Trade-in and Financing

[manitou202]

Has any heard how Lucid will handle trade-ins and financing?

Money is cheap so I'd rather finance part of the purchase at current rates. Not sure if they will be partnered with a specific bank or if we need to arrange our own.

Also trade-ins have a big benefit for states like Colorado where you can offset the sales tax. I pay 9.03% tax on vehicles, and if I can offset some of the tax with a trade-in I would prefer that instead of trying to sell our current vehicle privately.

 

[Neurio]

No idea about trade ins.

I asked my delivery advisor about financing rates and he said he'd get back to me as we get closer to the car being produced. He did, however, say that I could use any bank to finance if I find a better rate than whatever they're going to offer.

Do any of you folks with Dreams have any more intel?

 

[Adnillien]

My Delivery Advisor told me that Lucid was working with BofA on financing. I have not received any rates yet though.

 

[Neurio]

For whatever it's worth, right now Bank of America's rate is 2.29% for a new car.

 

[manitou202]

For whatever it's worth, right now Bank of America's rate is 2.29% for a new car.

Yeah I saw that. I've used them in the past and that's my plan if Lucid doesn't have a better option.

 

[Sandvinsd]

Would love to get the 0% financing that I got on my Nissan Leaf. LOL

 

[hydbob]

My rate was 2.19 from BofA

 

[hmp10]

According to my Delivery Advisor (who really did a hard sell on me to finance the car, causing me to suspect there's some sort of incentive arrangement in place), BofA has set up a dedicated team to handle Lucid financing applications by speeding up processing time and facilitating the flow of documentation between all parties. If I remember correctly, she also told me Lucid customers would get a preferential rate, which Hydbob's rate does suggest. It would be really hard to match anywhere else.

 

[dawktah LucidGT]

According to my Delivery Advisor (who really did a hard sell on me to finance the car, causing me to suspect there's some sort of incentive arrangement in place), BofA has set up a dedicated team to handle Lucid financing applications by speeding up processing time and facilitating the flow of documentation between all parties. If I remember correctly, she also told me Lucid customers would get a preferential rate, which Hydbob's rate does suggest. It would be really hard to match anywhere else.

That's interesting

 

[manitou202]

I spoke with my Delivery Advisor today.

No trade-ins at the moment. They will have that option in the future, but I'll need to sell my vehicle private party and won't get the sales tax credit.

They have financing with competitive rates. He didn't mention which bank, but based on the above comments it sounds like it's Bank of America.

 

[Lucken]

That’s really unfortunate. I would have thought they’d have trade-ins nailed down by now.

 

[hmp10]

The largest third-party trade-in facilitator is Cox Automotive, which invested $350 million in Rivian and, I think, will manage Rivian's trade-in program. I wonder if this has any bearing on Lucid's not yet having its trade-in program set up.

I wonder this because of something I was told at a Design Studio some time ago -- that the reason Lucid dropped its work on an air suspension for the Air was that the supplier with which Lucid was working was also working with Rivian, and Lucid was not getting the needed attention devoted to its program due to the demands Rivian was making on the supplier. (Remember that about this time Jeff Bezos threw his weight into the mix with a $750 million investment in Rivian and his 100,000 delivery van order, instantly making Rivian a much bigger fish than Lucid.)

This is pure speculation on my part, but I have this annoying impulse to try to find underlying connections to observable events.

 

[Dortreo]

This is pure speculation on my part, but I have this annoying impulse to try to find underlying connections to observable events.

“To condense fact from the vapor of nuance.” (Neal Stephenson, Snow Crash)

 

[hmp10]

“To condense fact from the vapor of nuance.” (Neal Stephenson, Snow Crash)

Unfortunately, sometimes I just end up with vapor.

 

[Lucken]

Of course what ever the reason, this doesn’t help those with impending deals & trades. They will lose the tax advantage in those states where it’s available.

Since I’m likely a year or more out, it won’t affect me if I continue on the Lucid path.

 

[Easyrider949]

Does anyone know if Lucid will be offering any extended warranty plans on top of the 4yr/50k miles already included? With all of the technology that is packed into the car, I worry about component failure in years 5-7.

 

[hydbob]

I was not offered the option.

 

[Neurio]

Apparently BoA and Lucid have officially announced their partnership:

Low Rate Auto Loans for Lucid™ Air

Low Rate Auto Loans for Lucid™ Air

www.bankofamerica.com

 

[Paladin732]

I’ll be using this spreadsheet that I’ve used a few times before: was setup by the Tesla unofficial forums and allows you to find the best rate across a variety of CU and banks

Tesla loan

US Compatible with desktop browser only. Assumes excellent credit.,<a href="https://www.tesla.com/support/TESLA-lending">Tesla's Rate:</a>,Other useful links:,Get 1K Free Supercharging,137 Multiple credit inquiries do not affect credit score in a short period of time,Rates Updated:,Thu 12/17/20 ...

docs.google.com

 

[Sandvinsd]

Has anyone looked into this for leasing the Lucid Air? Just saw this advertisement:

Lucid Lease

Lucid Lease With Manhattan Funding WE MAKE IT SIMPLE Applying for financing online with Manhattan Funding is a quick and secure way to take the next step

manhattanfunding.com