New financing/lease options

[michel]

I put down my reservation on May 30 and was told Lucid didn't do financing or leasing, so the email yesterday announcing Lucid Financial Services "Available for both loans and leases" is super exciting!

Mine is for an Air Pure (though I'm considering upgrading to the Air Turing) so I'm still maybe 9 months away from needing financing, but kind of curious if anyone has tried Lucid Financial Services yet, or is planning to.

This is the first EV car I'm alright with financing anyway, but now that lease is also an option I'm kind of curious (esp. if Lucid allows purchasing the vehicle at the end of the lease).

 

[joec]

I put down my reservation on May 30 and was told Lucid didn't do financing or leasing, so the email yesterday announcing Lucid Financial Services "Available for both loans and leases" is super exciting!

Mine is for an Air Pure (though I'm considering upgrading to the Air Turing) so I'm still maybe 9 months away from needing financing, but kind of curious if anyone has tried Lucid Financial Services yet, or is planning to.

This is the first EV car I'm alright with financing anyway, but now that lease is also an option I'm kind of curious (esp. if Lucid allows purchasing the vehicle at the end of the lease).

Check the fine print and make sure the lease is available in your state. They don't have it here in CO, for instance.

Then again, they sent you that email and not me, so likely they were smart enough to not send the email to people in states where the lease is not available.

Welcome to the forums.

 

[michel]

Welcome to the forums.

Thanks! I also somehow missed the giant thread about leasing so my bad.

I'll be purchasing in IL so leasing is available. Though to be honest I'm still leaning towards financing, just glad to have the option

 

[BradSholl]

Thanks! I also somehow missed the giant thread about leasing so my bad.

I'll be purchasing in IL so leasing is available. Though to be honest I'm still leaning towards financing, just glad to have the option

With Lucid Financing/Bank of America, you might get a degree of convenience, but the rates I’ve seen prior to this recent announcement weren’t great. A number of forum members have done much better financing through credit unions.

 

[ScottWilliamsEsq]

Anyone have a website for Lucid Financial Services where I can make a payment? Can't find one, and my first payment is due on November 5.

 

[borski]

Anyone have a website for Lucid Financial Services where I can make a payment? Can't find one, and my first payment is due on November 5.

It's Bank of America.

 

[ScottWilliamsEsq]

Yes, I know BofA is the lender, but there is no place on any BofA or Lucid website to actually make a payment for an LFS loan.

 

[borski]

Yes, I know BofA is the lender, but there is no place on any BofA or Lucid website to actually make a payment for an LFS loan.

You'll have to make a BofA account, and once your get your paperwork (or call BofA) you will be able to add it as an online account within your BofA interface. That's exactly what I did.

 

[Grubie]

I put down my reservation on May 30 and was told Lucid didn't do financing or leasing, so the email yesterday announcing Lucid Financial Services "Available for both loans and leases" is super exciting!

Mine is for an Air Pure (though I'm considering upgrading to the Air Turing) so I'm still maybe 9 months away from needing financing, but kind of curious if anyone has tried Lucid Financial Services yet, or is planning to.

This is the first EV car I'm alright with financing anyway, but now that lease is also an option I'm kind of curious (esp. if Lucid allows purchasing the vehicle at the end of the lease).

Still waiting to confirm that EV Tax Credit is going to be available. I was told it is available to be deducted from cost when you lease. tune in and find out.

 

[Ksa23]

Still waiting to confirm that EV Tax Credit is going to be available. I was told it is available to be deducted from cost when you lease. tune in and find out.

I still have access to my Lease application and can confirm the $7500 tax credit is still factored in

 

[Grubie]

I still have access to my Lease application and can confirm the $7500 tax credit is still factored in

 

[joec]

I still have access to my Lease application and can confirm the $7500 tax credit is still factored in

Is that for a 2022 delivery, though? I'm wondering if they are going to stop offering that on Jan 1st. If they don't, might be a decent way to hedge bets and get the $7,500 for sure. Then just buy the car at the end of the lease.

 

[Ksa23]

Is that for a 2022 delivery, though? I'm wondering if they are going to stop offering that on Jan 1st. If they don't, might be a decent way to hedge bets and get the $7,500 for sure. Then just buy the car at the end of the lease.

Yes, delivery sometime in the next 10 days or so. Heres a screenshot directly from the LFS lease application.

 

[abbas2099]

I would have thought by now Lucid had finished delivering all the $140k GTs (except Silver) and had moved to the $155k ones…. Wonder how many more they still have on the waiting list before the $155k ones are made…. That way we know they are getting closer to the Touring edition.

 

[Ksa23]

Ugh, this calculator from the financing application is garbage.. It's giving me a 36 month lease with 5k miles at $0 down $2576/mo, or 15k miles for $2315/mo.

 

[obelix]

Not to derail the leasing topic, does anyone the maximum one can charge on credit card towards the final payment? or, that's not even an option?

Most dealers allow about $5K besides any reservation amount

 

[gavram]

Not to derail the leasing topic, does anyone the maximum one can charge on credit card towards the final payment? or, that's not even an option?

Most dealers allow about $5K besides any reservation amount

I'd like to know this as well. Aside from the credit card points benefits, I'm also trying to manage cash flow due to not being able to trade in.

 

[Lady_LCID]

They did not allow me to use a credit card for any amount when I purchased in September 2022. If there’s continued interest, maybe they’ll consider making a change in the future. I love my points, but vendors take a hit on merchant fees, so I see why a start-up would not offer this payment method.

 

[obelix]

They did not allow me to use a credit card for any amount when I purchased in September 2022. If there’s continued interest, maybe they’ll consider making a change in the future. I love my points, but vendors take a hit on merchant fees, so I see why a start-up would not offer this payment method.

Thank you. Fees are understandable. At a minimum, they should allow people to charge on the card and they can pass the fees on (typically 2.5%). Many people maybe willing to absorb if there is a good opportunity. This would be win-win for everyone without incurring anything to Lucid.

In general, they should some amount ($3K/$5K) to charge on the card without fees. It can be offset fees like delivery charge or documentation fees or even sales taxes (states do accept card for tax payments).

Those are who are talking to DAs, please bring this up. This way they can open-up other options for more upfront payment for those are financing.