Lucid Motors launches Lucid Financial Services

[noobzilla]

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

Have you always been a member or just joined recently for Lucid financing?

 

[hellolucid]

Have you always been a member or just joined recently for Lucid financing?

just joined recently for this.

 

[Slam08]

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.

But you still made monthly lease payments I thought. So if you buy the car at the end of the lease and sell it didn’t you make extra payments compared to someone who bought it? Someone who bought it paying interest on the loan and and losing money there.

Perhaps I’m wrong.

 

[noobzilla]

just joined recently for this.

gotcha! I'll consider credit unions for my next loan

 

[Sam6062]

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.

But no one is paying much of a premium for the Lucids. 10K over Cost for new is not really a premium unless you really need to sell it. I am willing to sell my GT QG/Mojave Range 19” for 180K will see what happens. I have financing so that may complicate things.

 

[DaveyBoyGT]

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

Agreed. Bank of America is doing the loans and leases, and their rates are not special for Lucid owners. You get the same if you walk into the branch cold. And their rates stink compared to credit unions.

 

[Sam6062]

I had posted it before. I don’t get any money for it lol but I have yet to find rates lower than PENFED. I know another meme we said some credit union in SF area has really good rates as well. My local crest union could not match PENFED. My 6 figure loan is 3.49% for 72 Months.

 

[borski]

Agreed. Bank of America is doing the loans and leases, and their rates are not special for Lucid owners. You get the same if you walk into the branch cold. And their rates stink compared to credit unions.

The first part is true. The second part depends on timing. When I got it it was 1.54% for 60 months with the relationship discount, and every other CU was higher, BoA was the cheapest by far. Now with federal interest rates up, FCUs or local credit unions may be better.

Shop around, YMMV.

 

[Impatient7536]

for those in LA/socal area, feel free to check out the water and power community credit union. according to their online rates, they're currently 1.49% (36 months), 1.99%, 2.19%, 2.49%, and 3.19%. apparently, you get another 0.25% discount if it's an EV.

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.

hopefully it's true, but with how iffy lucid is with communicating, i wouldn't be surprised if the information isn't 100% accurate.

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.

i actually told the SA that i would only consider the lucid if they had a leasing option. i'm not brave enough to shoulder 100% of the risk for such a young company. i don't know if the company will even be around in 4+ years, which is why i specifically asked the SA if we will be able to buy out the car at the end of the lease, since if they pull a tesla, leasing would be a lot less attractive

 

[Bunnylebowski]

I’m not one to be an ecological virtue signaler but leasing and EV is worse ecologically because you’re probably not gonna have the car long enough to offset the carbon footprint before you get the next one.

 

[Nick]

I just reached out to Lucid Financial directly. The lease calculator will allegedly only be available to people who are about 30 days away from delivery of their vehicle. (I'm sure to avoid confusion with changing money factors and residuals for people still months away from delivery) I am still very curious what the residual will be for these leases, so if anyone has a pending delivery and gets access to the calculator please share!

 

[Impatient7536]

I just reached out to Lucid Financial directly. The lease calculator will allegedly only be available to people who are about 30 days away from delivery of their vehicle. (I'm sure to avoid confusion with changing money factors and residuals for people still months away from delivery) I am still very curious what the residual will be for these leases, so if anyone has a pending delivery and gets access to the calculator please share!

aw man, that sucks. i get why they need to do that, but i still wish there is a preliminary calculator for us to use so we can ballpark some of these figures before deciding on confirming our order...

 

[Ksa23]

I just reached out to Lucid Financial directly. The lease calculator will allegedly only be available to people who are about 30 days away from delivery of their vehicle. (I'm sure to avoid confusion with changing money factors and residuals for people still months away from delivery) I am still very curious what the residual will be for these leases, so if anyone has a pending delivery and gets access to the calculator please share!

Ugh, what a total nonsense answer.. Leases have the potential to change which tier of the Air we can comfortably afford yet we're asked to commit to a unknown monthly lease payment. I've seen leases be $500-1000 comparatively cheaper per month, or just $100. Like you mentioned, it all depends on the residual value they determine, which they certainly have already determined if they're already promising it within 30 days of delivery.

I'd love to upgrade to the Performance GT if the lease payment was right, but I'd be a fool to do that right now blindly... I also only have until June 30 to upgrade. Sooooo?

C'mon Lucid, I'm rooting for you but it's getting harder every day!

 

[Drendino]

But no one is paying much of a premium for the Lucids. 10K over Cost for new is not really a premium unless you really need to sell it. I am willing to sell my GT QG/Mojave Range 19” for 180K will see what happens. I have financing so that may complicate things.

You are really getting the word out everywhere. Lol

 

[Codyroo]

I’m not one to be an ecological virtue signaler but leasing and EV is worse ecologically because you’re probably not gonna have the car long enough to offset the carbon footprint before you get the next one.

But it also means that someone is buying your Lucid at a lower price than new, which gets them into an electric vehicle (and maybe out of an ICE vehicle)

 

[Bunnylebowski]

But it also means that someone is buying your Lucid at a lower price than new, which gets them into an electric vehicle (and maybe out of an ICE vehicle)

That is true, buying an off lease EV is a great way to offset the carbon footprint of that car, but given it takes 2-3 years or more to offset an EV carbon footprint, if enough people are getting a new EV every 2-3 years then there would be little if any climate benefit, at least as far as carbon is concerned (I still can’t find a quality study on comparing other environmental costs of EVs compared to ICE that are not CO2 related).

 

[Bunnylebowski]

You are really getting the word out everywhere. Lol

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I don’t get it. @Sam6062 do you have your car yet? Do you hate it?

 

[MPawelek]

I get the impression he does not have it yet but plans on selling it right away after delivery….

 

[Bunnylebowski]

I get the impression he does not have it yet but plans on selling it right away after delivery….

Hmmm, saying the car/software sucks and it’s turning people off is not a good strategy to get $40k over MSRP.

 

[Sam6062]

You are really getting the word out everywhere. Lol

View attachment 2609

Thanks for that sleuthing need to work on my security and anonymity lol.