Money factor for leasing Touring

[Lucidmakeusproud]

I received about 30k in incentives for a 2023 touring. I get a call from BOA regarding the lease numbers on a car with cap cost reduction price of 81k they are saying the money factor is .00354 aka 8.5%!!!! This almost negates those crazy incentives. I feel like they are playing with the numbers and increasing the interest to get the number they want to charge. Car details: 36mo 12k miles RV: 53850 81k price original price $110,900.

My credit score is 800

Anyone else pay this high of interest?

 

[Bobby]

Negotiate?

 

[Lucidmakeusproud]

Yeah that's what I'm going to do. I just wanted to see if $1400 a month including taxes is good or little too high for a touring.

 

[momo3605]

There’s no negotiation. The money factor is fixed by the bank. There’s a calculator for leases on lucid’s website, it takes into account the money factor which I was told was actually 10% for credit score of 800. If the payments match, then that is what it is

 

[Bobby]

Everything’s negotiable. https://www.finn.com/en-US/blog/leasing/how-to-negotiate-a-car-lease

 

[momo3605]

Everything’s negotiable. https://www.finn.com/en-US/blog/leasing/how-to-negotiate-a-car-lease

No it absolutely is not. This isn’t a legacy automaker dealer where some sales guy makes commission by selling you a car with shady sales tactics like sneaking in a higher money factor while showing you a nice discount off the msrp.

Direct to consumer companies like Tesla/lucid/Rivian do not negotiate. If you’re leasing a bmw, mercedes, or Audi, then sure, tons of negotiating power available

As a lucid air owner yourself, I would think you’d know this. Did you buy your car used? I’m curious to know how much of a discount you negotiated off your lucid air if you bought it brand new

 

[karamhanna]

I am in the process of leasing a Touring, should be delivered on the 29th, I went over the numbers with finance department today, 18 months, around 11k down and 846 a month including taxes and fees, the down 11k that includes all the fees (original was around 8500 i guess) car options are zenith red, glass canopy, 19 inch wheels, comfort package, 20 way seats with massage function, DD premium, SS car price was 100k before incentives, incentives will include (referral, conquest) and there was another incentive around 1k because I am picking up form Torrance city not sure what was that called, my credit score is also above 800

 

[sachiluci]

My credit score is above 800 too. Currently reviewing final paperwork with Pure and money factor of .00085 (2.2% ish). I even went back and asked for a 0 money factor and they told me what they gave me below market. You can ask what the buy rate is today and see if they can adjust. Maybe Pure they're doing different money factor because of the overhaul in Pure models for 2024...

Good luck !

 

[vices]

In my experience you can't negotiate the MF unless the dealer padded it (which lucid has no incentive to do here). Ask if you can place multiple security deposits to buy down the rate.

I was getting bummed missing out on all the new deals recently but when I compare to my 0% MF it all comes out the same.

 

[gmoney]

I received about 30k in incentives for a 2023 touring. I get a call from BOA regarding the lease numbers on a car with cap cost reduction price of 81k they are saying the money factor is .00354 aka 8.5%!!!! This almost negates those crazy incentives. I feel like they are playing with the numbers and increasing the interest to get the number they want to charge. Car details: 36mo 12k miles RV: 53850 81k price original price $110,900.

My credit score is 800

Anyone else pay this high of interest?

Morning,

I have leased different vehicles for almost 20 years and what I learned is that money factor and residual value are not negotiable. The other factors like discounts to MSRP (cap cost reduction) and other fees are negotiable. In summary, if the lease payment is very high, the residual factor (agreed value at end of lease) is also very bad. When you put a high interest rate and a low car value at end of lease together then leasing is bad math.

If you really want the car and are going to keep it long term then financing might be a better deal from a cash flow point of view. If it isn’t then you have to decide is the car worth the cost. I have been blessing by have driven so many wonderful cars and the Lucid is by far the best all around car I have owned and once they fix the few remains bugs…it will be heavenly.

 

[xponents]

Everything’s negotiable. https://www.finn.com/en-US/blog/leasing/how-to-negotiate-a-car-lease

Are you sure since Lucid is a direct sales? I suppose there may be since BOFA manages this..

 

[Bobby]

No it absolutely is not. This isn’t a legacy automaker dealer where some sales guy makes commission by selling you a car with shady sales tactics like sneaking in a higher money factor while showing you a nice discount off the msrp.

Direct to consumer companies like Tesla/lucid/Rivian do not negotiate. If you’re leasing a bmw, mercedes, or Audi, then sure, tons of negotiating power available

As a lucid air owner yourself, I would think you’d know this. Did you buy your car used? I’m curious to know how much of a discount you negotiated off your lucid air if you bought it brand new

I bought my GT new. I got a great deal. Everything is negotiable.

 

[DBV]

I bought my GT new. I got a great deal. Everything is negotiable.

The MF factor at Lucid is definitely not. I tried and have been leasing a long time. There whole leasing process is kind of odd. Unless, something changed since early Dec.

 

[TheDrivenGarage]

Interesting, I thought the lease rates were 0%. That's the main driver for me taking the jump now. I am getting a grand touring. I guess I will see what they come back with.

 

[DBV]

Interesting, I thought the lease rates were 0%. That's the main driver for me taking the jump now. I am getting a grand touring. I guess I will see what they come back with.

They were in Nov, but no more. Bigger discount now though.

 

[Lucidmakeusproud]

I think they tinker with the number to get the monthly payment they want. Roughly $1300-1400 for touring...I think in Nov they didn't have all the incentives so MF was low. Now in December they have huge incentives with high MF. Basically come out to the same price. For my 0 down 12k miles 36mo lease it's about 1350-1400. Don't have the exact number yet because they had to add one incentive they missed...anyone get it cheaper on a touring with DDP/upgraded audio/glass canopy?

 

[Lucidmakeusproud]

I am in the process of leasing a Touring, should be delivered on the 29th, I went over the numbers with finance department today, 18 months, around 11k down and 846 a month including taxes and fees, the down 11k that includes all the fees (original was around 8500 i guess) car options are zenith red, glass canopy, 19 inch wheels, comfort package, 20 way seats with massage function, DD premium, SS car price was 100k before incentives, incentives will include (referral, conquest) and there was another incentive around 1k because I am picking up form Torrance city not sure what was that called, my credit score is also above 800

What was your MF?

 

[Island-Lucid]

No it absolutely is not. This isn’t a legacy automaker dealer where some sales guy makes commission by selling you a car with shady sales tactics like sneaking in a higher money factor while showing you a nice discount off the msrp.

Direct to consumer companies like Tesla/lucid/Rivian do not negotiate. If you’re leasing a bmw, mercedes, or Audi, then sure, tons of negotiating power available

As a lucid air owner yourself, I would think you’d know this. Did you buy your car used? I’m curious to know how much of a discount you negotiated off your lucid air if you bought it brand new

But he'd be negotiating with BofA, not Lucid

 

[DBV]

But he'd be negotiating with BofA, not Lucid

BofA will not negotiate. This act on behalf of Lucid. If you get them too, that would be news to me, but highly doubt it, as tried.

 

[borski]

BofA will not negotiate. This act on behalf of Lucid. If you get them too, that would be news to me, but highly doubt it, as tried.

I successfully negotiated my financing rate with BoA. I have no reason to believe wouldn't have been able to negotiate a lease rate, but to be fair, I didn’t lease.