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Trade-in and Financing

manitou202

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Nov 2, 2021
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42
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

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Joined
Sep 10, 2021
Messages
83
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

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Aug 23, 2020
Messages
151
Location
Phoenix
My Delivery Advisor told me that Lucid was working with BofA on financing. I have not received any rates yet though.
 

hmp10

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Mar 7, 2020
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932
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

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Sep 16, 2021
Messages
268
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

Active Member
Joined
Nov 2, 2021
Messages
42
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

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Jan 31, 2021
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436
That’s really unfortunate. I would have thought they’d have trade-ins nailed down by now.
 

hmp10

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Mar 7, 2020
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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

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Oct 12, 2021
Messages
68
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)
 

Lucken

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Jan 31, 2021
Messages
436
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

Member
Joined
Sep 22, 2021
Messages
17
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.
 

Paladin732

Member
Joined
Nov 21, 2021
Messages
21
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

 

Sandvinsd

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Joined
Aug 13, 2021
Messages
100
Has anyone looked into this for leasing the Lucid Air? Just saw this advertisement:

 
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