I doubt you are even serious buying. Trolling is more fun, eh?!
Clueless....
If that last bit is true, they must finally be finished harmonizing Silver. That would be great news. It would be nice not only for the Silver folks who have been waiting for their GTs, but for Touring and Pure customers, who maybe won't have to endure a Silver delay at all.
Heard LFS uses BofA as the preferred lending partner. I have a friend who wanted to buy the car but they were asking for tax returns. That’s crazy. This is a car - not a house. I am curious what your experience will be like if you decide to use Lucid financing.
BofA is horrible to deal with for this kind of stuff, not surprised by the tax return request and not surprised by the even higher interest rates they offer...
Right. Any other options out there where the bank just takes basic information and renders a decision? I like Tesla’s lending process much better. They have 5-6 partners and they shop your financing application around.
Silver!! Don't tease me.
I applied for Lucid Financing just for comparison's sake. I never had the intention of going with BofA.. Anyway, after almost a week I got a call from them which I thought would be an aye or nay already. The guy said that in order for them to access my application and see where it's at, he has to ask me some security questions. This is the multiple choice type i.e. "In 2021, you applied for a mortgage loan, Is it with A. BoA, B. Wells Fargo etc..
I can confirm that BofA is their lender. I politely declined. Consumers Credit Union is a full point lower than BofA, and I haven't even checked LendingTree yet. I have used Pentagon Federal several times but for some reason their rates are over 4.25%. Reality for me is that the difference between rates for what I'm borrowing equates to tens of dollars per month. I'll get serious when Lucid gives me a VIN.
It looks like Silver AGT’s are being confirmed now which is the last of the colors Lucid needs to do deliveries on. Also means that silver could be the first run on the Tourings
Have you heard of any confirmations regarding silver? Just curious as I reserved AGT 1/1/21 and confirmed 11/16/21. I must be early in the queue I would think.
I think I’m the AGT delivery forum a couple of people confirmed silver and told they will go into production in 2 to 6 weeks
Most car loans are bundled into securities and sold. The Lucid deal flow is so small right now that BofA probably has to hold the loans for their own account, at least for a while. Also the value of the collateral is an unknown, due to lack of resales and Lucid's uncertain future (think Fisker 1.0) Both of these could be why the underwriting is more onerous, but even so...tax returns??
i wonder if this is a widespread boa thing, or only for lucid-boa relationship. like if someone was to go to boa to apply for a 60k ICE vehicle auto loan rn, will they also ask for tax returns? if not, maybe boa is trying to collect additional info on prospective lucid buyers so that they can upsell other products in the future.
My ICE vehicle cost was $55k out the door and financed thru BOA. They literally approved me without any questions in 2 seconds( yes, as soon as I click submit, I had the approval letter in my hand) and they beat most of the conventional APRs. Though, I admit I didn’t shop around in Credit unions (don’t remember why). I guess, their system flagged one one of these credit history, income to debt ratio, and credit score???
