much.

I think new cars nowadays are similar. I know things will be different in 2-3 years. But from what I’ve heard the supply chain isn’t improving anytime soon. Dealers tell me to expect shortages of new cars in the high end used car market for at least the next 1-2 years. And when you go to sell there will be a shortage of lightly used cars because there aren’t that many 2020-2022 models from any manufscturer available.

 

[joec]

The used car market is so hot right now, I don’t think leases make sense in the current environment.

Case in point. You buy a new 2019 I pace back in 2019 for about 55-60k

Guess how much they are selling for on the used car market now? 50-55k.

Anyone who leased ended up losing money. You were better off owning it and then selling. (I simplified the argument. I know there are other costs.). And of course you don’t trade it in for that much.

I think new cars nowadays are similar. I know things will be different in 2-3 years. But from what I’ve heard the supply chain isn’t improving anytime soon. Dealers tell me to expect shortages of new cars in the high end used car market for at least the next 1-2 years. And when you go to sell there will be a shortage of lightly used cars because there aren’t that many 2020-2022 models from any manufscturer available.

With the exception of Tesla, you usually have the option to buy your car at the end of any lease. And the price is whatever the difference in sales price at the time of the beginning of the lease vs what you’ve paid into the lease. So if the car is worth more at the end of the lease, you just buy it out, and then sell it for a profit.